The recent rally driven by the Bitcoin institutional investor (BTC) has constantly raised its price to new historical highs, and although investors are intensely focused on BTC price action, a number of altcoins have also secured new multi-year highs.
In. On February 10, the total market capitalization of crypto reached a new record of $ 1.42 trillion less than a week after Tesla said it bought $ 1.5 billion in BTC.
Despite being the center of attention in recent months, Bitcoin’s dominance in the market decreased from 70.2% on January 13 to its current reading of 61.5%. Historical data shows that when Bitcoin’s dominance falls and its price enters a consolidation phase, altcoins tend to rise.
Bitcoin may be taking a deep breath to gain momentum for the next step in unfamiliar territory, but here are some of the great recent performances that may fly higher in the short term.
AVAX / USDT
The Avalanche (AVAX) price has exploded higher in the past 24 hours, increasing 77% from a price of $ 27.67 on February 9 to its current price of 50.89.
The current movement has been driven by increasing investor optimism in the past throw an Avalance-Ethereum bridge that allows DeFi users to “seek income opportunities with the same assets between these two complementary ecosystems”.
In the 24 hours after the bridge was launched, $ 6.5 million in assets were transferred from Ethereum to Avalanche, according to the community-based DEX Pangolin, which operates on the Avalanche network. This number has continued to increase and is now $ 48.2 million.
With fees on the Ethereum network showing no signs of abating until Eth2 becomes more established, AVAX and its Pangolin exchange aim to extract liquidity from Ethereum-based DEXs to increase their user base.
Cointelegraph Markets Pro’s VORTECS ™ data began to detect an optimistic outlook for AVAX on February 5, ahead of the recent price increase. The VORTECS ™ score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points, including market sentiment, trading volume, recent price movements and Twitter activity.
MATIC / USDT
MATIC is another layer 2-based blockchain that aims to attract new users and DeFi protocols in search of an alternative to the Etheruem network.
Since February 4, the price of MATIC has increased from $ 0.04 to $ 0.1248 after the project’s brand change to Polygon on February 9. According to the team, Polygon aspires to become the “Polkadot of Ethereum”.
The brand overhaul comes at a time when Ethereum opponents, like Polkadot, start to gain prominence and threaten to consume the largest share of the altcoin market. The new Polygon platform is being sold as a tier two aggregator that supports several Ethereum scalability solutions, including Optimistic Rollups, ZkRollups and StarkWare’s Validium.
Although the project offers a solution similar to what Polkadot (DOT), Cosmos (ATOM) and Avalance offer, its Ethereum-centric architecture allows it to benefit from the established network effect and security offered on the Ethereum blockchain.
CELO / USDT
Celo (CELO) peaked at 50.26% in Feb.10, rising from $ 3.54 to its current value of $ 5.22, after a “zkSNARK ceremony” that took place on February 8.
Originally a fork of the Go-Ethereum code base, Celo implemented a PoS consensus protocol based on pBFT that allows the protocol to process and obtain consensus in blocks extremely quickly. This allows for high transactions per second (TPS) while maintaining a secure and decentralized network of validators.
With a platform focused on mobile devices designed to increase cryptocurrency adoption among smartphone users, Celo is now benefiting from being compatible with the Ethereum Virtual Machine (EVM), as high gas rates affect the Ethereum network and lead users to look for viable alternatives.