Avalanche (AVAX) Explodes 30% to New ATH, Bitcoin Stagnant at $45K

September 12, 2021

After falling to $44,000 and spiking to $46,000, bitcoin has calmed once again around the $45,000 mark. Most altcoins are slightly in green on a daily scale, but some have charted impressive gains. Avalanche is among those as AVAX has surged by more than 30% to tap a new ATH.

ETH at $3,300 as AVAX Marks a New ATH

Most larger-cap altcoins have mimicked BTC in the past few days. Ethereum plummeted during the mid-week crash, attempted rapid recovery, but failed to increase any higher than $3,600. In the following two days, it kept losing value gradually and dropped below $3,300. As of now, it has gained about 2% in a day and currently stands around that level.

Cardano, whose network is set to undergo its long-anticipated hard fork today, has spiked by more than 6% and has reclaimed $2.5. Binance Coin (1%), Ripple (1%), Dogecoin (0.5%), Chainlink (2%), and Uniswap (1%) are slightly in the green since yesterday.

Polkadot (9%) and LUNA (8%) have marked more impressive gains, while Avalanche has outperformed all others. A 32% surge from AVAX has resulted in breaking above $64 for a new all-time high.

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


Other impressive gainers are OMG Network (11%), Hedera Hashgraph (10%), Elrond (10%), and Kusama (8%). As a result, the crypto market cap has recovered around $50 billion in a day.

Bitcoin Still Sits at $45K

Ever since the aforementioned market-wide crash on Tuesday, in which BTC lost $10,000 in hours, the price of the asset has remained untypically stable.

After this drop from $53,000 to $43,000, bitcoin bounced off immediately to around $46,000. Consolidation followed in the next day or two before the cryptocurrency attempted to overcome $47,000 but to no avail.

Just the opposite, the bears stepped up and drove its price south. In the past 24 hours, bitcoin dropped to around $44,000. It reacted well to this dip and added $2,000 of value but was rejected at $46,000.

As of writing these lines, BTC has retraced to around $45,000 once more. Its market capitalization sits at $850 billion, while the dominance over the altcoins has declined to 41%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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Cryptocurrency charts by TradingView.