Avalanche (AVAX) Slips 6% as Market Recovery Stalls

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Alex Dovbnya

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The cryptocurrency market remains under pressure, with Avalanche (AVAX) underperforming other top 10 cryptocurrencies

Avalanche (AVAX), the native token of the smart contract platform of the same name, has shed 7.81% % over the last 24 hours, according to data provided by CoinMarketCap.

It has now exited the top 10 cryptocurrencies by market capitalization, slipping below Binance USD (BUSD), a stablecoin with a market cap of $18.1 billion.  

AVAX is down 9.61% over the past week, performing in line with other “Ethereum killers.” Solana (SOL) and Cardano (ADA) are down 8.63% and 11.30% over the past week.

Rival Terra (LUNA) is still up 39.06% over the past week despite shedding more than 4% over the past 24 hours.

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Stablecoins increase their presence

There are now three stablecoins within the top 10. Tether (USDT) and USD Coin (USDC) remain the two biggest dollar-pegged cryptocurrencies. They are currently valued at $79.6 billion and $53.3 billion.

TerraUSD (UST) is the biggest decentralized algorithmic stablecoin, whose market cap currently stands at $12.8 billion.

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