The Bitcoin price has fallen sharply in the past week and, as has often happened in the past, the price decline of BTC was followed by a capital shift to altcoins. Several indicators therefore suggest that we have entered an altseason.
There are three altcoins that stand out today. These are Avalanche, Elrond and Enjin. All three tokens have recently reached an All Time High. In this article we look at why these cryptos perform so well.
Avalanche Grows in DeFi Sector
Avalanche is a layer-one blockchain protocol that has grown in popularity this year. The growth in popularity of the platform is mainly due to the growth of the DeFi and NFT sector. Thanks to its low cost, more and more people are using the Avalanche protocol.
Another important reason for the recent price increase is the fact that the crypto exchange Binance.US has announced its plans to add the token to the exchange.
At the time of writing, the price of 1 AVAX token is around $117. That’s $2 lower than the all-time high reached a few hours ago.
Elrond Announces $1.29 Billion Liquidity Stimulation Program
Elrond is a blockchain protocol that aims to become the technological ecosystem for the new internet. The protocol uses sharding technology. This allows the network to process 15,000 transactions per second (TPS) with an average transaction fee of $0.001.
The recent appreciation of the EGLD token was driven by the launch of the decentralized exchange called Maiar and the official launch of a $1.29 billion liquidity stimulation program designed to to help attract users and liquidity to its DeFi ecosystem.
At the time of writing, the price of 1 EGLD token is around $345. That is $25 below its All Time High of $370 reached around 8:00 PM last night.
Enjin is aiming for a Polkadot parachain slot
Enjin (ENJ) is a protocol that works on the Ethereum network and focuses on creating blockchain-based gaming products and NFTs.
Enjin’s recent price increase is partly caused by the project’s aim to secure a place as a Polkadot parachain for his cross-chain metaverse project Efinity.
At the time of writing, the price of 1 ENJ token is around $3.73. That is $0.18 lower than its All Time High of $3.92 reached around 8:00 AM today.
The total market cap of the crypto market now stands at $2.62 trillion and Bitcoin’s dominance is at 42.2%.