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As the crypto market is continuously evolving and capturing the attention of investors worldwide, several digital assets have emerged as frontrunners in terms of performance and potential. Among these, Avalanche (AVAX), Toncoin (TON), and Solana (SOL) have garnered significant interest due to recent developments and market dynamics. This week, all eyes are on these top cryptos as they navigate through price fluctuations, technological advancements, and investor sentiment, offering unique opportunities and challenges in the ever-changing landscape of digital assets.
#1 Avalanche (AVAX)
Layer one blockchain, Avalanche, is a foundation for bespoke blockchain networks and decentralized applications. It is a competitor of Ethereum with the goal of overtaking it as the most widely used blockchain for smart contracts. It seeks to achieve this by providing a significant transaction output of up to 6,500 transactions per second (TPS) without sacrificing scalability.
The price of Avalanche (AVAX) on WazirX is INR 5,229.812 today. According to CoinMarketCap, the 24-hour trading volume is $3,091,407,044, with a circulating supply of 377,311,202 AVAX and a market cap of $22,314,559,897.
Despite a general market slump, AVAX displayed resilience, bouncing bullish from the $50 support level. This contrasted with Bitcoin’s dip below $70k, dampening overall bullish sentiment. However, AVAX’s robust performance was anticipated, given its developer-friendly blockchain and recent partnerships like ANZ’s tokenized asset settlement system, highlighting its growth potential and contributing to its ongoing price surge.
#2 Toncoin (TON)
Toncoin, commonly denoted as TON, serves as the inherent digital currency for a decentralized Layer 1 blockchain that originated from the endeavors of the well-known messaging platform Telegram in 2018. Initially launched as the “Telegram Open Network,” the project underwent a transformation when Telegram disengaged from its involvement. Subsequently, the TON Foundation, an enthusiastic and autonomous community, assumed leadership, rebranding the initiative as “The Open Network.” The native cryptocurrency within this network, Toncoin (TON), was formerly recognized as Gram.
The price of Toncoin (TON) on WazirX is 3.7148 USDT today. According to CoinMarketCap, the 24-hour trading volume is $169,296,759, with a circulating supply of 3,469,076,231 TON and a market cap of $12,943,666,158.
Toncoin’s surge is attributed to its comprehensive market ecosystem vision, featuring decentralized services, anonymity, and instant payments. The recent announcement of Telegram’s IPO significantly boosted Toncoin’s performance, with its market cap skyrocketing by over 60% to $15 billion. With trading volume spiking by 55.05% to $152,519,505 in 24 hours, Toncoin emerges as a top performer, eyeing a potential surpassing of its $4.50 all-time high.
#3 Solana (SOL)
Solana is a useful open-source project that uses the permissionless aspect of blockchain technology to offer Decentralized Finance (DeFi) solutions. The purpose of the Solana protocol is to make the creation of Decentralized Apps (DApps) easier. By combining the Proof-of-Stake (PoS) consensus built into the blockchain with a Proof-of-History (PoH) consensus, it seeks to increase scalability.
The price of Solana (SOL) on WazirX is INR 17,000 today. According to CoinMarketCap, the 24-hour trading volume is $11,600,305,641, with a circulating supply of 443,886,714 SOL and a market cap of $83,398,746,602.
Solana’s recent price surge sparks excitement and caution in the crypto market, drawing attention from investors and analysts like Dan Gambardello and Ali Martinez. Gambardello warns of the risks despite the bullish momentum, emphasizing the cyclical nature of crypto markets. Meanwhile, Martinez highlights Solana’s bullish outlook, pointing to the invalidation of sell signals on the daily chart as a sign of potential further growth. With increased network activity driving Solana’s surge, trading volumes and daily fees have soared, prompting Gambardello’s cautious approach amidst the frenzy.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
