Avalanche and Terra on the rise as Bitcoin and Ethereum retreat

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Most of the major cryptocurrencies are down in the past week, including Bitcoin (down 3%) and Ethereum (down 2%), but a few have managed to weather this widespread pullback.

Avalanche is up an impressive 40% from last Saturday to trade at $ 115, while LUNA is up 14% to $ 72.

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The ” ethereum killer AVAX was barely worth $ 10 less than six months ago. Since then, its price has exploded to become the No. 9 cryptocurrency by market cap.

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The takeover of AVax is largely due to the increasing adoption of this crypto by institutions. On December 14, financial services firm Circle announced that it was bringing its USDC stable currency to the London Stock Exchange on the Avalanche blockchain.

Two days later, another big news arrived: cryptocurrency custodian BitGo said it was going to support AVAX. The announcement also confirmed that BitGo customers, Bitstamp and Bitbuy, will now list AVAX on their exchanges in early 2022.

LUNA’s rise was also not hampered by general market trends this week. Terra also strikes stablecoins linked to various currencies, the most successful of which is TerraUSD (UST), which is currently at a 10% level on the verge of overtaking DAI as the fourth largest stablecoin by capitalization.

The UST price is pegged to the dollar through LUNA, in an ingenious mechanism where, for every UST created, one LUNA dollar must be burned. The UST’s market capitalization rose 40% over the past month, according to CoinGecko.

Dogecoin also had a great week despite a modest increase in value of around 3% over the past week, to $ 0.173. On Tuesday, the currency itself exploded by 20%. after Tesla CEO Elon Musk announced that his auto company would accept Dogecoins for payment for goods.

Market leaders

Market leaders Bitcoin and Ethereum experienced a relatively slow news cycle this week, which was reflected in their respective price performance.

Bitcoin has lost 3.2% in the past seven days to hit $ 46,820. Ethereum did little better and depreciated 2.2% over the same period. It is trading at $ 3,947 as of this writing.

This week the number of bitcoins mined from the total bitcoin supply rose 10% to 90% but don’t expect the remaining 2.1 million coins to be mined anytime soon. Estimates suggest that the full supply will not be exploited until 2140.

Bitcoin briefly rebounded on Wednesday from less than $ 47,000 to $ 49.5 within hours after the U.S. Federal Reserve said it would begin to scale up and phase out its stimulus package against the pandemic while raising interest rates next year.

Finally, the US Securities and Exchange Commission (SEC) has announced that it is delaying its verdict on whether or not to approve Bitwise and Grayscale’s bitcoin ETF proposals. The SEC will now take an additional 45 days to review the claims. To date, the regulator has not approved a single crypto ETF, while five have been approved in Canada.

Since Fidelity – a US asset manager that manages more than $ 4 trillion in assets – has chosen Canada to launch its ETF, the SEC will likely need more time to consider the new applications.

Source From: Google News

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