Bitcoin’s (BTC) recent institutional investor-driven rally has steadily pushed its price to new all-time highs and while investors are intensely focused on BTC’s price action, a number of altcoins have also secured new multi-year highs.
On. Feb. 10, the total crypto market capitalization hit a new high at $1.42 trillion less than a week after Tesla disclosed that it purchased $1.5 billion worth of BTC.
Despite being the center of attention for the past few months, Bitcoin’s market dominance has actually decreased from 70.2% on Jan. 13 to its current reading at 61.5%. Historical data shows that when Bitcoin dominance falls and its price enters a consolidation phase, altcoins have a tendency to rally higher.
Bitcoin might be taking a breather to gather strength for the next leg up into uncharted territory, but here’s a few of the recent big performers that could soar higher in the short term.
Avalanche (AVAX) price exploded higher in the past 24-hours, increasing by 77% from a price of $27.67 on Feb. 9 to its current price of 50.89.
The current move has been driven by growing investor optimism over the recent launch of an Avalance-Ethereum bridge that allows DeFi users to “pursue yield opportunities with the same assets across these two complementary ecosystems.”
In the 24-hours following the launch of the bridge, $6.5 million worth of assets were moved from Ethereum to Avalanche according to the community-based DEX Pangolin, which operates on the Avalanche network. This figure has continued to increase and now stands at $48.2 million. Read from source….