Avalanche (AVAX) Rockets Past $30, Bitcoin (BTC) Remains Close to $116K: Market Watch

Bitcoin’s rejection at $116,800 yesterday drove the asset south by over two grand, but it has managed to recover most of the losses.

Most larger-cap alts experienced even more substantial declines yesterday, but have turned green on a daily scale.

BTC Eyes $116K Again

The primary cryptocurrency plunged hard at the beginning of the previous business week, dropping below $111,000. However, the asset reacted well and defended that level. Moreover, it initiated a notable leg up in the following week that saw it jump past $116,000 by Friday.

Bitcoin tried to break out even further to the north during the weekend and on Monday morning. Nevertheless, the bears returned when BTC was close to $117,000 at the beginning of the current business week and pushed it south almost immediately.

As a result, the cryptocurrency dropped by nearly two-and-a-half grand to $114,400 (on Bitstamp). It bounced off to challenge $116,000 once again earlier today, but couldn’t break past that level. As of now, the asset trades at around $115,500 with more volatility expected in the following days due to the highly anticipated FOMC meeting.

Bitcoin’s market cap has calmed at $2.3 trillion on CG, while its dominance over the alts stands at 56%.

AVAX Flies

Ethereum is among the few altcoins that continue to be slightly in the red on a daily scale. The asset slipped below $4,500 earlier today but has managed to bounce just above that level. Ripple’s XRP has defended the $3 support, while BNB, DOGE, LINK, SOL, TRX, and SUI are slightly in the green.

Avalanche’s native token has taken the main stage with a 7% surge that has pushed it to well over $30. XLM, XMR, and MNT are also with notable gains.

IMX has returned to the top 100 alts following a 15% surge that has driven its price to just over $0.73.

Data from CoinGecko shows that the total crypto market cap has added over $40 billion since yesterday’s low and is up to $4.110 trillion on CG.

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