• Avalanche soared by 14% and Bitcoin remained at $23K over the weekend.
• Bitcoin rose from $21,000 to $23,500 last week and hit a multi-month high of $23,800 on Wednesday.
• Altcoins such as MATIC, OKB, and Dogecoin also posted impressive gains.

The cryptocurrency market was relatively quiet over the weekend, with Bitcoin (BTC) consolidating near the $23,000 level. The flagship cryptocurrency jumped to a multi-month high of $23,800 on Wednesday, but quickly fell back to its current levels. Despite the lack of movement, the alternative coins were on fire, spearheaded by the 14% surge in the price of Avalanche.

Bitcoin started the new year on a strong note, shooting up by nearly 40% from its December lows. The primary cryptocurrency rose from $21,000 to $23,500 last week, and then spiked to $23,800 on Wednesday. However, the bulls failed to keep the momentum going and BTC returned to its previous range.

At the same time, altcoins were enjoying a strong rally. MATIC, OKB, Dogecoin and other cryptocurrencies rose by double digits, with Avalanche leading the pack. The altcoin rose by 14% over the weekend, buoyed by the news of its upcoming mainnet launch. Moreover, the asset has doubled its value over the past 30 days, and currently trades at $20.

The impressive gains in the alternative coins have come despite a lack of fresh catalysts. Bitcoin’s move to a new all-time high and the influx of institutional investors has provided some support for the entire crypto market. However, the recent rally in altcoins could also be attributed to traders looking for alternative investments, as the crypto market matures.

It remains to be seen if the alternative coins can continue their strong performance over the coming weeks. Bitcoin will also play a crucial role in determining the direction of the market. If the primary cryptocurrency continues to consolidate near its current levels, the altcoins could be propelled higher. Conversely, if BTC begins to fall back towards $20,000, the altcoin rally could quickly fizzle out.

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