Bitcoin Stabilizes at $44,000 as Altcoins Surge; Avalanche's AVAX and Helium Lead the Way

According to CoinDesk, bitcoin has stabilized at $44,000 after a 15% increase over the past 72 hours, while several altcoins have experienced significant gains. Avalanche's AVAX token is among the top performers, with a 17% gain on Wednesday, making it the leader among cryptocurrencies with a market value above $1 billion. This follows the token's near-doubling in price in November. Another notable gainer is Helium, the crypto connectivity project that migrated from its own blockchain to layer-1 Solana last year. It has risen by 42% on the day after the company announced the launch of a mobile phone plan in the U.S. with unlimited data, texts, and calls for $20 a month. Memecoins are also on the move, led by dogecoin (DOGE), which has increased by 11% over the past 24 hours to surpass $0.10 for the first time since April. Craig Erlam, a senior analyst at OANDA, believes that the bitcoin rally has been extraordinary even by its standards, and attributes the excitement to the prospect of an ETF approval. Erlam also noted that lower interest rate expectations have contributed to the cryptocurrency's rise, but he thinks the ETF hype is the primary driver.