Polkadot and Avalanche surge again today despite the low global trading volumes during the weekend as we can see from the charts in our latest altcoin news today.
Altcoins Polkadot and Avalanche surge from the curdled crypto market and are now among the leaders in the market capitalization leaderboard. Avalanche was the 20th biggest crypto by market cap as per the data aggregator Nomics. Today it is six places up t 14th and it even set a new ATH of $61.44 or 23.89% higher than a day ago. Developer Ava Labs touted Avalanche that went live a year ago, as a fast and low-cost platform. Similar to Ethereum, Avalanche is a smart contract platform which means that thanks to the self-executing code, the developers can launch plenty of decentralized exchanges and non-custodial lending apps on the blockchain.
Ava Labs claimed that Avalanche can handle up to 4500 transactions per second which is much more scalable than Bitcoin’s 7 transactions capability and Ethereums 14. Avalanche is also much greener than Bitcoin and other proof of work consensus mechanisms that rely on the higher energy consumption that allows them to validate transactions. Under Avalanche’s proof of stake model, anybody that is staking at least 2000 AVAX can process and mine AVAX as well.
Polkadot also increased to 9th place in the biggest cryptos by market cap list. DOT surged 8.84% overnight to reach a new price of $33.52. Like Avalanche, Polkadot is a proof of stake which facilitates interoperability between the blockchains but unlike Avalanche, DOT doesn’t support smart contracts on its main relay chain but supports other smart contracts on the so-called parachains. Bitcoin and Etheruem on the other hand are lagging behind with BTC even being valued at $46,215, 1% higher than it was yesterday. In the meantime, Ethereum as the currency for the original smart contract blockchain is worth $3437 or 3.21% higher than a day ago.
As recently reported, Avalanche recorded one of its best weeks since the launch and the fundamentals of its token AVEX remained strong with more gains in the crypto space preparing it for another rally. Ava Labs CEO Emin Gun Sirer confirmed that the platform recorded about 1 million transactions on its smart contract blockchain and this increase in transaction volume happened in the past two months adding that Avalanche is now the most advanced public-goods-layer-1.
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