In a surprising turn of events, Avalanche’s native token AVAX and Near Protocol’s NEAR have emerged as frontrunners in the cryptocurrency market, surpassing the giants Bitcoin and Ethereum. AVAX witnessed an impressive 8.2% gain over the last 24 hours, while NEAR experienced a 6% surge. In contrast, Bitcoin was down 2.5%, trading below $36,500, and Ethereum recorded a 3.3% drop, with its value falling below $2,000.
AVAX’s rally fueled by Singapore’s project guardian
The surge in AVAX’s value can be attributed to its inclusion in the Monetary Authority of Singapore’s (MAS) tokenization initiative known as Project Guardian. This initiative has garnered significant attention from investors, driving up demand for AVAX.
Under Project Guardian, Onyx by J.P. Morgan and Apollo Global recently demonstrated a blockchain Proof of Concept aimed at revolutionizing asset management. This development aligns with Citi’s utilization of similar technology for FX trade simulations. Notably, Onyx is J.P. Morgan’s blockchain-based fixed-income trading network.
These demonstrations serve as a testament to how tokenization and smart contracts can automate and enhance the efficiency and scalability of financial services. Such advancements align with the Singaporean regulator’s push to leverage blockchain technology for FinTech applications, separate from the realm of cryptocurrencies.
NEAR’s strength amid positive announcements
On the other hand, NEAR’s remarkable performance can be attributed to a series of positive announcements made during the Nearcon conference. These announcements likely boosted investor confidence in NEAR and contributed to its upward trajectory.
While AVAX and NEAR showcased impressive gains, Bitcoin and Ethereum experienced substantial declines, leading to significant liquidations of leveraged positions in the market. Coinglass data reveals that approximately $48 million in Bitcoin long positions were liquidated within a 24-hour period, alongside $30 million in Ethereum long positions.
As the cryptocurrency market continues to exhibit volatility, investors are carefully monitoring the performances of various tokens and their respective underlying technologies. AVAX and NEAR’s recent successes serve as reminders that the crypto landscape remains dynamic, with emerging players capable of challenging established giants like Bitcoin and Ethereum.