Avalanche Jumps 5% Daily as Bitcoin Price Rises to $111K: Market Watch

Bitcoin continues to climb slowly as the asset tapped $111,800 earlier today before it was pushed south by nearly a grand.

While most altcoins have remained sluggish on a daily scale, AVAX and BCH have marked impressive gains of around 5% each.

BTC Taps $111K

Following the price explosion on August 22 when BTC skyrocketed from under $112,000 to over $117,000 in minutes during the Jerome Powell speech, the cryptocurrency has failed to maintain its run and traded in an apparent downward pattern.

After losing a few key support levels along the way, bitcoin’s price tumbled at the beginning of the current business week to just over $107,000. This became its lowest price tag in roughly two months.

The bulls finally stepped up on Monday evening and didn’t allow a further breakdown. Instead, BTC started to recover some ground and returned to $110,000 yesterday. It climbed slightly again on Wednesday morning to almost $112,000, where it faced some pressure and was driven to the current $111,000.

Its market capitalization has risen to just over $2.210 trillion on CG, while its dominance over the alts stands tall at 56.5%.

BTCUSD. Source: TradingView

BCH, AVAX on the Rise

Ethereum was recently stopped at $4,500, and despite the massive accumulations from corporations and whales, the asset has failed to resume its run and now struggles to remain above $4,300. On a daily scale, BNB, TRX, LINK, and HYPE are also slightly in the red.

In contrast, SOL has jumped by 3% and now sits around $210. DOGE, ADA, and SUI have charted insignificant gains. The day belongs to Avalanche and Bitcoin Cash from the larger-cap alts, as both have risen by around 5% of value to $25 and $600, respectively.

MemeCore is once again the top performer, having soared by 14% daily to $0.95. BGB and ONDO follow suit, but are far behind.

The total crypto market cap has remained above $3.9 trillion on CG after a minor daily increase.

Cryptocurrency Market Overview. Source: QuantifyCrypto

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