Bitcoin started another leg up late Friday and tapped $23,500, but stopped in its tracks and returned to familiar ground.

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

Bitcoin back to $23K

It was last week when the primary cryptocurrency surged from $21,000 to a multi-month high above $23,000. This reinforced the asset’s positive start to the new year, in which it has already gained nearly 40%.

The last seven days were less volatile except for the price surge on Wednesday night. This saw BTC soar to $23,800 for the first time in four months. However, the bears stopped the move and almost immediately pushed bitcoin south.

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

Nevertheless, the asset price rose marginally to $23,500 late on Friday but could not continue the upward move. As of now, it once again stands at around $23,000, but its market cap is above $440 billion.

Its dominance over altcoins has decreased slightly to 42.1% as most altcoins have made notable gains in the past 24 hours.

BTCUSD. Source: TradingView

The rise of Avax, Doge, Matic

As mentioned above, a lot of altcoins have outperformed bitcoin on the daily scale led by the avalanche. AVAX has gained almost 14% and touched a local peak above $20.

Dogecoin, Polygon and OKB are other impressive gainers from large-cap alts. DOGE and MATIC are up around 5-6%, while OKB is up 7.5% to around $40.

On the other hand, Binance Coin, Ethereum, Ripple, and Cardano remained calm with modest gains today.

The cumulative market capitalization of all crypto assets has added nearly $10 billion a day and currently stands at over $1.050 trillion.

Cryptocurrency market overview. Source: Quantize Crypto Special Offer (Sponsored)
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Disclaimer: Information found on CryptoPotato belongs to the cited authors. It does not represent the opinion of Cryptopotatoes to buy, sell or hold any investments. You are advised to do your own research before taking any investment decision. Use the information provided at your own risk. See disclaimer for more details.

cryptocurrency chart by TradingView.


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