AVAX and NEAR Outperform Ether and Bitcoin Amidst Asian Market Downturn


Last Updated on 2 weeks by cryptoevent

In the midst of a widespread market downturn in Asia, Avalanche’s AVAX and Near Protocol’s NEAR emerged as frontrunners, displaying resilience and positive momentum on Friday. AVAX recorded an impressive 8.2% gain over the last 24 hours, while NEAR saw a 6% increase. In contrast, Bitcoin experienced a 2.5% decline, trading below $36,500, and Ether dipped by 3.3%, trading below $2,000.

The solid performance of AVAX and NEAR was particularly noteworthy as they maintained gains, in contrast to the broader market that witnessed a reduction in the gains accrued earlier in the week, aligning with movements in equities.

A potential catalyst for AVAX’s upward trajectory is its inclusion in the Monetary Authority of Singapore’s (MAS) tokenization initiative, Project Guardian. This initiative has garnered increased investor interest in AVAX. Under Project Guardian, Onyx by J.P. Morgan and Apollo Global showcased a blockchain Proof of Concept, illustrating advancements in asset management. Similar technology was also employed by Citi for FX trade simulations. Onyx represents J.P. Morgan’s blockchain-based fixed-income trading network. These developments underscore the potential of tokenization and smart contracts to enhance the efficiency and scalability of financial services, aligning with MAS’s focus on utilizing blockchain for FinTech rather than crypto.

On the other hand, NEAR likely derived strength from positive announcements made during the Nearcon conference.

Amidst the market decline, notable liquidations of leveraged positions occurred, with Coinglass data revealing $48 million in bitcoin long positions liquidated in 24 hours and $30 million in ether long positions liquidated during the same period. The overall market dynamics continue to evolve, with AVAX and NEAR emerging as notable performers in the current landscape.