First Day of 2022 Ended Green as Bitcoin Reclaims $47K (Market Watch)

Following yesterday’s minor price slides, most of the cryptocurrency market is in the green today. This includes a slight increase from bitcoin to above $47,000 and more impressive gains from Polkadot and Avalanche.

Bitcoin Stands Above $47K

As 2021 was coming close to its end, bitcoin seemed stuck around $47,000, but a sudden price pump drove it to above $48,500, as CryptoPotato reported on December 31st.

However, the landscape changed quite quickly in the following hours. Instead of charting more gains, BTC reversed its trajectory and dumped by $3,000. This culminated in a drop to well beneath $46,000, which became the lowest price tag in 11 days.

Nevertheless, bitcoin started to reclaim some of its lost value in the past 24 hours. The bulls added over $1,000 within this timeframe, and BTC now stands well above $47,000 following a minor 24-hour increase. Consequently, the asset’s market capitalization is now at just under $900 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts in Green with DOT and AVAX Surging

Most larger-cap altcoins have mimicked BTC’s performance lately, and the past 24 hours are no exception. Ethereum is just slightly up on a daily scale, and the second-largest crypto is still unable to reclaim $3,800.

Binance Coin is up by 1.5% and trades above $520. Similar gains are evident from Solana, Ripple, Terra, Dogecoin, Cardano, and Shiba Inu.

The two best performers from the larger-cap alts since yesterday are Polkadot and Avalanche. DOT has increased by nearly 6% and stands at almost $30, while AVAX has jumped by 5.5% and sits at $116.

More gains come from Revain (17%), Harmony (12%), ICP (12%), Curve DAO Token (11%), YFI (10%), and Fantom (10%).

The crypto market cap is up by around $40 billion in a day to approximately $2.250 trillion.

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

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