The crypto market is seen rebounding. Meanwhile, Avalanche, the Ethereum-rival, gained massively. It gained more significantly compared to other cryptocurrencies.
$AVAX Token Performance
Avalanche ($AVAX) gained as much as 18.16%. The token traded at $107.86 at 7:07 a.m. ET. The market capitalization stood at $26.2 billion, up by 18.28%. Moreover, the 24-hour trading volume increased by a whopping 95.11% to $2.6 billion.
Yesterday, the crypto gained by a massive 24.59%. It traded at $99.41 at 3 p.m. ET when the FOMC decision to double the tapering pace came in. Earlier, the coin was the second-best performer, after CRO, in the month of November.
$AVAX supporters are going crazy about its performance today. One of them expects it to rally and meet the new target set – $144. The supporter believes that Avalanche has great potential and will harness it in the near future.
People also went to the extent of asking whether Avalanche could beat the largest cryptocurrencies- Bitcoin and Ethereum.
Crypto Market Rebound
The crypto market had been dipping for a while since its crash on December 3, 2021. However, after FOMC’s decision came in yesterday, the market has been rebounding. The major coins that rebounded are mentioned below:
- Bitcoin ($BTC), the largest cryptocurrency, increased by 1.89% and traded at $49,135 at 7:21 a.m. ET. The coin is nearing the $50,000 mark.
- Ethereum ($ETH), the second-largest digital currency, surged 5.04% and traded at $4,064 at 7:21 a.m. ET. It crossed the $4,000 mark again.
- Solana ($SOL) rose by 12.39% and traded at $186.76 at 7:21 a.m. ET.
- Polygon ($MATIC) gained 9.53% and traded at $2.17 at 7:21 a.m. ET.
- The meme coins, Shiba Inu and Dogecoin, rose 0.74% and 1.67% and traded at $0.000034 and $0.18, respectively, at 7:21 a.m. ET. These coins saw massive declines yesterday. Moreover, they didn’t gain substantially. It is yet to be seen if these coins gain further or dip like yesterday.
Fed’s decision has reversed the course of the declining crypto market. It is yet to be seen if the crypto space keeps the momentum or defies it.