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December 9, 2022
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Guide & Analysis

Bitcoin Consolidation Continues: BNB Crossed $100 Billion Threshold Towards ATH

As bitcoin continues its consolidation above $60,000, Binance Coin approaches its ATH after an impressive run.

Most altcoins were slightly in the red yesterday, as reported, but the picture is relatively different today. The Ethereum has dropped to less than $4,500, but a small 2% increase on a 24-hour scale has led the second-largest cryptocurrency to stay above that level.

Solana hit $250 after a similar price bomb. Polkadot marked another all-time high, after a 5% increase since yesterday. Dogecoin, Ripple and Terra are also in the green.

Avalanche was the biggest winner from yesterday to today and also set a new record, above US$85.

Binance Coin, on the other hand, has performed well in recent days. Another 8% rise in one day brought BNB to $670, which is the highest price level since mid-May. The asset is inches away from branding a new ATH on its own, while its market capitalization has soared well over $100 billion.

Additional earnings come from Kadena (50%), Helium (18%), OKB (10%), Chiliz (10%) and Loopring (9%).
As such, crypto’s market capitalization has totaled around $40 billion as of yesterday and is close to $2,750 trillion.

Bitcoin consolidation continues.

While some alternative currencies posted impressive gains and new all-time highs, bitcoin has been relatively quiet this past week, especially since it started retracing from its midweek peak at $64,000.

The cryptocurrency dropped to $60,000 shortly thereafter when news of inflation broke out in the United States, but it rebounded just as quickly. It remained in a range between that coveted level and $63,000, for the most part, and even the controversial US infrastructure project passed in Congress failed to move it much.

After an unsuccessful attempt to surpass $62,500, the BTC fell back below $62,000 once again. Its market capitalization regained $1,150 trillion, while its hold on alts was further reduced to just under 42 percent.

BTCUSD. Source: TradingView

Source: CryptoPotato

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