Avalanche Skyrockets 14%, Bitcoin Calm at $23,000 (Weekend Watch)

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Bitcoin kicked off another leg Friday night and touched $23,500, but came to a halt and returned to familiar ground.

Most altcoins saw more impressive gains, led by Avalanche, MATIC, OKB, Dogecoin and others.

Bitcoin drops back to $23,000

It was last week when the major cryptocurrency rose from $21,000 to a multi-month high above $23,000. This cemented the asset’s positive start to the new year, in which it has already jumped around 40%.

The past seven days have been less volatile, with the exception of a price pump on Wednesday night. This one saw BTC surge to $23,800 for the first time in over four months. However, the bears intercepted the move and pushed bitcoin south almost immediately.

All eyes were on the United States on Thursday and Friday. The world’s largest economy announced the GDP date on Thursday and the PCE numbers a day later, but that didn’t cause much swing for bitcoin.

Nonetheless, the asset saw a small jump in price to $23,500 on Friday night, but was unable to continue higher. At present, it is again around $23,000, but its market capitalization is over $440 billion.

Its dominance over altcoins was reduced slightly to 42.1% as most altcoins saw notable gains in the past 24 hours.

BTCUSD. Source: TradingViewAVAX, DOGE, MATIC on the rise

As mentioned above, many altcoins outperformed bitcoin on a daily scale, led by Avalanche. AVAX jumped around 14% and hit a local high of over $20.

Dogecoin, Polygon, and OKB are the other impressive winners of larger-cap alts. DOGE and MATIC are up around 5-6%, while OKB jumped 7.5% to nearly $40.

In contrast, Binance Coin, Ethereum, Ripple, and Cardano are calmer today, with minor increases.

The cumulative market capitalization of all crypto assets added around $10 billion in one day and currently exceeds $1,050 billion.

Presentation of the cryptocurrency market. Source: Quantify Crypto SPECIAL OFFER (sponsored) Binance Free $100 (exclusive): Use this link to sign up and receive $100 free and 10% fee discount on Binance Futures for the first month (terms).

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Cryptocurrency charts by TradingView.

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