Avalanche, Solana Jump as Crypto Market Claws Back $26 Billion Overnight

Avalanche (AVAX), the token powering the eponymous blockchain, is up 6.9% over the past 24 hours and is currently trading at a weekly high of $13.65, according to data from CoinGecko.

With a market cap of $4.23 billion, AVAX is currently the market’s 20th largest crypto asset.

The rapid price increase is likely due to Tuesday's release of a mobile version of Core, Ava Lab’s flagship non-custodial multichain wallet, which aims to connect DeFi, NFT, and gaming ecosystems across the Avalanche, Bitcoin, and Ethereum networks, as well as other EVM-compatible blockchains.

The price of AVAX surged as soon as the announcement was made public, hitting a daily high of $14.07 before retracting to current levels.

Other notable developments that may have had a positive impact on the price of the asset include Coinbase launching the ability to trade the USDC stablecoin on Avalanche.

The Avalanche team praised the move, saying that this creates “the fastest and least expensive way… to go from cash to flagship DeFi apps like Aave, Curve, Trader Joe, BENQI, and more.”

Solana follows the trend

Solana (SOL), which came under increased scrutiny in the wake of the FTX collapse, surged 5.4% over the day, currently trading at $13.94, per CoinGecko.

Despite a slight drop of -2.5% over the last week, SOL appears to have largely overcome the turmoil across the cryptocurrency market in November, with the token’s price rising 5.2% over the past 30 days.

Boasting a market capitalization of $5.1 billion, Solana is currently the 17th largest blockchain network.

Elsewhere, bulls had an upper hand over the last day, with Bitcoin (BTC) flirting with the $18,000 level across major exchanges on Tuesday.

The world’s largest cryptocurrency is up 3.8% over the past 24 hours, changing hands at $17,803 by press time, per CoinGecko.

Ethereum (ETH) is up 2.8% over the span, currently trading at $1,321.

The broader cryptocurrency market rose from roughly $881 billion on Tuesday to just above $907 billion today, marking a rise of 3% for the industry's market capitalization.