The 2022 crypto bear market left a deep mark on the Avalanche ecosystem.AVAX, the native token of Avalanche, dropped by a whopping 89.5%, leaving many investors scratching their heads.However, the token has seen some rebound.According to CoinMarketCap, AVAX is up 3.78% in the past 24 hours and trading at $11.53.
This pump in price is due to certain bullish factors that will play a role in Avalanche’s 2023 recovery.Developments On-chain Increasing Although the past year has been very bearish in terms of the crypto market’s pricing, developments on-chain are going strong.On December 30, Avalanche pushed its Incentives Program to promote dApp development on the Avalanche ecosystem.December also saw the integration of Coinbase’s USDC which will certainly bring more people into Avalanche and the crypto economy as a whole.
Avaxholic, a popular Twitter account dedicated to updates about the ecosystem, recently tweeted about the current state of developments on-chain.Re, a blockchain enabled reinsurer, launched on Avalanche.Re aims at tokenizing the reinsurance market, making blockchain technology accessible to institutions that dabble in the reinsurance market.This puts Avalanche on the forefront of this connection with traditional finance.
As of writing, the reinsurance market is projected to reach $1.3 trillion by 2031.Image: The Daily Hodl Partnerships with HoldStation, a SocialFi wallet provider, and Odos Protocol, who launched a DEX aggregator on Avalanche, also played a big part on AVAX’s current trajectory.
Can AVAX Break Through This Level? Surprisingly, AVAX is less correlated with Ethereum compared to Bitcoin.This can present a few challenges as the token is testing the $11.66 price resistance level.The king crypto received a beating last year with BTC continuing its sideways price movement after FTX collapsed.This price movement can be broken as January is chock full of macroeconomic indicators that would directly influence the broader financial market, especially AVAX.AVAX total market cap at $3.6 billion on the daily chart | Chart: TradingView.com With BTC being slightly correlated with the S&P 500 and the Dow Jones Index, a worsening macroeconomic trend will affect the king crypto, dragging AVAX along with it.This week will be crucial for AVAX as the Federal Open Market Meeting Minutes and the US Nonfarm Payrolls will be released.These would give insight into what the US Federal Reserve’s next step would be regarding the inflation situation.
If the Fed ever decides to raise interest rates once again, AVAX might lose its current footing.As of writing, however, the token has already breached the $11.66 resistance level.Investors and traders should now target the $12.10 resistance.
Bulls should still exercise caution as the market will inevitably react to macro trends.
-Featured image Dara Rehab A look at the top performers over the past 24 hours reveals a trend that could trigger a boom among certain altcoins in 2023.We’re talking about Lido Finance (LDO), which has risen 7% in the past 24 hours and 17% over the past seven days, making it the 37th largest cryptocurrency by market cap.Lido Finance is a decentralized liquid staking application that allows users to generate additional yield for staking their assets.The application currently offers support for five cryptocurrencies: Ethereum (ETH), Polygon (MATIC), Solana (SOL), Kusama (KSM), and Polkadot (DOT).Of particular interest, however, is the first-mentioned altcoin, Ethereum.
As Thor Hartvigsen, blockchain and defi researcher, explained, Liquid Staking Derivatives (LSD) altcoins could see a boom in 2023 as the second largest cryptocurrency by market cap implements the Shanghai upgrade.Of all major layer-1 blockchains, Ethereum has the lowest staking ratio of only 14%.
In contrast, 90% of all BNB, 72% of all ADA, 68% of all SOL, and 62% of all AVAX are staked.The huge gap is likely related to the fact that ETH cannot yet be de-staked.However, the Shanghai hard fork planned for March will change that.While the analyst expects a major unstaking initially, the upgrade could trigger massive growth for liquid staking solutions in the long run.
And Lido Finance (LDO) is currently the undisputed leader in the liquid staking of ETH, providing further rocket fuel for the LDO token.Altcoins Poised To Skyrocket Based On The Narrative However, not only the LDO but rather small LSD altcoins could benefit from the new narrative.As anonymous analyst “Karl” says, numerous LSD solutions are poised to wobble at the throne of Lido Finance.Currently, LDO’s market share is about 65.62%, followed by Rocket Pool (3.10%), StakeWise (0.9%), Ankr (0.81%), Frax Finance (0.67%), and Stafi (0.25%).As the analyst assesses, the market caps of the altcoins Stakewise (SWISE) and Stafi (FIS) are still below $20 million, despite the fact that they control significant market share.“[T]heir tokenomics aren’t the best though, as there is still a considerable portion of the supply to be unlocked as team/investors’ allocation and liquidity mining rewards,” the analyst added.
A look at the market share/market cap ratio also shows that both SWISE and FIS tokens are close behind the market leader, poised for future gains.Also remarkable is Frax Finance, which recently entered the LSD landscape of altcoins and has already managed to capture a significant market share.Hartvigsen stated that in less than 2 months, Frax has managed to attract more than 45,000 ETH (about $55 million TVL).
According to the analyst, there are “no signs of slowing down” as APRs are consistently at 9-10%, far outperforming any competitor.Frax Finance accomplishes this by giving users frxETH when they are either liquidity pooled on Curve (frxETH/ETH) or staked on Frax Finance (sfrxETH).“Only sfrxETH receives the ETH staking yield.
This results in a higher APR as not all of the staked ETH is receiving the rewards as they are in the curve pool instead,” the analyst explained.But Rocket Pool is also a prime candidate to grow from the new narrative due to its relative size, recent popularity growth, and several differentiators, Hartvigsen added.
