The crypto market has managed to sustain its bullish momentum and reclaimed the $2 trillion market cap. Bitcoin and Ethereum seem to have pushed the market from the mid $30,000, and to its current levels.
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The first and second crypto by market cap has seen a surge of new bullish narratives. The upcoming “Merge” and Bitcoin has pristine collateral seem to have provided additional support for the current momentum.
Both ETH and BTC recorded around 17% profits in the last week, as the crypto market moves upwards. However, Delphi Digital recorded layer-1 cryptocurrencies with gains surpassing 50% in a 30-day period.
Near (NEAR) stood among the latter and led the current market recovery, followed by Polkadot (DOT), and Terra (LUNA). As seen below, Binance Coin (BNB), Solana (SOL), Avalanche (AVAX), Cosmos Hub (ATOM), and others were in the best performer group.
Delphi Digital noted the following on NEAR’s current bullish momentum:
NEAR led the L1 recovery by growing by ~50% over the past month, a significant lead against the rest. The outperformance over the past week was catalyzed by the Bastion Lockdrop, which attracted $293M in capital. NEAR, WBTC, ETH, USDT, USDC were available to be locked for 1-12 months.
Avalanche (AVAX) records a 10% profit in the last week with a 37% profit in two weeks. In addition, Avalanche records an explosion in daily active users in a 6-month period.
This metric has been hovering around 100,000 since Q4, 2021. This suggests a growing interest for Avalanche as the price push to the upside. Delphi Digital noted:
When looking at the delta in this data, the strong relationship between AVAX price and active addresses immediately becomes recognizable. It is not often that price increases sustainably without metrics such as TVL and daily active addresses also increasing.
What Could Add More Fuel For This Crypto Rally
In the short term, the crypto market could see a brief pullback. Indicators point to overbought levels across the board, but bulls have been able to preserve their strength.
According to Delphi Digital, the long to mid-term could stay in the green for Avalanche (AVAX). In addition to its fundamentals, the crypto platform recently launched a $290 million multiverse incentive program, and it will be integrated with Terra.
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The research firm believes the biggest AVAX catalyzer is the implementation of its subnet functionality. This should increase Avalanche’s use case and scalability and potentially inject more conviction into a double-digit rally. Delphi Digital noted:
Important to keep in mind is that each subnet validator must also be a validator in Avalanche’s primary network. This means each subnet validator generates additional demand for staking AVAX, which should improve value accrual for AVAX as subnet adoption grows.
Related Reading | Terra (LUNA), Quant (QNT) Pull Up As Avalanche (AVAX) Nosedives
At the time of writing, AVAX trades at $94 with sideways movement on the last day.
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