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Avalanche (AVAX)

AVAX Soars 23% Daily as ETH Paints 9-Week High: Market Watch



The entire crypto market has turned green, but AVAX stands the tallest.

Bitcoin’s start of 2023 continues to be quite impressive, with the asset exploding above $18,000 for the first time in about a month.

The alternative coins have also charted impressive gains. Ethereum has registered a multi-month high of its own, while AVAX has soared by double digits.

Bitcoin Reclaims $18K

2023 continues to be largely different for bitcoin than 2022, which ended on a negative note, with BTC sliding below $16,500. After January 1, though, the landscape has been more positive for the asset.

It started to gain value gradually in the following days and neared $17,000 by last week’s end. It was stopped there at first, but it shot past through that line a few days later and hasn’t looked back since.

The new week brought even more joy for the bulls as BTC tapped $17,500 a few days back. However, the bulls kept the pressure on and pushed the cryptocurrency to and beyond $18,000 in the longest rally in a year and a half.

Bitcoin charted a monthly high at just under $18,400 a few hours ago but has retraced slightly since then. Nevertheless, its market capitalization has gone to $350 billion, and its dominance over the alts is up to 39.5%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH, AVAX Skyrocket

The altcoins are also well in the green today, led by the second-largest cryptocurrency. Ethereum was somewhat standing quiet lately, especially compared to some notable gainers such as Cardano and Solana.

Now, though, ETH is up by 5% and reached $1,400 earlier today to mark its highest price tag in about nine weeks.

Binance Coin, Ripple, Cardano, Dogecoin, Polygon, OKB, Polkadot, and Litecoin have also charted impressive increases of up to 5%.

Avalanche has stolen the show from the larger-cap alts. AVAX has skyrocketed by over 23% in the past 24 hours and trades above $15.

The cryptocurrency market capitalization has added over $20 billion in a day and has jumped to a multi-month high of $885 billion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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