- Avalanche (AVAX) hovered above $30 after breaking out from lows of $26 final week.
- Regardless of general dip in crypto amid newest US politics information, AVAX appeared poised for extra positive factors.
The worth of Avalanche (AVAX) continues to hover above $30 because the altcoin holds onto positive factors regardless of a broader crypto market dip up to now 24 hours.
On Monday, AVAX value traded round $31.93 at 10.30 am CET. The worth remained double-digits up in 24 hours with bulls seeking to maintain above the important thing threshold following the spike from $26.73 on July 19.
Crypto dips amid US politics information
On Sunday, US President Joe Biden introduced his exit from the 2024 US election presidential race, endorsing his VP Kamala Harris. The instant market response following the information was a slight dip in crypto costs as some panic hit.
Bitcoin, which had traded above $68k on the day, dropped to beneath $67,500 and Ethereum, Solana and different high altcoins pared positive factors.
Crypto market intelligence platform Santiment famous that the sample seen late Sunday and early Monday morning mirrored the crypto market response within the hours after final week’s assassination try of former president Donald Trump.
“Though wildly different circumstances, the news of the Trump attempted assassination from 2 weeks ago caused a similar price pattern. Throughout the closing hours of Sunday, prices quickly bounced after an initial drop, and are now quite volatile to start the week,” Santiment wrote.
Given Biden has endorsed his VP and different high democrats have adopted swimsuit, its seemingly information associated to Kamala Harris might be one other trending subject that impacts crypto costs. An analogous outlook will even proceed to emerge round Trump, who is anticipated to talk on the Bitcoin 2024 convention in Nashville, Tennessee this weekend.
On this case, Santiment expects US politics to “continue to prove fragile correlations with speculation-driven cryptocurrency prices”.
Avalanche market outlook
Like many altcoins, Avalanche value has surged or dipped in tandem with market sentiment, information and Bitcoin’s efficiency.
Over the previous 4 months, the cryptocurrency has benefited from optimistic community developments, notably partnerships. Nonetheless, value has additionally declined sharply on damaging information, together with the ten% dive that adopted the latest incident involving Turkish crypto change BtcTurk.
The worth of Avalanche dipped because the change reportedly misplaced AVAX tokens value over $54 million from its sizzling wallets.
Nonetheless, integration with Stripe and an announcement from MapleStory Universe had seen AVAX value surge considerably.
Whereas gaming has picked up momentum on Avalanche, there’s new traction within the liquid staking house and the Avalanche blockchain may very well be set for take-off. The upcoming Avalanche Summit LATAM in Buenos Aires can also be a giant occasion within the horizon for Avalanche.
