Altcoins rush as cryptocurrency market regains steam
The cryptocurrency market was active together with equities, a day after the Federal Reserve publicized monetary policy in the U.S. and that is about to become a lot snugger.
Though BTC and ETH are trading 1% upper over the past 24 hours, alternative cryptocurrencies like Cardano, SOL, and LUNA are up between 6% and 25%.
As per the data of Messari AVAX, the native token of the Avalanche open-source platform added 24% to hit a record of $79.58.
Altcoins are outdoing BTC on the way up after they took a comparatively superior hit throughout the sell-off earlier this week.
The price action marked bitcoin’s long-held status as a cryptocurrency market haven, given its larger positioning and advanced market cap. The crypto’s price is a lot steadier than the prices of most altcoins.
Mati Greenspan, CEO of Quantum Economics stated, “The added volatility of a lesser known coin makes it much more risky, and so they tend to fall a lot harder when things are moving down and rise much sharper on the way up,”
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