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Avalanche (AVAX) Slips 6% as Market Recovery Stalls

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Mon, 28/02/2022 - 6:59
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.

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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.

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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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