Over the past several days, the market has been favorable for cryptocurrencies, which has given them a significant boost. Two of the currencies that have seen a considerable increase over the past seven days are Solana (SOL) and Avalanche (AVAX). Investors are also optimistic as a result of the cryptocurrency market’s recent growth trends.
According to CoinGecko data, SOL is currently trading at $45.04 and has experienced a significant 7-day rise of 37.2 %. While it is still down 82% from its peak of $259.96 on November 6, 2021, approximately nine months ago.
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With a spectacular rise of 49.4% over the past seven days, AVAX excelled. As a result, its current price, $25.29, has increased by 5.8% during the last 24 hours. It is also 82% below its ATM of $144.96 on November 21, 2021, which was eight months ago.
The Crypto Market Shows Signs Of Recovery
“Crypto winter” is without a doubt the phrase that every crypto trader is uttering right now. After reaching a high of $3 trillion in 2021, the market capitalization of cryptocurrencies had a sharp decline, down to $1 trillion, a loss of around $2 trillion.
In the history of cryptocurrency, there have been a number of well-known bear markets. Still, the one in 2022 is particularly noteworthy due to the extreme testing of decentralized financial systems and the excessive use of trading leverage. However, the intense storm is now gradually winding down.