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

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.
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%).

See also  Elon Musk trolls the Web 3.0 concept, does he have a point?

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

Binance Free $ 100 (Exclusive) – Use this link to sign up and receive a free $ 100 and 10% off fees on Binance Futures for the first month (terms).PrimeXBT Special Offer: Use this link to register and enter the code POTATO50 to get a 25% discount on commercial rates.

Disclaimer: The information found on CryptoPotato is that of the quoted writers. It does not represent CryptoPotato’s views on whether to buy, sell, or hold investments. You are advised to do your own research before making any investment decisions. Use the information provided at your own risk. See the Disclaimer for more information.

Cryptocurrency charts by TradingView.

Leave a Reply

Your email address will not be published. Required fields are marked *