Avalanche (AVAX) has recently surpassed Tron (TRX) in market rankings following a notable recovery on Sunday evening.
Currently trading at $31.94, Avalanche has gained 9.4% in the last 24 hours and achieved a 20% increase over the past week.
This surge has elevated Avalanche’s market capitalization to approximately $12.7 billion, outpacing Tron’s $11.7 billion. Such token shifts are not unusual, especially when significant changes occur in key metrics.
Although Avalanche is now gaining prominence, it has a history of fluctuating within the top 20 cryptocurrencies by market cap.
For instance, Shiba Inu (SHIB) has previously overtaken Avalanche but struggled to maintain its position. However, Avalanche’s recent 214% spike in trading volume to $880 million indicates strong market sentiment and potential for continued growth.
Avalanche is actively addressing previous issues and expanding its ecosystem, with promising developments like the Benqi protocol likely to enhance its growth prospects.
Ethereum (ETH) has made a notable recovery, surging over 12% since it dropped to $2,460 on February 3, following the broader downturn in the cryptocurrency market.
XRP’s price remains stuck in a tight range as investors assess the fallout from the Bybit hack. Despite a broader selloff, the token has managed to hold above $2.5, though its recent price action suggests uncertainty.
A well-known crypto analyst sees potential in the Solana-based memecoin dogwifhat (WIF) but remains cautious.
CryptoQuant’s Ki Young Ju has recently declared the onset of altcoin season, but this time, things are different. Instead of the typical flow of capital from Bitcoin into altcoins, Ju points out that it’s stablecoin holders driving the action.