New Year’s Green Market as Bitcoin Surges Past $48K (Market Watch)

After a few consecutive days of price slumps, bitcoin finally initiated an impressive leg up hours ago and exceeded $48,000. Most altcoins are also green ahead of 2021’s end, with Ethereum reclaiming $3,800 and the crypto market cap gaining $70 billion in a day.

Bitcoin Surges Above $48K in Minutes

The past several days didn’t go all that well for the primary cryptocurrency. The asset had skyrocketed to $52,000 on December 27th after finally breaking above its $50,000 nemesis.

While the community rejoiced and anticipated further price increases, BTC reversed its trajectory as the bears came to play. A day later, bitcoin found itself trading $3,000 lower, and it plummeted to $46,000 yesterday, as CryptoPotato reported.

The cryptocurrency bounced off rather quickly and traded around $47,000 when a sudden price pump in the past few hours drove it north by $1,500. As a result, BTC jumped above $48,000 and now sits around $48,500. Moreover, its market capitalization has increased to over $900 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

New Year’s Alts Recovery Session

Similar to bitcoin, most altcoins suffered in the past few days. Ethereum went from over $4,100 to a low beneath $3,700. Now, though, a 3% daily increase has driven the second-largest cryptocurrency to just over $3,800.

The rest of the larger-cap alts are also in the green. These include Binance Coin (2%), Solana (2.5%), Cardano (3.5%), Ripple (3%), Terra (5%), Polkadot (3%), Avalanche (4.5%), Dogecoin (1.5%), and Shiba Inu (2.5%).

More gains come from Gnosis (16%), Celsius (15%), Cosmos (13%), Aave (12%), SushiSwap (12%), Curve DAO Token (12%), Arweave (10%), and others.

Ultimately, the cryptocurrency market capitalization has increased by more than $70 billion since yesterday’s low to nearly $2.3 trillion.

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

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