Bitcoin Consolidation Continues, Solana Rises 10% to 2-Month High (Market Watch)

Bitcoin Consolidation Continues Solana Rises 10 to 2 Month High Market

Bitcoin continues its rather quiet performance for the past few days and is above $47,000. While most altcoins are also stagnating, others, such as Solana and Avalanche, have seen significant gains on a daily basis.

SOL and AVAX lead the Alt Way

Ethereum is one of the quiet altcoins with a small daily rise that has helped the second largest cryptocurrency to recoup $3,400. It’s worth noting that ETH struggled below $3,000 just over a week ago, but it hasn’t looked back since it jumped above that level.

Binance Coin is now also slightly in the green, standing at $445. Ripple, Cardano, Polkadot, Dogecoin, Shiba Inu and CRO have caused minor price gains.

While Terra is also up less than 2% on a daily scale, the asset has hit a new all-time high – just under $110.

Avalanche and Solana are the most impressive performers of the larger altos. AVAX is up 8% and sitting at $100 while SOL is up 10% and trading north of $120.

Higher gains are evident from lower and mid-cap alts, including IOST (42%), Zilliqa (25%), Theta Fuel (16%), IoTeX (13%), TRON (11%) and Enjin Coin (11%) .

Cryptocurrency market cap has jumped about $30 billion since yesterday and stands at $2,150 trillion.

Cryptocurrency market overview. Source: Quantify Cryptography

Bitcoin stops at $47K

The primary cryptocurrency experienced one of its most substantial price surges in the past few months on Monday, as it surged from $45,000 to more than $48,000 in hours. This came after weeks of not being able to top $45,000.

Shortly over $48,000 marked the charting the highest price level since January 2 of this year. However, since then the asset has fallen by a few hundred dollars and has not been able to stay above $48,000.

In fact, it dipped below $47,000 twice in the past two days. As of now, BTC is trading above that level, but its market cap has fallen to just under $900 billion.

BTCUSD. Source: TradingView

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Cryptocurrency Charts by TradingView.

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