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Solana and Avalanche Lead Reinforcement So "Ethereum Killers"?

Navigasi - When Ethereum is doing a recovery. Solana, Avalanche, Algorand, Polkadot, and Cardano are sometimes referred to as “Ethereum killers” because they offer similar features to leading smart contact networks but at a much lower cost.

Solana and Avalanche Lead Reinforcement So "Ethereum Killers"?
Solana and Avalanche Lead Reinforcement So "Ethereum Killers"?


Solana is up 11% in the last 24 hours and has jumped 36% in the past week, per CoinMarketCap data. Avalanche is up 10% in the past day and pumped about 43% in the past week. Polkadot and Cardano edged up. Algorand is up about 7% today and 25% in the past week. Polkadot is up about 8% in the past day and 23% in the past week, while Cardano is up about 8% in the 24 hours and 19% over the last seven-day period.

The majority of crypto asset prices were seen shining on Tuesday (21/6/2022). However, this price spike has not been enough to recover the crypto market capitalization from the crash that occurred at the end of last week.

Crypto market caps have seen a brief rally in the last 24 hours, up around 9.7% after a tough weekend that saw the prices of some coins plummet as much as 15%. This can be seen from the value of Bitcoin (BTC) on trading Tuesday (21/6/2022) at 11.00 WIB which is still at the level of US$ 20,655, although previously it had touched US$ 30,000.

As CoinMarketCap watched, Solana (SOL) and Ethereum (ETH) led gains among the top 10 coins by market cap with a 9% gain, while Cardano (ADA) and Polkadot (DOT) gained 7%. Outside the top 10, Avalanche (AVAX) jumped 14%, Polygon (MATIC) added 12% and ApeCoin (APE) gained 16%.

Tokocrypto trader Afid Sugiono sees most of the crypto's price gains coming amid a surge in the broader equity market, as US markets remain closed for a US public holiday. This opportunity turned out to be used by whales investors who decided to buy crypto assets or buy the dip when the price was down.

“Some analysts suspect that the whales are driven by historical data showing that long-term investors will get paid if they buy the dip. The action of the whales can at least sustain the price of crypto assets in the short term," said Afid.

Afid further explained that most big investors believe the US$ 20,000 point as a new BTC support level that needs to be maintained. Because, they think that BTC is oversold.

Such market movements are a good opportunity for day traders, but not for long-term investors aiming to reduce risk. The crypto market is also heavily influenced by global market sentiment, and when that changes, assets will move much faster than other markets,” he explained.

The negative sentiment for the crypto market is actually still not conducive following the rise of economic uncertainty, such as the inflation rate, the threat of an economic recession, to the increase in the Fed's benchmark interest rate. Other signals, also emerged from the BTC derivatives market data. This is because the return on BTC futures products is now smaller than the spot market for the first time in the past year.

“I don't see Bitcoin quickly returning to its all-time high. We may have to prepare for long-term uncertainty during the crypto winter,” concluded Afid.