Bitcoin Reclaims $48K: Avalanche Soars 15% Following USDC News (Market Watch)

Bitcoin reacted well to the most recent price slump and jumped by a few thousand dollars to above $48,000 as of now. Most altcoins are also in the green today, with Avalanche standing as one of the biggest gainers with a 15% daily increase.

Bitcoin Touched $49K

The past several days didn’t go well for the primary cryptocurrency. It struggled with the coveted $50,000 line, and the most recent rejection on December 12th pushed it south hard.

In the next 24 hours, BTC found itself losing more than $5,000 of value and dumping to a ten-day low beneath $46,000. Bitcoin bounced off rather quickly and neared $48,000, but the bears continued to harm the asset.

As a result, BTC fell to just over $46,000 once again hours later. Since then, though, the cryptocurrency has gone on the offensive and spiked to an intraday high of almost $49,000.

As of now, it has retraced by a few hundred dollars, but it’s still above $48,000, and the market cap is north of $900 billion.

BTCUSD. Source: TradingView

AVAX Surges 15% as Alts See Green

Most altcoins also suffered in line with BTC. Ethereum dumped below $4,000 for the second time since the start of the month. Although it’s now up by 2% in a day, the second-largest crypto is still well beneath that line.

Cardano, Ripple, Polkadot, Terra, and Shiba Inu have also produced similar gains on a daily scale. Solana is up by 7% and currently sits close to $170.

Dogecoin and Avalanche are the most significant gainers with double-digit increases. DOGE (13%) stands above $0.18, while AVAX (15%) is north of $90. This impressive jump comes after the popular blockchain project said it will support USDC.

More gains come from Elrond (17%), Waves (12%), PancakeSwap (12%), XDC Network (10%), and NEAR Protocol (9%).

The cryptocurrency market capitalization is up by $50 billion in a day and is now just over $2.2 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto