Bitcoin dips to 14-day low as Avax, Luna rally in weekend market

Key Takeaways:

• Bitcoin price falls to a two-week low.
• AVAX surge 40% after an eventful week.

NIGERIA (CoinChapter.com) – Number one cryptocurrency, Bitcoin, has continued to lose value in a weekend looking favorable for AVAX, LUNA and several other altcoins.

Bitcoin over the past 24 hours plunged till it dropped to a two-week low at $45,500. Many other altcoins like SOL, ADA, SHIB are also declining.

BTC’s drop to 14-day low

The flagship cryptocurrency has continued to plunge slowly over the week. However, it saw a significant surge two days ago when the US Federal Reserve said it would leave the interest rates unchanged.

After the announcement, Bitcoin surged immediately from $46,000 to $49,500. But as whales tried to push Bitcoin to overcome $50,000, bears took control, driving Bitcoin price backward.

Since then, Bitcoin began to lose value gradually. It dropped to $45,500, the lowest price tag since the massive Dec. 4 crash.

Despite recovering around a thousand dollars since then, the number one cryptocurrency is still slightly in the red, and its market capitalization is well below $900 billion.

AVAX spikes, 40% over the weeks

AVAX is the most significant gainer in the market. It has surged by 9% in the past 24 hours and now trades well above $110.

AVAX was worth just $10 less than six months ago. Since then, it has exploded in price to become the No. 9 cryptocurrency by market capitalization.

AVAX’s rally is largely down to growing institutional adoption. On Dec. 14, financial services company Circle announced that it was bringing its USDC stablecoin to Avalanche’s blockchain.

After USDC, crypto custodian BitGo said it would support AVAX leading to another bull run.

In addition, a report authored by Bank of America analysts published on Dec. 10 called Avalanche a viable alternative to the leading smart contract platform Ethereum. That coincided with AVAX gaining another 16%.

More gains in the crypto market come from a few DeFi tokens, led by a 25% increase by YFI, a 15% surge from Curve DAO Token, and a 13% jump from Aave.

Ethereum, Binance Coin, and Ripple are slightly in the green also. Nevertheless, ETH still trades below the coveted $4,000 mark, Binance Coin is below $530, and XRP is just over $0.8.