Cardano (ADA) and Avalanche (AVAX) In Silent Dominance War

Cardano and Avalanche are Proof-of-Stake (PoS) blockchains fighting to outshine each other as seen in their respective pricing trends

The crypto market is often rife with competition as top digital assets fight for dominance. Against this background, the current market trend shows Cardano (ADA) and Avalanche (AVAX), two prominent blockchains, quietly contending for supremacy.

Current Picture of ADA and AVAX

Cardano and Avalanche have shown bullish momentum in the past 24 hours, following a resurgence in the general crypto market. The spike in the market comes after the US Federal Reserves implemented a 50-basis-point interest rate cut on Wednesday. 

Since the spike, ADA and AVAX have alternated ranks as the eleventh and twelfth largest digital assets by market capitalization.

AVAX, trading higher in the early hours of the day, is now ranked 12th biggest crypto by market cap, Per CoinMarketCap data. AVAX experienced a 13.9% increase in the past day, setting its price at $26.29 and a market cap of $10.6 billion. The 24-hour trading volume climbed over 129%, suggesting investors’ confidence in the Avalanche blockchain.

Amid the ongoing bullish rally, Cardano’s ADA is trading as the 11th-largest crypto with a market cap of $12.6 billion. The token inked a 6.5% surge to trade at $0.3532 in the past day. ADA investors also demonstrated a positive sentiment toward the coin, with a 63.6% increase in the 24-hour trading volume. 

As both cryptocurrencies fight for dominance, investors will examine the key support levels to determine when and which coin to bet on.

Cardano Sees Increased Positive Sentiments

As mentioned in an earlier BGECrypto article, crypto community members voted Cardano the best tech altcoin. The poll curated by rating agency Weiss Crypto featured other top altcoins, including Ethereum (ETH) and Solana (SOL). Cardano came top with 76% positive votes, Solana came far behind with 8.2%, and Ethereum 6.6%.

The protocol’s deliberate technological approach influenced the community’s preference for Cardano. The blockchain recently entered an era of decentralized governance with the launch of its Chang Hardfork upgrade. The Chang update allows ADA token holders to vote on ecosystem initiatives defining Cardano’s future.

In related news, renowned crypto analyst Ali Martinez has projected a 4,000% price rally for ADA.

Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making decision.