Friday, June 9, 2023

BTC, AVAX, MATIC Weekly Coin Watch


Last week, the digital currency ecosystem experienced mixed volatility, with positive and bearish tendencies in equal measure.

The market’s increase earlier in the week brought the total market value past the $2 trillion level. However, bullish feelings overtook by Russo-Ukrainian tensions by the end of the week.

Indeed, the new week has begun. Each digital currency is striving to differentiate itself from the rest by keeping a buffer against volatile movements. There may be dramatic twists and turns that people may witness this week. However, there is a rundown of the top three coins to keep an eye on.

Bitcoin (BTC)

Bitcoin, a decentralized digital money, first introduced in January of 2009. It is based on ideas presented in a white paper by Satoshi Nakamoto, a mysterious and pseudonymous figure.

By market size and general correlation with existing traditional markets, Bitcoin stays the sole leader in the cryptocurrency ecosystem.

According to CoinMarketCap data, Bitcoin’s price is now $42,350.55, up 1.67 percent in the last 24 hours. This week, Bitcoin is worth keeping an eye on. It is the first cryptocurrency to react to global market trends as tensions between Russia and Ukraine escalate. If Bitcoin reacts positively or negatively, other coins will almost certainly follow suit.

Avalanche (AVAX)

Avalanche, a blockchain platform with smart contract capabilities, launched by Ava Labs in 2020. Avalanche’s goal is to provide a scalable blockchain solution that maintains decentralization and security while focusing on low costs. It also maintains quick transaction speeds, and environmental friendliness.

Furthermore, Avalanche is one of the most popular and fastest-growing blockchain networks today. Gloomy feelings are enveloping the broader market. The price of digital currency has ranged from a low of $77.65 to a high of $94.99 in the last week, and it appears to be stabilizing.

Avalanche has a thriving developer community working on Decentralized Finance (DeFi) and Non-Fungible Token (NFT) projects, among others. AVAX positions to retest a new weekly high above the previous week. It is based on its persistent price trend, assuming the basic market emotions hold.

Polygon (MATIC)

Polygon is an Ethereum token that acts as a scaling solution for Ethereum. It allows cheaper and faster layer-2 sidechain transactions (blockchains running on the Ethereum main chain).

Polygon plays a critical role in the Ethereum ecosystem. It acts as a scaling tool that helps to alleviate congestion on the network. MATIC appears to be underpriced at $1.68 at the time of writing. It is due for a major push-up to recapture the $1.80 resistance level.

An amount of $400 million acquired through private token sales from investors earlier in the month. Aftewards, Polygon now has the necessary liquidity to fuel the growth of its ecosystem. Furthermore, the growth of the protocols that won parachain spaces on the ecosystem is worth putting the network in the spotlight. This is in terms of token growth in the near future.

Mary Santos
Mary Santos
Mary Santos has a degree in economics and after a successful career as an investment analyst, she found an interest in Cryptocurrency. Mary enjoys finding the latest scoop on crypto news.

More from Crypto News Constellation

[tds_leads input_placeholder="Email address" btn_horiz_align="content-horiz-center" pp_checkbox="yes" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" msg_composer="success" display="column" gap="10" input_padd="eyJhbGwiOiIxNXB4IDEwcHgiLCJsYW5kc2NhcGUiOiIxMnB4IDhweCIsInBvcnRyYWl0IjoiMTBweCA2cHgifQ==" input_border="1" btn_text="I want in" btn_tdicon="tdc-font-tdmp tdc-font-tdmp-arrow-right" btn_icon_size="eyJhbGwiOiIxOSIsImxhbmRzY2FwZSI6IjE3IiwicG9ydHJhaXQiOiIxNSJ9" btn_icon_space="eyJhbGwiOiI1IiwicG9ydHJhaXQiOiIzIn0=" btn_radius="0" input_radius="0" f_msg_font_family="521" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_msg_font_weight="400" f_msg_font_line_height="1.4" f_input_font_family="521" f_input_font_size="eyJhbGwiOiIxMyIsImxhbmRzY2FwZSI6IjEzIiwicG9ydHJhaXQiOiIxMiJ9" f_input_font_line_height="1.2" f_btn_font_family="521" f_input_font_weight="500" f_btn_font_size="eyJhbGwiOiIxMyIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMSJ9" f_btn_font_line_height="1.2" f_btn_font_weight="600" f_pp_font_family="521" f_pp_font_size="eyJhbGwiOiIxMiIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMSJ9" f_pp_font_line_height="1.2" pp_check_color="#000000" pp_check_color_a="#fdbf46" pp_check_color_a_h="#000000" f_btn_font_transform="uppercase" tdc_css="eyJhbGwiOnsibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJsYW5kc2NhcGUiOnsibWFyZ2luLWJvdHRvbSI6IjMwIiwiZGlzcGxheSI6IiJ9LCJsYW5kc2NhcGVfbWF4X3dpZHRoIjoxMTQwLCJsYW5kc2NhcGVfbWluX3dpZHRoIjoxMDE5LCJwb3J0cmFpdCI6eyJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3Njh9" msg_succ_radius="0" btn_bg="#fdbf46" btn_bg_h="#dd9933" title_space="eyJwb3J0cmFpdCI6IjEyIiwibGFuZHNjYXBlIjoiMTQiLCJhbGwiOiIwIn0=" msg_space="eyJsYW5kc2NhcGUiOiIwIDAgMTJweCJ9" btn_padd="eyJsYW5kc2NhcGUiOiIxMiIsInBvcnRyYWl0IjoiMTBweCJ9" msg_padd="eyJwb3J0cmFpdCI6IjZweCAxMHB4In0=" msg_err_radius="0" f_btn_font_spacing="1" title_text="Stay Up to Date"]


Related Crypto News

Celsius Gets Lawyer to Recoup $180M

Holders of accounts amount to 4% of the total funds held by the bankrupt crypto lender. Customers of the...

El Salvador’s Surprising Debt Buyback

On Tuesday, the president of El Salvador announced plans to extend a voluntary repurchase offer to bondholders whose...

Crypto Crisis Prompts Regulation

Bills and the human toll create a perfect storm. Cryptos thrived as old-system alternatives. The recent crypto crash has...

Chipotle Buys the Dip Game Mainstreams Crypto

Despite a drop in pricing this year, Bitcoin and other crypto assets continue to enter the mainstream. Some...