Avalanche, Nexo And Ethereum Classic In Early Lead On A Green Day

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The coin market has shown signs of recovery on Wednesday, August 10. Some of the biggest gainers at the time of reporting are Lido DAO which has gained 17% in the past 24 hours, bringing its market value to $2.58, Nexo which is currently trading at $0.87, having gained 12.6% and Celsius which made a gain of 13.7%, bringing its market value to $2.11.

The Top Coins

Bitcoin is inspiring the rally with a gain of 3.3%. The top coin is currently trading above $24k at $24,030. having made the $24k mark on Monday before dropping below it hours later. The new build-up has inspired an overall rally in the crypto market. Ethereum is up by 8%, pushing its market price up to $1,829 at 4.00 PM, LT.

Binance Coin gained 5.7%, bringing its market value to $334. This gave the Binance token a 7 day gain of 14%. Ripple gained 2.6% at $0.3771, Cardano is trading at $0.5363 after a gain of 4.2%.

A Slow Start To The Day

The coin market struggled to make a comeback on Wednesday, August 10. The day opened with all the top 100 coins losing value for 48 hours.

At that time, Avalanche was the only asset in the top 50 that made gains in 24 hours. The cryptocurrency, ranked #12 after Dogecoin is currently trading at $28.11, having gained 2.21% in the past 24 hours. Its market cap and trading volume within the same period are $8 billion and $774 million respectively.

Why AVAX Was in Early Lead

The performance of AVAX as one of the few early gainers among the top cryptocurrencies may not be unconnected to the all-time-high transaction volume that its network recorded today.

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This was confirmed by Avalab’s founder and CEO, Emin Gün Sirer, who said:

“Ava Labs Avalanche API nodes now serving all time high traffic: 3 billion API requests in the last 24 hours over Primary Networks + Subnets. The split is ~2.9B on Primary network and 100M on Subnets.”

Ethereum Classic (ETC) And Polkadot

Ethereum Classic was another early gainer on Wednesday. The coin is currently trading at $38.44, having made a gain of 7.54% in the past 24 hours. Polkadot, the #10 coin by market cap is also going strong on the weekly chart. The cryptocurrency gained 8% bringing its market value to $9.45. This brought the weekly gain to 14%.

Nexo is also a early gainer on Wednesday. The coin gained 13%, bringing its market value to $0.868.

Top Weekly Gainers

Big weekly gainers are Near Protocol, Chainlink and Flow. These have gained 32, 21 and 52% respectively, in the course of the past 7 days.

Other coins that have made remarkable gains in the past one week are Zcash, 21%, Mina, 20%, Oasis Network (ROSE) 25%, Decred, 34% and Celsius, 77%.

 

Author: Jinka Kamma

Jinka Kamma is passionate about the prospects of blockchain and the freedom cryptocurrencies afford people across borders. He holds small amounts of bitcoin and tether.

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