Wednesday, October 4, 2023

AVAX And ETH Lead Top 10 Crypto Gains In The Past Week

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AVAX and ETH lead top 10 crypto gains over the past week while Solana and Cardano also made some decent gains in the same timeframe so let’s read more today in our related altcoin news.

A few leading cryptocurrencies rallied more than 10% in the past week with tokens behind the leading Layer1 network such as Cardano, Solana, and Avalanche posting some of the highest gains. Out of the top two, ETH posted double the growth of BTC this week with seven-day gains of 12.6% and BTC is up by 6% over the same time frame.

avax price
AVAX 24-hour Price Chart (Source: coingecko)

The world’s second-favorite crypto is now trading above $2900 but the largest growth spurt in the top 20 coins by market cap is Avalanche. Both Avax and ETH surged but Avax shot up 30% to $90.97 and there’s a still 37.5% off its former high at $146.22 that was set four months ago, while still being the biggest growth for leading crypto in the past week.

Other smart contract-enabled rivals in the top 10, Cardano and Soalan are both up by 12% and 11% respectively, with SOL’s price hitting $90.10 while ADA stands at $0.89. Ethereum Classic increased as well by 50% over the past week and now trades at $38.8. Ethereum Classic is a hard fork of Ethereum which emerged in 2015 after a large group of users decided to keep the record of the ETH infamous $55 million DAO hack on their public ledger despite the majority assent to the removal. As the forked network transitioned to an energy-efficient proof of stake, the original ETH will remain a PoW blockchain.

crypto marekt
Cryptocurrency Market Overview. Source Quantify Crypto

As recently reported, Avalanche’s AVAX hit a weekly high of over $97 as the DEFI activity surged throughout following the late-January hype. The native token for Avalanche is a fast alternative to the leading smart contract platform Ethereum which increased by 11% to hit a weekly high of $97 as of early morning. AVA has since retraced and it is now tradign hands at under $95 as per the data by CoinmarketCap. Despite the uptick, the token is still down by 35% from its all-time high of $146.22 set back in November 2021. Led by former Cornell professor Emin Gun Sirer, Avalanche launched two years ago and was pitched s the more efficient and cheaper alternative to Etheruem.

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