On Tuesday, as the cryptocurrency market as a whole made some progress toward recovery, the Avalanche and Solana tokens were among the top gainers of the day.
According to statistics provided by CoinGecko, the price of Avalanche (AVAX), the token that serves as the fuel for the eponymous blockchain, has increased by 6.9% over the course of the previous twenty-four hours and is now trading at a weekly high of $13.65.
AVAX is now the 20th most valuable cryptocurrency asset on the market according to its market cap of $4.23 billion.
The rapid price increase is probably due to the release of a mobile version of Core on Tuesday by Ava Lab. Core is their flagship non-custodial multichain wallet, and its goal is to connect DeFi, NFT, and gaming ecosystems across the Avalanche, Bitcoin, and Ethereum networks, as well as other EVM-compatible blockchains. The rapid price increase has likely been caused by this release.
The price of AVAX skyrocketed as soon as the news was made public, reaching a new daily high of $14.07 before falling back to its previous levels.
Other noteworthy developments, such as Coinbase launching the option to trade the USDC stablecoin on Avalanche, may also have had a favourable impact on the price of the asset. Avalanche is a cryptocurrency exchange.
The Avalanche team lauded the decision, adding that it paves the way for “the quickest and least expensive route… to transition from cash to flagship DeFi apps like Aave, Curve, Trader Joe, BENQI, and more.”
The trend is followed by Solana.
According to CoinGecko, Solana (SOL), a cryptocurrency that has been under increasing scrutiny in the wake of the FTX collapse, experienced a jump of 5.4% throughout the day and is presently trading at $13.94.
SOL looks to have fully survived the instability that engulfed the cryptocurrency market in November, as seen by the token’s price increasing by 5.2% over the course of the past 30 days despite a modest decline of -2.5% over the course of the previous week.
Solana is now the 17th largest blockchain network, boasting a market capitalization of $5.1 billion during the course of its existence.
On the other side, bulls gained ground throughout the course of the previous day, and as a result, Bitcoin (BTC) was trading close to the $18,000 level on most major exchanges on Tuesday.
According to CoinGecko, the largest cryptocurrency in circulation has increased by 3.8% over the past twenty-four hours and is currently trading at $17,803 at the time of this writing.
Ethereum (ETH) has gained 2.8% over the time period and is trading at $1,321 at the moment.
The overall market for cryptocurrencies increased by around 3% from Tuesday, when its value was approximately $881 billion, to just above $907 billion today. This represents a growth in the market capitalization of the industry overall.
DISCLAIMER The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.