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Avalanche (AVAX) Slips 6% as Market Recovery Stalls

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Mon, 02/28/2022 - 06:59
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Alex Dovbnya
The cryptocurrency market remains under pressure, with Avalanche (AVAX) underperforming other top 10 cryptocurrencies
Avalanche (AVAX) Slips 6% as Market Recovery Stalls
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Avalanche (AVAX), the native token of the smart contract platform of the same name, has shed 7.81% % over the last 24 hours, according to data provided by CoinMarketCap.

It has now exited the top 10 cryptocurrencies by market capitalization, slipping below Binance USD (BUSD), a stablecoin with a market cap of $18.1 billion.  

AVAX is down 9.61% over the past week, performing in line with other “Ethereum killers.” Solana (SOL) and Cardano (ADA) are down 8.63% and 11.30% over the past week.

Rival Terra (LUNA) is still up 39.06% over the past week despite shedding more than 4% over the past 24 hours.

Related
Solana and Avalanche Log Big Gains as Bitcoin Reclaims $40,000

Stablecoins increase their presence

There are now three stablecoins within the top 10. Tether (USDT) and USD Coin (USDC) remain the two biggest dollar-pegged cryptocurrencies. They are currently valued at $79.6 billion and $53.3 billion.

TerraUSD (UST) is the biggest decentralized algorithmic stablecoin, whose market cap currently stands at $12.8 billion.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.