Several Layer 1 chains are surging.
Ethereum, Solana, and Avalanche are some of the top performing assets over the past 24 hours.
As macroeconomic conditions are still uncertain, it may be too soon to call the current price movement the beginning of a recovery.
Share this article
Several Layer 1 chains are rallying as the crypto market appears to return to life.
Layer 1s Climb Higher
Layer 1 chains are leading the crypto market.
After dipping to their lowest levels in over six months, several Layer 1 chains are showing strong momentum.
Ethereum has continued producing higher highs on the local timescale, reaching a price of $2,868 earlier this morning. The second-biggest crypto asset is now trading at its highest levels since crashing over 35% in mid-January. Ethereum is quickly approaching the psychological price barrier of $3,000, which is likely to be the next big test for the asset.
ETH/USD chart. Source: CoinGecko
Solana is another top performer, putting in an 11% gain over the past 24 hours. Despite SOL falling 13.5% following the $322 million hack on one of the chain’s major bridges, the token has shown a strong recovery. Other recent news, such as Solana Labs CEO Anatoly Yakovenko’s proposition to introduce a fee market on Solana, may be acting as a bullish catalyst for the chain. Solana is currently trading at $105.55, up 29% from its January low of $81.41.
Not to be left behind, the Ethereum-compatible Layer 1 chain Avalanche is also retesting higher levels. The AVAX token has risen a modest 8% on the day and appears to be taking another shot at holding above its current resistance level of $70. Avalanche has breached this price point three times in the past two weeks but has been unable to hold onto its gains.
While Layer 1 chains are enjoying positive price action today, the wider crypto market still appears to be at the whim of macroeconomic conditions. Bitcoin and Ethereum’s correlation to the U.S. stock market is at its highest level in over four years, as fears over the Fed’s proposed rate hikes loom.
Elsewhere, tensions between the U.S. and Russian governments over a possible Russian invasion of Ukraine are also putting a damper on global markets, including crypto. With these unknown variables still in play, it’s likely too early to decisively call today’s price action the beginning of a crypto market recovery.
Disclosure: At the time of writing this feature, the author owned ETH, SOL, and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Solana Looks to Incorporate Fee Market Akin to Ethereum
Solana Labs CEO Anatoly Yakovenko has put forward a proposal to introduce a fee market on Solana. The move aims to disincentivize spam transactions while also helping users get urgent…
Wormhole Bridge Attacked for $322M
An attacker has exploited the bridge protocol Wormhole for $322 million of ETH, according to various reports. Attack Estimated Above 120,000 ETH Wormhole has placed the value of the attack…
Bitcoin, Ethereum Aim to Rebound From Brutal Downturn
Bitcoin and Ethereum appear to have reached a critical support level following a major market correction. Although the downtrend may not be over, there are reasons to believe that a…
NFT Express: Your on-ramp to the world of NFTs
At Tatum, we’ve already made it super easy to create your own NFTs on multiple blockchains without having to learn Solidity or create your own smart contracts. Anyone can deploy…