Altcoins Surge As Crypto Makes A Recovery
It has been a rough week for crypto, as Binance has announced that it will end crypto offerings in Australia and the price of Bitcoin (BTC) plunged to the $45,000 level. However, it seems like things are starting to turn around. Altcoins are now surging, following the market recovery over the past 24 hours, with AVAX and LUNA leading the rally.
At the beginning of the week, the prices of most cryptocurrencies plunged by more than 10%, with Bitcoin losing its support and almost dropping to $40,000. Major cryptocurrencies were not the only coins to underperform this week, Ether, Solana and Avalanche all saw massive losses. Despite the rough start, the market began to pick itself up on Thursday, leading to an altcoin rally.
AVAX and Terra (LUNA) are the coins leading the rally. AVAX has increased by 21% over the past 24 hours, making it one of the best performing coins in the current market. AVAX is the native coin of the Avalanche blockchain, the coin is currently trading at $75 per coin and could reach the $80 mark if things keep improving.
LUNA is up by 24% over the last few hours and is now the best performing crypto among the top 20 cryptocurrencies by market cap. LUNA is the native coin of Terra, which has recently become one of the biggest projects in the crypto space- its performance has been showcased over the last few weeks.
While AVAX and LUNA are leading the current altcoin rally, other leading altcoins certainly aren’t far behind. Ether (ETH) finally surged about $3000, after dropping to $2,900 on Wednesday. This is still a way from it’s all-time high of $4,000 and it is expected to take a while before the coin reaches this price again.
Cardano (ADA) is also rallying at the moment, the coin is up 3.7% over the last 24 hours and has maintained a price above $2 despite the widespread bearish sentiment in the market. Solana has also made a good recovery after last week’s blackout, SOL has increased by 10% over the past 24 hours and is now trading at around $150. If this were to continue, SOL could reach a new all-time high of over $200.
As the broader cryptocurrency market recovers from the tough week, most altcoins and other cryptos are experiencing price surges. If this continues, the market could completely recover from the price crashes that have occurred.