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These factors are helping Avalanche, Terra stay afloat in stormy waters

by Miki 09/26/2021
by Miki 09/26/2021 0 comment

With the market crashing after the news of crypto ban in China hit the floor, Bitcoin saw a close to 10% price drop. On the back of the BTC losses, a market-wide crash began which resulted in most of the top altcoins shedding their prices too. However, some alts showed higher resistance to the crash noting fewer losses and holding better than the rest. Avalanche (AVAX) and Terra (LUNA), the 11th and 12th ranked alts were stellar examples of the same. 

Notably, AVAX was only 1.99% down from its price ATH on September 23, while LUNA was merely 21.02% down from its ATH on September 11. While the two alts saw some minor losses they seem to be largely unaffected by the market crash. So why did these altcoins held better?

Good growth trajectories 

Both AVAX and LUNA displayed good growth trajectories over the last month. Avalanche’s TVL was up from $312 million on August 18 to $2.6 billion on September 14, while its daily transactions rose from 43,243 on August 18 to 220,222 on September 12. 

Further, the distribution of total value locked (TVL) in DeFi, worldwide across various blockchains as of September 17 highlighted that AVAX and LUNA covered decent ground. Terra made 4.7% of the TVL, while AVAX’s was 1.5%. 

Source: Statistica

Further, their metrics at large provided a healthy outlook, AVAX’s futures market looked good too as OI on futures and perpetual saw gains. Open Interest change over the last 24-hours for AVAX on futures saw 6.79% gains while on perpetuals OI was up 3.85%.

On the other hand, seemingly, a recent spike in LUNA’s percentage of stablecoin total supply held by whales with more than 5 million USD may have acted as a cushion for the coin during the recent dump. There was a close to 35% rise in the metric on September 19. 

Source: Sanbase

Smooth ride up, but what next?

The two altcoins’ rise could also be attributed to external factors such as Terra’s Anchor protocol hitting $4 billion in TVL on September 22, six months after the launch. On the other hand, AVAX’s price has also seen impressive growth since Avalanche completed a $230 million private sale of AVAX tokens. 

Notably, both the alts have made a significant uptrend in both market cap and market cap dominance. However, at the time of writing, both AVAX and LUNA saw over 6% price drop in the last day. Seems like the market crash did affect the tokens but just a little late. Nonetheless, the alts still held on to their higher support levels which was a good sign. 

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The New Jersey Crypto News
  • Home
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    • Bitcoin
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    • Ripple
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    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

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      Learn

      How to Create Your Own Cryptocurrency

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  • Analysis
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      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

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      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

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  • Market Cap
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  • Falcon ProjectFalcon Project(FNT)$0.000366-2.23%
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