The price of Bitcoin failed to surpass the $62,000 level yesterday but remained above $61,000 despite falling below $60,000 for a while.
Several altcoins have posted significant daily gains, with AVAX leading the trend. The asset has jumped to $26.
This major cryptocurrency fell significantly at the end of the previous week to around $56,000. However, its decline was quickly halted by a quick buying that started a rapid recovery, pushing BTC back to around $59,500 by the weekend.
After a quiet Saturday and Sunday, Bitcoin once again shrank on Monday and fell to $58,000. Buying again fueled a rally towards $61,000 on Tuesday before the asset fell back to $59,000 on Wednesday.
Thursday saw another surge that saw BTC close to $62,000 for the first time in a week. However, it failed to capture that level and the subsequent rejection pushed the price level down to the $60,000 level.
However, the cryptocurrency managed to recover most of its losses and is now above $61,000 again. Bitcoin's market capitalization has increased to nearly $1.210 trillion, while dominance over altcoins has declined and now stands at 53.3%.
Most altcoins have traded profitably on a daily scale, including ETH. The second largest cryptocurrency rose by 1.5% and is now close to $2,700. Solana, Toncoin, Dogecoin, Tron, Shiba Inu, and Polkadot also posted similar increases.
Cardano and NEAR rose by 5-6% on the day to $0.38 and $4.5 respectively. ICP, APT, and FIL also recorded similar increases.
Avalanche has taken the spotlight away from large-cap altcoins. AVAX has jumped by 11% and is now trading at $26. FET is another asset that recorded double-digit gains and has jumped to almost $1.1.
The total crypto market capitalization has added around $20 billion yesterday and has now increased to $2.270 trillion in CG.