Two Potential Spoilers For LDO However, in the near term, there could be two spoilers in particular for the price of the Lido Finance token, LDO.Both Nansen and Chain EDGE on-chain data shows that “smart money” has been selling LDO rather than buying it, Twitter user @AvaxGems pointed out.I guess not all of us are bullish on LSD coins.Both @nansen_ai and @ChainEDGE_io(by @OnChainWizard) showing “smart money” been selling $LDO rather than buying.pic.twitter.com/9k0nt0tHpG — rektGEMS🔺 (@AvaxGems) January 3, 2023 A second factor for LDO could be Alameda.The ex-company of Sam Bankman-Fried sold 719,498 LDO on December 28, worth about $717,451, for 601 ETH, and currently still has 1.86 million LDO left, the equivalent of about $1.81 million.
Featured image from Nasa / Unsplash, Charts from Messari, Twitter, TradingView.com Decentraland (MANA), the cryptocurrency launched in 2020 by Ariel Meilich and Esteban Ordano, failed to take advantage of some of the positive developments that happened within its ecosystem this year as it closes 2022 in a “beaten” state.Over the last 12 months, the digital coin has shed 91% of its value, failing to recover from the massive price dumps it experienced triggered by the a series of unfortunate events that plagued the crypto space and the growing uncertainty in the market.According to latest tracking from Coingecko, at the time of writing, the digital token is changing hands at $0.2941 and has lost 10.3% of its value during the past seven days.The last 30 days have been rocky for Decentraland as well, as the altcoin ended up depreciating in value by 27.3%.
This really is unfortunate, considering the crypto’s ecosystem has been making impressive progress in the NFT realm.Decentraland: 440% Growth In Minted NFTs The metaverse-based gaming platform seemed to have focused most of its attention to the non-fungible token (NFT) space this year, as evidenced by its incredible performance pertaining to the industry.In its yearend performance report, Decentraland disclosed that for the year 2022, there were 2.7 million unique NFTs that have been released on its platform.
With such a figure, on a year-over-year (YoY) basis, the project enjoyed a 440% increase in the volume of NFT assets minted on its network.
Decentraland was also proud to announce that it will end 2022 with a unique active user count of 1 million after it tallied a 13% jump in that particular department over the last 12 months.
Moreover, the project also managed to grow its sales volume by 510% during the same time period after it sold 143,900 wearable NFTs.However, even with this superlative showing, Decentraland’s MANA failed to catch a break from its bearish streak.Crypto total market cap at $755 billion on the daily chart | Chart: TradingView.com What MANA Holders Can Expect In 2023 There’s a bit of good news for holders of the Decentraland altcoin as Coincodex predicts a possible increase in value in the coming days.According to the online cryptocurrency information provider, over the next five days, the digital asset’s trading price is expected to rise by more than 2% and will change hands at a value of $0.2977.Meanwhile, 30 days from now, the crypto is expected to hit and surpass the $0.30 mark once again as it is expected to trade at $0.3305.If these forecasts translate into reality, MANA holders and investors could finally find a little breathing room to take a break from the challenging landscape of crypto industry today.– Featured Image: Lumiere Children’s Therapy ALGO, an altcoin by the Algorand blockchain with a market cap of $1.18 billion, continues to feel the effects of the intense selling pressure that caused its price to crash last month.
After trading within a narrow region from May to November that saw it establish $0.28 as its range low, the cryptocurrency devalued by 34% in December and found itself going all the way down to $0.163 – a marker that ended up being the asset’s current support zone.ALGO, which has not made any significant increase in price in the last 10 days, is at the mercy of bears that are in control right now, threatening to push the digital coin’s value to $0.15 or even lower.Technical indicators such as Relative Strength Index (RSI) and On-Balance Volume (OBV) are also currently favoring sellers, indicating that Algorand is headed into another bearish trajectory.
Algorand Paints Its Charts In Red At the time of writing, investors and holders of the crypto asset has no reason to be happy as it remains in the “red zone” in all its price gauges.According to latest tracking from Coingecko, ALGO is changing hands at $0.165, nearing its newly found support zone of $0.163.Over the last 24 hours, the altcoin has gone down by almost 3% and is looking at a weekly decline of 4.7%.On longer time frames, Algorand has declined significantly, dumping 25.6% of its value during the last two weeks and also losing 30.4% over the last 30 days.Indeed, the cryptocurrency was among the many altcoins that struggled to gain their momentum back following the effects of the market-crashing collapse of the FTX cryptocurrency exchange.
ALGO total market cap at $1.17 billion on the daily chart | Chart: TradingView.com ALGO A Viable Investment? Guy, the pseudonymous host of Coin Bureau was recently interviewed and asked about the top digital coins that could prove to be a profitable for investors during a recession.The host named Algorand as one, saying that its blockchain has put itself in a very good and strong position for the highly anticipated coming of the next crypto bull market.“Algorand is a really interesting play for the next bull market.I think we could see a lot of really cool, interesting, really successful projects develop in its ecosystem during that time,” said Guy.The Coin Bureau personality also noticed that there seems to be many developments in the asset’s network and there is a strong community backing it.Meanwhile, Cosmos (ATOM), Arweave (AR), Osmosis (OSMO), Juno (JUNO) and Aave (AAVE) were also picked by Guy as potentially good investment in times of a recession.– Featured image: Forkast News Christian Encila Freelance writing is Christian’s other cup of tea.When not on his computer, he unwinds with a bottle of beer and laughs with his son over cartoons.
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