- Avalanche (AVAX) hovered above $30 after breaking out from lows of $26 final week.
- Regardless of total dip in crypto amid newest US politics information, AVAX regarded poised for extra positive aspects.
The price of Avalanche (AVAX) continues to hover above $30 because the altcoin holds onto positive aspects regardless of a broader crypto market dip previously 24 hours.
On Monday, AVAX price traded round $31.93 at 10.30 am CET. The price remained double-digits up in 24 hours with bulls trying 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 rapid 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 aspects.
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 go well with, its probably information associated to Kamala Harris will probably be one other trending matter that impacts crypto costs. An analogous outlook can even proceed to emerge round Trump, who is predicted 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 price has surged or dipped in tandem with market sentiment, information and Bitcoin’s efficiency.
Over the previous 4 months, the cryptocurrency has benefited from constructive community developments, notably partnerships. Nevertheless, price has additionally declined sharply on unfavourable information, together with the ten% dive that adopted the current incident involving Turkish crypto alternate BtcTurk.
The price of Avalanche dipped because the alternate reportedly misplaced AVAX tokens price over $54 million from its sizzling wallets.
Nevertheless, integration with Stripe and an announcement from MapleStory Universe had seen AVAX price surge considerably.
Whereas gaming has picked up momentum on Avalanche, there’s new traction within the liquid staking house and the Avalanche blockchain might be set for take-off. The upcoming Avalanche Summit LATAM in Buenos Aires can be a giant occasion within the horizon for Avalanche.