May 29, 2024
Avalanche and Cardano Spearhead Altcoin Surge
Altcoins News

Avalanche and Cardano Spearhead Altcoin Surge

Avalanche emerges as the top-performing altcoin among its counterparts, boasting a remarkable 37% gain in the past week. Similarly, Cardano, experiencing a bullish surge, records a 30% increase during the same period. These substantial gains suggest a potential resurgence in altcoins, spurred by the recent positive momentum in the Bitcoin market. The trend signals a heightened risk appetite, contributing to positive sentiment across the broader cryptocurrency sector. Notably, Memeinator is also witnessing significant demand, with investors acquiring over $1.93 million worth of tokens during its presale.

The positive trajectory of Avalanche and Cardano may seem influenced by Bitcoin’s movement, but analysts contend that Avalanche’s value was already underestimated before the recent upswing. Henrik Andersson, Chief Investment Officer at Apollo Crypto, expresses optimism about Avalanche, emphasizing that the broader market has consistently undervalued the asset. Despite boasting higher Total Value Locks (TVLs) compared to its peers, Avalanche’s market cap has remained relatively low.

An examination of Avalanche’s network activity reveals substantial improvements, with the TVL surging from $490 million to $841 million in the past three months. Additionally, the total trading volume on the Avalanche network has experienced an impressive spike of over 2,400% during the same period.

Cardano, another standout gainer, exhibits heightened network activity, as evidenced by a DeFiLlama report indicating a 37% increase in TVL, rising from $381.15 million in just one week. Such inflows act as price triggers, signifying increased investor interest and positively impacting the native tokens.

The resurgence of cryptocurrency activity sets the stage for new projects like Memeinator to thrive, leveraging the prevailing risk-on sentiment. Anticipated to sustain its initial presale demand, Memeinator is poised to capitalize on its listing on exchanges in the evolving crypto landscape.

Image by btcsentinel

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