Altcoins Rally As The Cryptocurrency Market Recovers
The cryptocurrency market has endured a tough start to the week but has managed to turn things around. Altcoins are now rallying following the market recovery over the past few hours.
AVAX And LUNA Lead The Altcoin Rally
The cryptocurrency market didn’t have a great start to the week. The prices of most cryptocurrencies plunged by more than 10% over the past seven days, with Bitcoin losing its support above the $45k region and nearly dropping towards the $40k mark.
However, altcoins also underperformed earlier this week, with Ether, Solana, Avalanche (AVAX), Cardano (ADA) and various others recording massive losses. Despite that, the cryptocurrency market started to turn things around a few hours ago, and now altcoins are rallying.
AVAX and Terra (LUNA) are leading the market charge. AVAX is up by 21% over the past 24 hours, making it one of the best performing coins in the market. The native coin of the Avalanche blockchain is trading at $75 per coin and could target the $80 mark over the coming hours if the market condition is maintained.
LUNA has outperformed AVAX in the past few hours. LUNA is up by 24% over the past 24 hours and is the best-performing coin amongst the top 20 cryptocurrencies by market cap. Terra has become one of the leading projects in the crypto space, and it has shown the performance of Terra in the past few weeks and months.
Ether, ADA And SOL Are Also Rallying
Although LUNA and AVAX are currently leading the market charge, the other leading altcoins are also rallying. ETH was finally able to cross the $3,000 mark after dropping towards the $2,900 region yesterday. Ether is still far from its all-time high above $4,000, and it could take a while before it can test that level again.
Cardano (ADA) is another leading altcoin that is currently rallying. ADA is up by 3.7% over the past 24 hours and has managed to maintain its price above $2 despite the widespread bearish sentiment in the market.
Solana (SOL) has recovered nicely after last week’s network outage saga. SOL is up by 10% in the past 24 hours, and it is now trading close to the $150 mark again. If the bulls regain full control of the market, SOL could be looking to establish a new all-time high above the $200 mark.
The other leading altcoins such as XRP, DOGE, DOT and BNB are also rallying as the broader cryptocurrency market recovers.