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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Here Are The Crypto Leading The Market Recovery With 50% Gains

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
crypto

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The crypto market has managed to sustain its bullish momentum and reclaimed the $2 trillion market cap. Bitcoin and Ethereum seem to have pushed the market from the mid $30,000, and to its current levels.

Related Reading | Only In Crypto: A Croissant Explains Ethereum Hottest Trends Post Merge

The first and second crypto by market cap has seen a surge of new bullish narratives. The upcoming “Merge” and Bitcoin has pristine collateral seem to have provided additional support for the current momentum.

Both ETH and BTC recorded around 17% profits in the last week, as the crypto market moves upwards. However, Delphi Digital recorded layer-1 cryptocurrencies with gains surpassing 50% in a 30-day period.

Near (NEAR) stood among the latter and led the current market recovery, followed by Polkadot (DOT), and Terra (LUNA). As seen below, Binance Coin (BNB), Solana (SOL), Avalanche (AVAX), Cosmos Hub (ATOM), and others were in the best performer group.

Crypto Avalanche AVAX
Source: Delphi Digital via Twitter

Delphi Digital noted the following on NEAR’s current bullish momentum:

NEAR led the L1 recovery by growing by ~50% over the past month, a significant lead against the rest. The outperformance over the past week was catalyzed by the Bastion Lockdrop, which attracted $293M in capital. NEAR, WBTC, ETH, USDT, USDC were available to be locked for 1-12 months.

Avalanche (AVAX) records a 10% profit in the last week with a 37% profit in two weeks. In addition, Avalanche records an explosion in daily active users in a 6-month period.

This metric has been hovering around 100,000 since Q4, 2021. This suggests a growing interest for Avalanche as the price push to the upside. Delphi Digital noted:

When looking at the delta in this data, the strong relationship between AVAX price and active addresses immediately becomes recognizable. It is not often that price increases sustainably without metrics such as TVL and daily active addresses also increasing.

Crypto Delphi Digital
Source: Delphi Digital via Twitter

What Could Add More Fuel For This Crypto Rally

In the short term, the crypto market could see a brief pullback. Indicators point to overbought levels across the board, but bulls have been able to preserve their strength.

According to Delphi Digital, the long to mid-term could stay in the green for Avalanche (AVAX). In addition to its fundamentals, the crypto platform recently launched a $290 million multiverse incentive program, and it will be integrated with Terra.

The moon is coming to #avalanche in force, and next week we will show you just how much 🌕

@avalancheavax @terra_money 🪄

— Do Kwon 🌕 (@stablekwon) March 18, 2022

The research firm believes the biggest AVAX catalyzer is the implementation of its 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. This means each subnet validator generates additional demand for staking AVAX, which should improve value accrual for AVAX as subnet adoption grows.

Related Reading | Terra (LUNA), Quant (QNT) Pull Up As Avalanche (AVAX) Nosedives

At the time of writing, AVAX trades at $94 with sideways movement on the last day.

AVAX Crypto
AVAX with bullish momentum on the daily chart. Source: AVAXUSDT Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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