First Day of 2022 Ended Green as Bitcoin Reclaims $47K (Market Watch)

After yesterday’s small price drops, most of the cryptocurrency market is green today. This includes a slight rise from bitcoin to over $ 47,000 and more impressive gains from Polkadot and Avalanche.

Bitcoin surpasses $ 47K

As 2021 drew to a close, bitcoin seemed stagnant around $ 47,000, but a sudden price pump drove it to over $ 48,500 as CryptoPotato reported on December 31.

However, the landscape changed quite quickly in the hours that followed. Instead of posting more profit, BTC reversed its trajectory and dumped at $ 3,000. This culminated in a drop well below $ 46,000, which became the lowest price in 11 days.

However, bitcoin began to recover some of its lost value in the last 24 hours. The bulls added more than $ 1,000 within this time frame, and BTC is now well above $ 47,000 after a minor 24-hour surge. Consequently, the asset’s market capitalization is now just under $ 900 billion.

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BTCUSD. Source: TradingView

Alts in green with DOT and AVAX Surging

Most of the larger-cap altcoins have been mimicking BTC’s performance of late, and the past 24 hours is no exception. Ethereum is slightly above it on a daily scale, with the second largest crypto still unable to claim $ 3,800.

Binance Coin is up 1.5% and is trading above $ 520. Similar gains are evident at Solana, Ripple, Terra, Dogecoin, Cardano, and Shiba Inu.

The top two performers from the biggest-cap alts since yesterday are Polkadot and Avalanche. DOT is up nearly 6% to nearly $ 30, while AVAX is up 5.5% to stand at $ 116.

More earnings come from Revain (17%), Harmony (12%), ICP (12%), Curve DAO Token (11%), YFI (10%), and Fantom (10%).

The crypto market capitalization increased from around $ 40 billion in one day to approximately $ 2.25 trillion.

Cryptocurrency market overview. Source: Quantify Crypto
Cryptocurrency market overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.

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