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Home»Analysis»Avalanche and Cardano post double-digit gains amid growing altcoin rally
Analysis

Avalanche and Cardano post double-digit gains amid growing altcoin rally

2023-12-09No Comments3 Mins Read
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The crypto market is buzzing with the potential revival of an altcoin season, as evidenced by the impressive performance of several altcoins over the past month amid growing investor interest.

This revival is supported by a shift in investor sentiment and interest in altcoins with solid fundamentals and compelling stories.

The increase in altcoin trading volume since early December signals a possible shift in Bitcoin’s dominance as altcoins begin to outperform the flagship crypto.

The altcoin market’s momentum is also reflected in changing investor sentiment, with the market mood shifting from fear to greed since late October, as indicated by the Crypto Fear & Greed Index.

Avalanche rises to the top 10

Avalanche (AVAX) and Cardano (ADA) posted significant double-digit gains over the past 24 hours, leading the weekend altcoin rally. AVAX in particular has risen by more than 20% and has secured a place in the top 10 largest market capitalizations, based on CryptoSlate facts.

This growth can be attributed to the over 120% gain since early October, which saw the price rise from just over $9 to around $26, where it consolidated in early December before rising another 20% to $33 on December 9 the moment of writing. .

Cardano, another top 10 token, rose over 19% to $0.64, marking an 18-month high and a 75% increase in December alone. The surge in ADA’s price is attributed to the broader cryptocurrency market trend of capital rotating from Bitcoin to altcoins including Cardano.

A key factor contributing to Cardano’s price rise is the record high Total Value Locked (TVL) in its decentralized applications (dapps), with Lenfi, a lending and borrowing protocol on the Cardano blockchain, seeing a significant jump in ADA reserves shows. This increase in TVL suggests a removal of ADA tokens from active circulation, potentially driving the price higher if demand remains high.

See also  Dogecoin (doge) is confronted with market correction - will buyers return?

Low-1’s in uptrend

The overall altcoin market has grown robustly in recent weeks, with the total market capitalization, excluding Bitcoin, increasing from $526 billion to $622 billion since September 8.

This increase reflects increased interest in altcoins, with several large-cap altcoins such as Ripple’s XRP and Solana’s SOL showing significant strength over the past 60 days.

XRP, buoyed by a series of legal victories, has seen a 45% gain, while SOL has seen a rise of more than 107%, erasing negative associations and piqued user interest.

Polygon (MATIC) is another notable altcoin, which has risen more than 70% since the beginning of October. The growth can be attributed to continued technological advancements and successful partnerships within the ecosystem.

This potential altcoin season isn’t just about price increases; it’s about the underlying fundamentals and stories that power these altcoins. Projects with strong fundamentals and stories, especially those related to emerging sectors such as AI and Web3 applications, are attracting more attention from investors and are likely to continue their growth.

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Altcoin Avalanche Cardano doubledigit Gains growing Post rally
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