It has been able to maintain its bullish momentum, reclaiming the $2 trillion market value. The market has moved from its mid-$30,000 level to the current levels thanks to Ethereum and Bitcoin.
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There has been a surge in bullish sentiment for cryptos 1 and 2 by market cap. The upcoming “Merge” and Bitcoin has pristine collateral seem to have provided additional support for the current momentum.
As the cryptocurrency market continues to rise, both ETH and BTC made around 17% profit in the week. Delphi Digital however recorded layer-1 cryptos with more than 50% gains in the last 30 days.
Near (NEAR) stood This group was the most prominent and was followed closely by Polkadot DOT and Terra LUNA. Below, you can see Binance Coin (BNB), Solana(SOL), Avalanche [AVAX], Cosmos Hub (ATOM) and other top performers.
Delphi Digital noted the following on NEAR’s current bullish momentum:
NEAR was the leader in L1 recovery, growing at 50% during the last month. This is a substantial advantage over other L1 recoveries. Bastion Lockdrop attracted $293M capital, driving the outperformance. NEAR, WBTC and USDT were all available for lockups of 1-12 months.
Avalanche’s (AVAX), reported a 10% profit over the past week and a 37% profit within two weeks. Avalanche has seen a surge in active users over the past six months.
Since Q4, 2021, this metric hovers around 100,000. As the market moves to the upside, this suggests that Avalanche is attracting more people. Delphi Digital noted:
This data immediately reveals the strong link between AVAX and active addresses when we look at the delta. It’s not common for price to increase sustainably while other metrics, such as daily active addresses and TVL, are also rising.
The Crypto Rally Needs More Fuel
The crypto market may experience a short-term pullback. Although indicators point to an overbought level across all markets, bulls were able to maintain their strength.
Delphi Digital claims that Avalanche’s long-term and mid-term outlook could be in favor of Avalanche (AVAX). A multiverse incentive program for $290 million was also launched by the cryptocurrency platform. This will be integrated with Terra.
It is the coming of the moon #avalancheIn force. Next week, we’ll show you how.🌕@avalancheavax @terra_money 🪄
— Do Kwon 🌕 (@stablekwon) March 18, 2022
Research firm AVAX believes that the most important AVAX catalyst is its implementation of subnet functionality. This should increase Avalanche’s use case and scalability and potentially inject more conviction into a double-digit rally. Delphi Digital noted:
Important to keep in mind is that each subnet validator must also be a validator in Avalanche’s primary network. Each subnet validator creates more demand for AVAX staking, which will increase AVAX’s value accrual as subnet adoption increases.
Terra (LUNA), Quant (QNT) Pull Up As Avalanche (AVAX) Nosedives| Terra (LUNA), Quant (QNT) Pull Up As Avalanche (AVAX) Nosedives
AVAX is trading at $94 as of the writing. There has been sideways movement in the last day.
