Ethereum And Avalanche’s Got Remarkable Rally, Crypto-Winter Is Still There

by | Aug 28, 2022 | Market, Market News, News | 0 comments

The global crypto market is facing a crypto crash since the end of 2021. Multiple sectors are still in frozen crypto-winter without gaining any positive move. The volatile market decreased its market cap from $3 trillion to $1 trillion over the year. The crypto-winter still scares investors. Top cryptocurrencies like BTC and ETH have suffered massive volatility and fall-down conditions. But its recent performance over the last week is quite unseen in this market.

ETH’s Performance :

The crypto-winter is still dominating the market. In this bearish market, several currencies shared double-digit percentage gains over the past few weeks. Bitcoin was unable to rise that much. It only managed to increase 5.5% over the weeks. Presently, BTC is trading at $24,460.

On the other hand, Ethereum succeeded to rally better than BTC. ETH managed to increase 16% over the last 7 days. It is now trading at $1,984. It means, this second top cryptocurrency has crossed the top, BTC’s performance last week.

Meanwhile, Ethereum has taken the headlines for its upcoming Beacon Metge in September. Last week on Wednesday, Ethereum did its third and final test net, Goerli. It is shifting to proof-of-stake from proof-of-work. PoS would be less energy consumption along with a low fee structure.

The recent data shows that the derivatives traders of Ethereum will be bullish for September, during the merge. Though, bearish sentiment will be there again in October. According to a recent letter to shareholders, in early August, they started offering Ethereum staking for institutional clients for the first time. They would continue to provide more assets to stake for both their retail and institutional clients going forward.

The recent update shows, according to this month’s inflation reading from the Consumer Price Index (CPI), Bitcoin and Ethereum prices are going forward positively. Inflation remains the same from last month which is 8.5%. 

Avalanche’s Rally :

Multiple ‘Ethereum killers’ or high-functionality smart contracts, layer-1 blockchains, shared massive rallies. Avalanche (AVAX) stepped up a shocking 55% over the last week. The ongoing growth of NFTs on the blockchain is considered a game changer for this upward trend. By the end of last week, AVAX had raised just 15% in the last 7 days.  trading at $29.53.

Other Ethereum competitors like SOL, NEAR, and FLOW grew with a good trend line. Solana (SOL) rose 14% to $46.32, NEAR Protocol climbed 18% to $5.89, and FLOW blew over 11% to $2.92 over the last week. Further, Ethereum Classic (ETC) reached a four-month high this week. That is up 16% to $44.25. Also, Chainlink (LINK) increased 15.4% to $9.16,  

Current Situation :

Notably, multiple crypto firms had filed for protection for their Bankruptcy situation. Several hacks, scams, and laundering are quenching the global market’s remaining flame. Investors are at risk-trading conditions in this market. The prominent platforms like WazirX and Vaults are under investigation by ED. They are alleged of money laundering activities.

Alongside, various crypto platforms like Ethereum and Cardano are focusing on their update and hard forks. Ethereum is now in the spotlight for its upcoming Beacon merge in September. Also, Cardano’s Vasil hard fork is another remarkable thing in the global crypto market. Additionally, ADA has managed to retain its value during the crash of the crypto market. Now, it is trading with a good trend line.   

Apart from this, the market is shifting towards web3, NFTs, and metaverse projects in the upcoming years. These non-traditional technologies are going to dominate the crypto market in various fields as predicted by the experts.