Evening
So the bears continue to dominate with most of the major coins either posting losses or struggling to stabilize. But there are few who managed to weather the storm e.g. Solana, Avalanche and Terra. Over the past 7 days, Solana, Avalanche and Terra are up by 7.2%, 40% and 18.2% respectively.
Solana which is normally dubbed as Ethereum killer, due to its faster speed and cheaper transaction cost, is enjoying a killer year with its native Sol coin rising from just $1.7 to an all time high of $260. But there has been another competitor rising from the ground, Avalanche.
Avalanche has also been enjoying its share of popularity over the latter half of this year, with its native Avax token enjoying a 10X rally over the last 6 months. Currently Avax is trading at $114.19, due to 40% rise in last 7 days and 11% increase in 24 hrs. Thanks to the recent rally, Avax became the 9th cryptocurrencies by market cap pushreceing Dogecoin out of top 10.
Recent Avax bulls run can be attributed to the recent announcement by financial services company Circle that its stable coin USDC will be available on Avalanche chain. Introduction of a popular stable coin like USDC means improved liquidity on the network. Moreover Avalanche Friday's announcement of collaboration with web3 accelerator DeFi Alliance to launch the gaming accelerator program, has also coincided with current bulls run.
Moreover, Avalanche main net that went live in September gave the chain a complete set of smar contract development suit allowing developers to easily build and deploy decentralized applications.
Whether Avalanche is gonna prove itself an Ethereum challenger only future can tell, but by securing position in top 10 currencies and getting market momentum behind it, it sure is on a right path.
