Bitcoin Reclaims $48K: Avalanche Soars 15% Following USDC News (Market Watch)

Bitcoin reacted well to the most recent price slump and jumped by a few thousand dollars to above $48,000 as of now. Most altcoins are also in the green today, with Avalanche standing as one of the biggest gainers with a 15% daily increase.

Bitcoin Touched $49K

The past several days didn’t go well for the primary cryptocurrency. It struggled with the coveted $50,000 line, and the most recent rejection on December 12th pushed it south hard.

In the next 24 hours, BTC found itself losing more than $5,000 of value and dumping to a ten-day low beneath $46,000. Bitcoin bounced off rather quickly and neared $48,000, but the bears continued to harm the asset.

As a result, BTC fell to just over $46,000 once again hours later. Since then, though, the cryptocurrency has gone on the offensive and spiked to an intraday high of almost $49,000.

As of now, it has retraced by a few hundred dollars, but it’s still above $48,000, and the market cap is north of $900 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

AVAX Surges 15% as Alts See Green

Most altcoins also suffered in line with BTC. Ethereum dumped below $4,000 for the second time since the start of the month. Although it’s now up by 2% in a day, the second-largest crypto is still well beneath that line.

Cardano, Ripple, Polkadot, Terra, and Shiba Inu have also produced similar gains on a daily scale. Solana is up by 7% and currently sits close to $170.

Dogecoin and Avalanche are the most significant gainers with double-digit increases. DOGE (13%) stands above $0.18, while AVAX (15%) is north of $90. This impressive jump comes after the popular blockchain project said it will support USDC.

More gains come from Elrond (17%), Waves (12%), PancakeSwap (12%), XDC Network (10%), and NEAR Protocol (9%).

The cryptocurrency market capitalization is up by $50 billion in a day and is now just over $2.2 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img

You might also like...