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The market is on a different bullish momentum with the combined crypto market capitalization rising as much as 3.82% to $1.43 trillion. Three of the biggest beneficiaries of this surge are XRP, Avalanche (AVAX), and Solana (SOL), all of which have posted significant gains in the last 24 hours.
XRP has the lowest growth rate, rising 1.91% at the time of writing to $0.6454. Although the growth rate is meager, it is significant to see XRP fall off the wagon for most of this week. Under the current outlook, the coin’s seven-day losses have narrowed to 7.03%.
Solana has a different story to tell, considering how much growth he has added so far this year. Its 568% year-to-date (YTD) growth is currently complemented by a 10% rise overnight to $65.41. On a weekly basis, Solana has gone truly parabolic, reaching 40.54%.
Avalanche’s performance is the most impressive. The Proof-of-Stake (PoS) protocol jumped 21.25% overnight to $23.70. For those who have been following Avalanche’s performance, this price level is a testament to the protocol’s resilience in the face of a massive sell-off by HODLers.
Bullish fundamentals are an obvious catalyst
The growth prospects of these altcoins stem from their respective bullish fundamentals.
XRP remains the only altcoin with clear regulatory status in the United States, a label it earned after Ripple Labs’ victory against the SEC. With the new found clarity, XRP has seen a steadier capital inflow in recent months.
Solana has decoupled from the pains of the FTX crisis and has set a new pace in his attempt to reach new highs. Avalanche was featured in a JPMorgan experiment, a move that underscores how valuable its technology is in the tokenization industry.
