The cryptocurrency market is on the rise, but it is led by alternative tokens such as Cardano, Matic, Avalanche. While Bitcoin and Ethereum are finding resistance at key values.
Avalanche (AVAX) has seen a remarkable 29% increase over the past week, recovering from a months-long downtrend. After hitting a low of $17.29 in early August, AVAX is now up to $26.5, boosted by factors such as reduced token unlocks and institutional investments.
This recent rally follows a broader market correction that saw many cryptocurrencies, including AVAX, drop sharply during Bitcoin’s recent price correction. Despite its previous underperformance compared to the market, AVAX’s latest gains indicate renewed interest and optimism from investors.
Bitcoin, meanwhile, is trading at around $63,000 after reaching $65,000 over the weekend. Ethereum, meanwhile, is pausing its journey to $3,000, after losing more than 5% in the last few hours.
Several factors have contributed to this positive momentum in altcoins. Key developments include news of a reduction in token unlock events after 2024, which many believe will ease selling pressure and support long-term value. Additionally, significant institutional interest has been generated with the launch of the Grayscale Avalanche Trust and the expansion of Franklin Templeton’s blockchain fund to the Avalanche network.
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Courtesy: Cryptogaceta
These developments have likely improved investor sentiment and contributed to the recent surge in AVAX price.
Cryptocurrency market surges with altcoins leading the way
The standout performer was Avalanche (AVAX), marking a significant boost for Avalanche, strengthening its position in the market. Tron (TRX) also performed strongly, with its value up 21.5% from $0.134 to $0.1629. Cardano (ADA) followed with a 13.3% increase from $0.3393 to $0.3844. Solana (SOL) recorded an 8.6% gain, reaching $158.71 from $146.13, while Binance Coin (BNB) grew 7.2% from $536.84 to $575.48.
Source: Ambito
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