Bitcoin recovers $ 58,000 as Avalanche hits new ATH (Market Watch)

After a few days of falling prices, bitcoin finally jumped off and added more than $ 2,000 in value. Most altcoins are also good in the green, with Shiba Inu adding double-digit percentages and Avalanche registering a new ATH.

Bitcoin recovers $ 58,000

The last few days did not go well for the primary cryptocurrency. Shortly after tapping $ 69,000 for its most recent price high, the asset went straight down, losing $ 9,000 on days.

This culminated in a drop to $ 60,000 on November 16, when BTC stood for a while. However, the bears stepped up once more and pushed it south again.

This time, the cryptocurrency fell below $ 56,000 for the first time in over a month. As such, it had lost about 20% of its value in ten days, but data from the chain showed that long-term owners have refused to panic selling their positions and even kept accumulating.

Since that bottom, BTC has gotten off to a good start, adding nearly $ 3,000. As a result, it now trades well over $ 58,000 and its market value is up to $ 1.1 trillion.

BTCUSD.  Source: TradingView
BTCUSD. Source: TradingView

Everything in green: AVAX New NOTE

The alternative coins have also suffered badly lately, but are good in the green now. Ethereum dived briefly below $ 4,000, but a 5.5% increase on a 24-hour scale has driven it back to nearly $ 4,300.

Binance Coin fell below $ 550, but is now above $ 580 after rising 6.5% in one day. Solana has risen 8.5% since yesterday and is north of $ 210.

Shiba Inu and Avalanche have received double-digit percentages. SHIB has risen by 13% and has approached $ 0.00005, while AVAX has risen by 16% and is close to $ 120. This means that AVAX has reached a new all-time high.

Several wins are evident from Cardano, Ripple, Polkadot, Dogecoin and Terra from the larger alts.

The situation with the lower and medium caps is even greener. Immutable X is the most significant gainer with a 43% increase on a daily scale. Coin Engine (25%), Zcash (20%), Loopring (19%), Phantom (16%), THORChain (13%), Helium (13%), Revain (12%), KuCoin Shares (11%), and Elrond (10%) follow.

As such, the cryptocurrency market value has added $ 100 billion in one day and is well over $ 2.7 trillion on CoinGecko.

Overview of the cryptocurrency market.  Source: Quantify Crypto
Overview of the cryptocurrency market. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.

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