Avalanche Leads Ethereum Rival Altcoins: Leads the Bullish Rally!
While the altcoin market maintains its positive momentum, Avalanche (AVAX) continues to lead among Ethereum (ETH) alternative Tier 1 (L-1) projects.
The cryptocurrency market, especially Bitcoin, has continued its positive trend for weeks. While there were significant increases in many altcoins, the name that led the increases especially among the Ethereum alternative L-1 blockchains was AVAX.
It is thought that JPMorgan's announcement of using the Avalanche network within the scope of Project Guardian, the tokenization initiative launched by the Central Bank of Singapore (MAS), and the partnership with Citi in this context are among the triggering factors in the rise of AVAX.
According to CoinGecko data, Ethereum has increased by 25% in the last month, while Solana (SOL), one of the rival L-1 projects, has increased by 105%, Near Protocol (NEAR) by 103% and AVAX by 127% in the last month.
Jeff Feng, co-founder of Sei Labs, which supports the Sei (SEI) blockchain, which is among the L-1 projects, stated in his statement on the subject that corporate interest in L-1 projects alternative to Ethereum has increased:
Martin Lee, analyst at on-chain analysis platform Nansen, said that AVAX's positive price movement is not exceptional and is part of a bullish wave across altcoins.
On the other hand, data from CryptoQuant shows that relative strength index (RSI) data indicates overbought and increases the possibility of a trend reversal
