Crypto

Avalanche Soars 9 Percent After Bitcoin Drops to 14-Day Low (Market Watch)

Avalanche Soars 9 Percent After Bitcoin Drops to 14-Day Low (Market Watch)

While Bitcoin (BTC) continues to lose value, AVAX’s remarkable performance has recently increased by another 9%.

Bitcoin’s price declines have persisted in the last 24 hours, with the currency dropping to a two-week low of $45,500. Except for Avalanche, which has risen by roughly 10% daily, other cryptocurrencies have suffered.

The 14-Day Low for Bitcoin

Just three days ago, the US Federal Reserve said that interest rates will remain steady, causing Bitcoin’s price to skyrocket.

In a matter of minutes, the Bitcoin rose from $46,500 to $49,500. The bears returned to play as the community hoped that Bitcoin (BTC) would finally be able to conquer its $50,000 enemy.

Bitcoin began to lose value gradually, but the situation only exacerbated in the hours that followed. This time, the asset dropped below $45,500, its lowest price since the big meltdown on December 4th,2021.

Bitcoin (BTC) is still slightly in the red, with a market value of less than $900 billion, despite a recovery of roughly a thousand dollars since then.

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The price of AVAX has increased by 9%.

Most cryptocurrencies, like Bitcoin, went down two days ago, but have since regained most of their daily losses. As a result, most people are stuck on a 24-hour clock.

The prices of Ethereum, Binance Coin and Ripple are all marginally higher. Despite this, Etheruem (ETH) is still trading below the $4,000 barrier, Binance Coin is trading below $530, and XRP is trading slightly over $0.8. Solana, Cardano, Polkadot, and Shiba Inu, on the other hand, have suffered slight losses.

Once again, Avalanche is the most major gainer. AVAX has gained another 9% and is now trading well above $110. Furthermore, since the blockchain technology behind it announced USDC support earlier this week, the asset has increased by 40%.

More gains came from a few DeFi tokens, led by a 25% increase in YFI, a 15% increase in Curve DAO Token, and a 13% increase in Aave.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.