After two weeks of a downward price spiral, the market showed some signs of life this morning, with most coins managing to rise about 5% coming into business hours Asia time. AVAX, however, the native token of the Avalanche blockchain, gained almost 25% overnight to reach a two-week high of US$106.87 and finding itself in the crypto top 10 once more, according to CoinMarketCap.
- This marks the second time on the list for the token, the last time being in late November, when AVAX set its all-time high of US$146.22 after gaining 130% since the start of the month. In both instances, AVAX pushed Dogecoin out of the list in order to take its spot — with the first instance clearing the list of memecoins for the first time since April.
- The gains follow the release of a report by the Bank of America that found Avalanche’s scalability and security, while remaining decentralized, makes it a credible competitor to Ethereum. The smart contract enabled network is one of a group of so-called “Ethereum killers” which harness more modern technology to address some of the perceived shortcomings of the Ethereum blockchain network.
- Top five blockchain Solana also showed strong growth, gaining as much as 15% in a few hours this morning. SOL, the native token of the blockchain, had been losing ground this week following a network slow down over the weekend. SOL was trading at US$181.33 at press time according to CoinMarketCap.
- Market leader Bitcoin was up 6% over night, while Ethereum was up 11%. They were trading at US$48,880 and US$4,038 respectively, according to CoinMarketCap.