- Avalanche (AVAX) is hovering above $30 after coming off a low of $26 final week.
- Regardless of the general slide in cryptocurrencies amid the most recent information from US politics, AVAX appeared set for additional beneficial properties.
The value of Avalanche (AVAX) continues to hover above $30 because the altcoin holds on to beneficial properties regardless of the broader crypto market hunch over the previous 24 hours.
On Monday, AVAX was buying and selling round $31.93 at 10:30 CET. The value remained in double digits for twenty-four hours, with bulls seeking to maintain above a key degree after a surge from $26.73 on July 19.
Crypto crashes amid information from US politics
On Sunday, US President Joe Biden introduced his withdrawal from the 2024 US presidential race and endorsed his vp, Kamala Harris. The market's rapid response to this information was a slight drop in cryptocurrency costs as panic set in.
Bitcoin, which was buying and selling above $68,000 that day, fell under $67,500, and Ethereum, Solana and different prime altcoins pared beneficial properties.
Crypto market intelligence platform Santiment famous that the sample seen late Sunday and early Monday mirrored the crypto market's response within the hours following the assassination of former President Donald Trump final week.
“Though the circumstances are utterly completely different, information of Trump's assassination try 2 weeks in the past triggered an identical value sample. Throughout the closing hours on Sunday, costs rebounded rapidly after an preliminary decline and are actually very unstable initially of the week,” Santiment he wrote.
With Biden endorsing his vp and different prime Democrats following his lead, his seemingly information concerning Kamal Harris would be the subsequent trending matter to affect cryptocurrency costs. The same outlook will proceed to emerge round Trump, who’s scheduled to talk on the Bitcoin 2024 convention in Nashville, Tennessee this weekend.
On this case, Santiment expects US politics to “proceed to reveal fragile correlations with speculation-driven cryptocurrency costs.”
Avalanche market outlook
Like many altcoins, Avalanche's value has risen or fallen sharply in tandem with market sentiment, information and Bitcoin's efficiency.
Over the previous 4 months, the cryptocurrency has benefited from the constructive growth of the community, particularly from partnerships. Nonetheless, the value additionally fell sharply resulting from destructive information, together with a ten% drop that adopted the current incident with the Turkish crypto trade BtcTurk.
Avalanche's value plummeted when the trade reportedly misplaced greater than $54 million value of AVAX tokens from its sizzling wallets.
Nonetheless, integration with Stripe and bulletins from MapleStory Universe have seen the value of AVAX rise considerably.
Whereas play on Avalanche has gained momentum, there’s new traction within the liquid staking area, and the Avalanche blockchain may very well be set to take off. The upcoming Avalanche LATAM Summit in Buenos Aires can be an enormous occasion for Avalanche.
