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Latest Events in the Crypto Industry

Avalanche (AVAX) Surges more than 30% to New ATH, Bitcoin Still Sits Around $45K

Bitcoin has fallen around the $45,000 mark, after declining to $44,000 and surging to $46,000. Most altcoins are slightly in green on a daily scale, but some have recorded impressive gains. Avalanche happens to be among those as AVAX has surged by more than 30% to tap a new ATH.

ETH at $3,300 as AVAX Marks a New ATH

Most larger-cap altcoins have mimicked BTC in the past few days. Ethereum plummeted during the mid-week crash, attempted rapid recovery, but failed to increase any higher than $3,600. In the course of two days it’s value declined gradually and dropped below $3,300. Presently, it has gained about 2% in a day and currently stands around that level.

Cardano, whose network is set to undergo its long-anticipated hard fork today, has spiked by more than 6% and has reclaimed $2.5. Binance Coin (1%), Ripple (1%), Dogecoin (0.5%), Chainlink (2%), and Uniswap (1%) are slightly in the green since yesterday.

Polkadot (9%) and LUNA (8%) have marked more impressive gains, while Avalanche has outperformed all others. A 32% surge from AVAX has resulted in breaking above $64 for a new all-time high.

Cryptocurrency Market Overview. Source: Quantify Crypto

Other impressive gainers are OMG Network (11%), Hedera Hashgraph (10%), Elrond (10%), and Kusama (8%). As a result, the crypto market cap has recovered around $50 billion in a day.

Bitcoin Still Sits at $44k

Since the market-wide crash on Tuesday, in which BTC lost $10,000 in hours, the price of the asset has remained untypically stable.

Just the opposite, the bears stepped up and drove its price south. In the past 24 hours, bitcoin dropped to around $44,000. It reacted well to this dip and added $2,000 of value but was rejected at $46,000.

After this decline from $53,000 to $43,000, bitcoin increased to maintain a spot around $46,000. Consolidation followed in the next day or two before the cryptocurrency failed to attempt $47,000.

Currently, BTC has retraced to around $45,000 once more. Its market capitalization sits at $850 billion, while the dominance over the altcoins has declined to 41%.