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Bitcoin (BTC) Back at $51k, Large Cap Altcoins Lead the Rally

Bitcoin (BTC) Back at $51k, Large Cap Altcoins Lead the Rally

Nick Cawley, Senior Strategist


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Bitcoin (BTC) Chart and Analysis

  • Bitcoin makes a fresh two-week high.
  • Larger cap altcoins – LUNA, AVAX, MATIC, NEAR – rally hard.
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As stock markets around the globe begin to close down for the festive holiday, the cryptocurrency remains open and looks set to build on this week’s impressive gains, especially in some of the larger cap altcoins. Bitcoin is currently changing hands around the $51k level, a high not seen since early December, and looks primed to test an area of prior resistance between $51,800, the December 3 gap high, and $52,923, the September 7 prior high. The 200-day moving average has proved supportive over the last month, and if this remains the case then higher prices are likely going forward.

Bitcoin (BTC/USD) Daily Price Chart – December 24, 2021

Chart via Pro Real Time

Terra (LUNA), Avalanche (AVAX), Polygon (MATIC), Near Protocol (NEAR)

While Bitcoin continues to make most of the cryptocurrency market headlines, the altcoin market has rallied hard this week with some of the larger capitalization coins making fresh all-time highs.

Terra (LUNA) broke above its all-time high on Monday, the double top around $78.4, and has powered higher, touching $100 earlier today. Terra is now the 9th largest cryptocurrency with a market capitalization of $36.7 billion.

Terra (LUNA) Daily Price Chart – December 24, 2021

Avalanche (AVAX), a layer-one blockchain and Ethereum rival, has had a stellar few months and now boasts a market cap of $29.7 billion, the 10th largest coin in circulation. Avalanche currently trades around $122.5, a 3,600% gain from this time last year when AVAX traded around $3.30. A confirmed break above $127.4 would leave the way open for Avalanche to re-test the $147.27 high.

Avalanche (AVAX) Daily Price Chart – December 24, 2021

Polygon (MATIC) is another altcoin that is running higher, with the layer-2 scaler now valued at $18.8 billion, the 14th largest coin by market cap. The daily chart shows an unbroken series of higher lows and higher highs since late July suggesting further gains ahead. Polygon is looking set to make a new all-time high above $2.74. This time last year, Polygon was trading at under 3 cents.

Polygon (MATIC) Daily Price Chart – December 24, 2021

Near Protocol (NEAR) has jumped in excess of 50% in the last three days, helping to push the company’s valuation up to $8.8 billion, the 25th largest alt by market cap. NEAR, another layer-one blockchain, traded around $1 this time last year. The December 15 ‘spike high’ is the next target for NEAR, with a near-term support zone seen between $11.90 and $13.23.

Near Protocol (NEAR) Daily Price Chart – December 24, 2021

All Charts via Trading View.

What is your view on Bitcoin – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.