Bitcoin (BTC) recovers as Avalanche (AVAX) joins the top 10
By Rob Griffin
08:03, 21 December 2021
Bitcoin has recovered ground over the last 24 hours after having slipped below $46,000 on Monday morning, its lowest point since September.
The cryptocurrency rose 4.3% to $48,517 early on Tuesday, with ether rising by a similar amount to $4,009.6 after a volatile few weeks.
The improvements came as Avalanche (AVAX) became the tenth-biggest cryptocurrency by market capitalisation after a sterling rally over the past seven days.
Rising market capitalisation
AVAX has enjoyed a remarkable 50% rally over the past seven days – and a 13% increase in the 24 hours up to Tuesday morning – to push its market capitalisation to $2.24bn (£1.69bn).
The success of the currency, which is now trading at $118.17, comes at the expense of other well-known names, with Polkadot (DOT) and dogecoin down to 11th and 12th largest, respectively.
Its run comes on the back of positive factors such as adding the native version of USDC, a dollar-pegged stablecoin issued by Circle, on its blockchain.
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LUNA, the native coin of Terra, has also enjoyed a great recent uplift, with the currency rising 43% over the past week and almost 7% since Monday morning. Its market cap of $30.34bn makes it the ninth largest.
Elsewhere, most of the other leading cryptocurrencies had made gains by Tuesday morning, although tether had dipped slightly and was also down 0.27% over the past seven days.
Solana (SOL) and Cardano (ADA) had both risen around 2% over the previous 24 hours, with the former now having risen 16% in the last week. Binance coin, meanwhile, was up 1.13% since early Monday.