The recent institutional investor-driven rally in Bitcoin (BTC) has steadily propelled the price to new highs, and while investors are focusing intensely on BTC price movements, some altcoins have also made new multi-year highs.
On. On February 10, total crypto market cap hit a new high of $ 1.42 trillion less than a week after Tesla announced it had bought $ 1.5 billion in BTC.
Although Bitcoin has been the focus of attention in recent months, Bitcoin’s dominance of the market has decreased from 70.2% on January 13 to its current level of 61.5%. Historical data shows that altcoins tend to rise higher as Bitcoin dominance decreases and the price enters a consolidation phase.
Bitcoin may take a breather to gather strength for the next leg in uncharted territory, but here are some of the recent big performers that could soar higher in the short term.
AVAX / USDT
AVAX / USDT 4-hour chart. Source: TradingView
Avalanche Price (AVAX) has risen higher in the past 24 hours, rising 77% from $ 27.67 on February 9 to $ 50.89.
The current move was driven by growing investor optimism about the recent introduction of an Avalance-Ethereum Bridge that will allow DeFi users to “pursue earnings opportunities with the same assets in these two complementary ecosystems.”
In the 24 hours after the bridge launched, $ 6.5 million in assets were moved from Ethereum to Avalanche, according to community-based DEX Pangolin who works on the Avalanche network. That number has continued to grow and is now $ 48.2 million.
Pangolin DEX liquidity. Source: Pangolin
With fees on the Ethereum network showing no signs of decline until Eth2 is established, AVAX and its Pangolin exchange are aiming to pull liquidity from Ethereum-based DEXs in order to grow the user base.
VORTECS ™ data from Cointelegraph Markets Pro identified an optimistic outlook for AVAX on February 5th ahead of the recent price hike. The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.
Cointelegraph Markets Pro – VORTECS ™ Score (green) vs. AVAX price
MATIC / USDT
MATIC / USDT 4-hour chart. Source: TradingView
MATIC is another Layer 2 based blockchain designed to attract new users and DeFi protocols looking for an alternative to the Etheruem network.
Since February 4, the MATIC price has increased from $ 0.04 to $ 0.1248 after the project was renamed Polygon on February 9. According to the team, Polygon aims to become the “Polkadot of Ethereum”.
The rebranding comes as Ethereum challengers like Polkadot gain traction and threaten to devour the top altcoin’s market share. The new Polygon platform is being sold as a Layer-Two aggregator that supports various Ethereum scalability solutions, including Optimistic Rollups, ZkRollups, and StarkWare’s Validium.
While the project offers a similar solution as Polkadot (DOT), Cosmos (ATOM) and Avalance, its Ethereum-oriented architecture allows to benefit from the established network effect and the security of the Ethereum blockchain.
CELO / USDT
CELO / USDT 4 hour chart. Source: TradingView
Celo (CELO) recorded a price increase of 50.26% on February 10 and rose after a “zkSNARK ceremony” on February 8 from USD 3.54 to the current value of USD 5.22.
Celo was originally a branch of the Go Ethereum codebase and has since implemented a pBFT-based PoS consensus protocol that allows the protocol to process blocks and achieve consensus extremely quickly. This enables high transactions per second (TPS) while maintaining a secure, decentralized network of validators.
With a mobile-centric platform designed to increase cryptocurrency adoption among smartphone users, Celo is now benefiting from compatibility with Ethereum Virtual Machine (EVM) as high gas charges plague the Ethereum network, pushing users to look for viable alternatives search.
