Avalanche And Polkadot Surge Despite Low Global Trading Volumes
- Sunday for crypto trading is equal to observing the Sabbath. But that didn’t stop cryptocurrencies Avalanche and Polkadot from scaling to the top of the crypto market capitalization rankings.
Despite Low Global Trading Volumes, Avalanche And Polkadot Are Increasing
According to data aggregator Nomics, Avalanche was the sixteenth largest cryptocurrency by market cap only yesterday.
Today, it has increased six positions to the fifteenth, setting a new all-time high price of $61.44, or 23.89% higher than yesterday.
Avalanche, which launched in September of last year is pitched by developer Ava Labs as “blazingly fast, low cost, and eco-friendly.”
Avalanche, like Ethereum, is a smart contracts platform which means that developers may create a plethora of decentralized exchanges and non-custodial lending apps on the blockchain owing to its self-executing code.
According to Ava Labs, Avalanche can process 4,500 transactions per second, which is far more scalable than Bitcoin’s 7 and Ethereum’s 14.
Avalanche is also more environmentally friendly than Bitcoin and other proof-of-work consensus techniques that require a lot of energy to confirm transactions.
Anyone who invests at least 2,000 AVAX ($122,880) can execute transactions and mine AVAX under Avalanche’s proof-of-stake architecture.
Polkadot has also risen from tenth to ninth position among the top cryptocurrencies by market capitalization.
Polkadot increased 8.48% overnight to a new high of $33.52.
Bitcoin And Ethereum, The Market Leaders Are Currently Behind
Polkadot, like Avalanche, is a proof-of-stake cryptocurrency that allows blockchains to communicate with one another.
Polkadot, unlike Avalanche, does not natively allow smart contracts on its primary relay chain but does support them on so-called parachains.
Bitcoin and Ethereum, the market leaders, are currently trailing. The world’s most popular cryptocurrency is presently worth $46,215c, a 1% increase over yesterday’s value.
Meanwhile, Ethereum, the original smart contract blockchain’s currency, is now valued at $3,437, up 3.21 percent from yesterday.