Bitcoin Hits $99K, Avalanche Jumps 4%: Market Watch

Bitcoin Climbs Toward $100K, Altcoins Struggle

Bitcoin (BTC) maintained its Friday and weekend gains, reaching a multi-week peak of nearly $100,000 before encountering resistance and retracing slightly. Despite some pullbacks, Bitcoin’s performance over the weekend was strong, holding above $99,000. Meanwhile, most altcoins have experienced sluggish movement, with Ethereum (ETH) staying above $3,600 and Solana (SOL) hovering around $210.

BTC Close to Breaking $100K

The previous business week started off poorly for Bitcoin, with the cryptocurrency dropping to a monthly low of $91,300. The volatility continued throughout the week, with Bitcoin fluctuating by thousands of dollars on multiple occasions.

Bitcoin managed to surge to over $96,000 on New Year’s Eve, only to quickly fall back below $93,000. However, the bulls regained control, pushing BTC back above $97,000 by January 2. After a brief retracement, Bitcoin made a remarkable jump to $99,000 on Friday, fueled by growing ETF inflows.

Although weekend trading volumes slowed down, Bitcoin maintained its upward trajectory, holding its value near $99,000. Monday began with a more favorable move, pushing Bitcoin to a two-week peak of $99,800 (on Bitstamp), where it faced stronger resistance. As of now, Bitcoin is trading around $99,000, with a market cap above $1.960 trillion and a dominance rate of 53.4% over altcoins, according to CoinGecko (CG).

AVAX Leading the Altcoin Market

While Bitcoin dominated the market, many altcoins have struggled to make significant moves. Ethereum (ETH), Binance Coin (BNB), SUI, and Chainlink (LINK) have seen minor gains, while XRP, Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) are experiencing insignificant losses.

However, Avalanche (AVAX) has emerged as the top performer among larger-cap altcoins. AVAX has risen by almost 5%, reaching a price of around $44. Other notable gainers include Render (RNDR), Fetch.ai (FET), and Filecoin (FIL), all of which have seen increases of approximately 6-7%.

Market Summary

The total cryptocurrency market capitalization has experienced an uptick of around $30 billion, bringing the total market cap to approximately $3.680 trillion, according to CoinGecko. This growth reflects positive momentum in the crypto space, despite the mixed performance of altcoins.