{"id":175437,"date":"2021-02-11T04:00:00","date_gmt":"2021-02-11T01:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/avalanche-avax-matic-and-celo-rally-while-bitcoin-price-pulls-back\/"},"modified":"2021-02-11T04:00:00","modified_gmt":"2021-02-11T01:00:00","slug":"avalanche-avax-matic-and-celo-rally-while-bitcoin-price-pulls-back","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/avalanche-avax-matic-and-celo-rally-while-bitcoin-price-pulls-back\/","title":{"rendered":"# Avalanche (AVAX), Matic and Celo rally while Bitcoin price pulls back"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2f12e7cb7e4\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2f12e7cb7e4\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/avalanche-avax-matic-and-celo-rally-while-bitcoin-price-pulls-back\/#AVAXUSDT\" >AVAX\/USDT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/avalanche-avax-matic-and-celo-rally-while-bitcoin-price-pulls-back\/#MATICUSDT\" >MATIC\/USDT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/avalanche-avax-matic-and-celo-rally-while-bitcoin-price-pulls-back\/#CELOUSDT\" >CELO\/USDT<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Avalanche (AVAX), Matic and Celo rally while Bitcoin price pulls back <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin\u2019s (BTC) recent institutional investor-driven rally has steadily pushed its price to new all-time highs and while investors are intensely focused on BTC\u2019s price action, a number of altcoins have also secured new multi-year highs.<\/p>\n<p>On. Feb. 10, the total crypto market capitalization hit a new high at $1.42 trillion less than a week after Tesla disclosed that it purchased $1.5 billion worth of BTC.<\/p>\n<p>Despite being the center of attention for the past few months, Bitcoin\u2019s market dominance has actually decreased from 70.2% on Jan. 13 to its current reading at 61.5%. Historical data shows that when Bitcoin dominance falls and its price enters a consolidation phase, altcoins have a tendency to rally higher. <\/p>\n<p>Bitcoin might be taking a breather to gather strength for the next leg up into uncharted territory, but here\u2019s a few of the recent big performers that could soar higher in the short term. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"AVAXUSDT\"><\/span>AVAX\/USDT<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/aa0d8203-94e9-474a-8fb8-ee0f65f42608.png\"><figcaption style=\"text-align: center;\"><em>AVAX\/USDT 4-hour chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>Avalanche (AVAX) price exploded higher in the past 24-hours, increasing by 77% from a price of $27.67 on Feb. 9 to its current price of 50.89. <\/p>\n<p>The current move has been driven by growing investor optimism over the recent <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/avalancheavax\/status\/1359201506457706497\">launch<\/a> of an Avalance-Ethereum bridge that allows DeFi users to \u201cpursue yield opportunities with the same assets across these two complementary ecosystems.\u201d<\/p>\n<p>In the 24-hours following the launch of the bridge, $6.5 million worth of assets were moved from Ethereum to Avalanche according to the community-based DEX Pangolin, which operates on the Avalanche network. This figure has continued to increase and now stands at $48.2 million. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/34c9624a-7804-4022-9956-e7b898272e6c.png\"><figcaption style=\"text-align: center;\"><em>Pangolin DEX liquidity. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/info.pangolin.exchange\/#\/home\"><em>Pangolin<\/em><\/a><\/figcaption><\/figure>\n<p>With fees on the Ethereum network showing no sign of decreasing until Eth2 becomes more established, AVAX and its Pangolin exchange are aiming to pull liquidity from Ethereum-based DEXs in order to increase its user base. <\/p>\n<p>VORTECS\u2122 data from Cointelegraph Markets Pro\u00a0began to detect a bullish outlook for AVAX on February 5th, prior to the recent price rise. The VORTECS\u2122 score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> activity.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/f6da2dc6-ec3f-4047-8919-c6191cabf0c3.png\"><figcaption style=\"text-align: center;\"><em>Cointelegraph Markets Pro &#8211; VORTECS\u2122 Score (green) vs. AVAX Price<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"MATICUSDT\"><\/span>MATIC\/USDT<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/71ef0289-9b05-4731-928c-140c43b35cf9.png\"><figcaption style=\"text-align: center;\"><em>MATIC\/USDT 4-hour chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>MATIC is another layer-2-based blockchain that aims to draw new users and DeFi protocols looking for an alternative to the Etheruem network. <\/p>\n<p>Since Feb. 4 MATIC price increased from $0.04 to $0.1248 following the project\u2019s rebranding to Polygon on Feb 9. According to the team, Polygon aspires to become the \u201cPolkadot of Ethereum\u201d. <\/p>\n<p>The rebrand comes as Ethereum challengers like Polkadot begin to rise in prominence and threaten to eat away at the top altcoin\u2019s market share. The new Polygon platform is being sold as a layer-two aggregator that supports various Ethereum scalability solutions, including Optimistic Rollups, ZkRollups and StarkWare\u2019s Validium. <\/p>\n<p>While the project offers a similar solution to what Polkadot (DOT), Cosmos (ATOM) and Avalance offer, its Ethereum-centric architecture allows it to benefit from the established network effect and security offered on the Ethereum blockchain. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"CELOUSDT\"><\/span>CELO\/USDT<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/7baddd45-1af1-453a-9c03-e6be9ab651fb.png\"><figcaption style=\"text-align: center;\"><em>CELO\/USDT 4-hour chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>Celo (CELO) experienced a price spike of 50.26% on Feb.10, increasing from $3.54 to its current value of $5.22, following a \u201czkSNARK ceremony\u201d that took place on Feb. 8. <\/p>\n<p>Originally a fork of the Go-Ethereum codebase, Celo has since implemented a pBFT-based PoS consensus protocol which allows the protocol to process and achieve consensus on blocks extremely quickly. This allows for high transactions per second (TPS) while maintaining a secure, decentralized network of validators. <\/p>\n<p>With a mobile-focused platform that is designed to increase cryptocurrency adoption among smartphone users, Celo is now benefiting from being Ethereum Virtual Machine (EVM) compatible as high gas fees plague the Ethereum network and push users to look for viable alternatives. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/avalanche-avax-matic-and-celo-rally-while-bitcoin-price-pulls-back\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Avalanche (AVAX), Matic and Celo rally while Bitcoin price pulls back &#8221; Bitcoin\u2019s (BTC) recent institutional investor-driven rally has steadily pushed its price to new all-time highs and while investors are intensely focused on BTC\u2019s price action, a number of altcoins have also secured new multi-year highs. On. Feb. 10, the total crypto market&#8230;<\/p>\n","protected":false},"author":1,"featured_media":175438,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvZTJlZmZiNjItNDViMi00ZjY1LThiZjMtYTA1NjQzYTBiYzY3LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,80586,74863,74868,75916,74891,75326,73785],"class_list":["post-175437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-celo","tag-cryptocurrencies","tag-defi","tag-dex","tag-ethereum","tag-ethereum-2-0","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/175437","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=175437"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/175437\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/175438"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=175437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=175437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=175437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}