Avalanche (AVAX) Soars 11% to $26, Bitcoin (BTC) Holds $61,000 (Market Watch)

Bitcoin price failed to break the $62,000 level yesterday, but has held above $61,000 despite a brief break below $60,000.

Several altcoins have produced notable daily gains, with AVAX leading the trend. The asset has soared to $26.

BTC still above $61,000

The major cryptocurrency fell sharply at the end of the previous business week to just over $56,000. However, its decline was quickly halted by the bulls as they started a rapid recovery that pushed BTC to around $59,500 as the weekend arrived.

After a quiet Saturday and Sunday, bitcoin retreated again on Monday, dropping to $58,000. The bulls produced another run towards $61,000 on Tuesday before the asset slipped back to $59,000 on Wednesday.

Another stage occurred on Thursday that resulted in BTC approaching $62,000 for the first time in a week. However, it failed to conquer this level and the subsequent rejection pushed it south to $60,000.

However, the cryptocurrency has managed to recoup most of the losses and is now back above $61,000. Its market capitalization has risen to nearly $1.21 trillion, while its hold on the highs has taken a beating, falling to 53.3%.

Bitcoin/Price/Chart 23.08.2024. Source: TradingView AVAX Soars Double Digits

Most altcoins have turned green on a daily basis, including ETH. The second largest cryptocurrency is up 1.5% and is now near $2,700. Similar gains have been recorded by Solana, Toncoin, Dogecoin, Tron, Shiba Inu and Polkadot.

Cardano and NEAR have risen 5-6% daily to $0.38 and $4.5 respectively. ICP, APT and FIL have produced similar increases.

Avalanche has taken the main stage of the high-cap highs. AVAX has soared 11% and is now trading at $26. FET is the other double-digit gainer and has jumped to just under $1.1.

Total crypto market capitalization has added about $20 billion overnight and stands at $2.270 trillion in CG.

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