Bitcoin (BTC)’s recent institutional investor-driven institution has gradually pushed its price to new everyday highs, and although investors have been intensely focused on BTC’s price action, a number of altcoins have also secured new multi-year highs.
On. On February 10, total crypto-market capitalization reached a new high of $ 1.42 trillion in less than a week after Tesla announced it had bought $ 1.5 billion in BTC.
Despite being the center of attention over the past few months, Bitcoin’s market dominance has actually declined from 70.2% on January 13 to its current reading at 61.5%. Historical data shows that when Bitcoin dominance falls and its price enters a consolidation phase, altcoins tend to rise higher.
Bitcoin may be taking a breather to gather strength for the next ride in an unfamiliar realm, but here are some of the recent major artists that could rise higher in the short term.
AVAX / USDT
The Avalanche (AVAX) price has exploded higher over the past 24 hours, rising 77% from $ 27.67 on February 9 to its current price of 50.89.
The current move has been driven by growing investor optimism in recent times introduction of an Avalance-Ethereum bridge that allows DeFi users to ‘take advantage of returns with the same assets in these two complementary ecosystems’.
In the 24 hours after the launch of the bridge, $ 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 figure continued to increase and now stands at $ 48.2 million.
Since fees on the Ethereum network show no sign of declining until Eth2 is established, AVAX and its Pangolin exchange intend to draw liquidity from the Ethereum-based DEXs to increase its user base.
VORTECS van data from Cointelegraph Markets Pro started tracking a bullish outlook for AVAX on February 5, ahead of the recent price increase. The VORTECS t 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-based blockchain aimed at attracting new users and DeFi protocols looking for an alternative to the Etheruem network.
Since February 4, the MATIC price has risen from $ 0.04 to $ 0.12248 after the renaming of the project to Polygon on February 9th. According to the team, Polygon wants to become the ‘Polkadot of Ethereum’.
The remark comes when Ethereum challengers like Polkadot start to rise in prestige and threaten to eat away at the market share of the highest altcoin. The new Polygon platform is sold as a layer-two collector that supports various Ethereum scalability solutions, including Optimistic Rollups, ZkRollups and StarkWare’s Validium.
Although the project offers a solution similar to that offered by Polkadot (DOT), Cosmos (ATOM) and Avalance, the Ethereum-centric architecture offers the benefit of the established networking and security that the Ethereum blockchain offers.
CELO / USDT
Celo (CELO) experienced a 50.26% price increase on February 10, rising from $ 3.54 to its current value of $ 5.22, following a ‘zkSNARK ceremony’ held on February 8 took place.
Originally a fork of the Go-Ethereum code base, Celo has since implemented a pBFT-based PoS consensus protocol that allows the protocol to be processed very quickly and reach consensus across blocks. It allows for high transactions per second (TPS) while maintaining a secure, decentralized network of validators.
With a mobile-focused platform designed to increase the adoption of cryptocurrencies among smartphone users, Celo now benefits from being Ethereum Virtual Machine (EVM) compatible, as high gas fees plague the Ethereum network and require users to let search for viable alternatives.