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 been in turmoil for weeks. positive continues its course. While there are significant increases in many altcoins, especially the Ethereum alternative L-1 blockchains The name that leads the rise among AVAX happened.
Central Bank of Singapore (MAS) tokenization initiative launched by ProjectGuardian in the scope of JPMorgan‘s statement that he uses the Avalanche network and again in this context Citi partnership with AVAX on the rise It is thought to be among the triggering factors.
According to CoinGecko data Ethereum in the last month 25% from rival L-1 projects while rising Solana (LEFT) in the last month 105%, Near Protocol (NEAR) 103% and AVAX 127% increased.
Among the L-1 projects Sei (SEI) blockchain Co-founder of Sei Labs, powered by Jeff Feng In his statement on the subject, he stated that corporate interest in L-1 projects alternative to Ethereum has increased:
Avalanche’s collaborations with heavyweights such as JP Morgan and Citi are indicative of the growing institutional trend towards Layer 1 projects alternative to Ethereum.
Analyst of on-chain analysis platform Nansen Martin Lee He 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.