Our in-depth column in the crypto world is back, in particular today we will focus on the prices and news of the cryptos Cosmos (ATOM), Avalanche (AVAX) and MultiversX (Formerly Elrond).
We will try to give an in-depth analysis of each project’s price and market statistics, then coming to the most important news that has influenced the asset price itself.
Summary
Prices and market statistics of cryptos Avalanche (AVAX), Cosmos (ATOM) and MultiversX (formerly ElRond)
Let’s start with the first project, Cosmos (ATOM). The ATOM token shows a market capitalization of $2.5 billion with a current price of $7.21.
Over the past 24 hours, the trading volume was $82.4 million. The circulating supply of ATOM is 346.6 million, and the average holding time of the token is 143 days.
Currently, the ATOM token ranks 19th in terms of popularity.
The all-time high of ATOM’s price was US$44.70. Over the past 7 days, the price has decreased by -2.78%.
The Avalanche cryptocurrency (AVAX) demonstrates a market capitalization of $3.7 billion USD, with a current price of $10.37 USD.
In the last 24-hour period, a trading volume of $121.4 million was recorded. The circulating supply of AVAX is 353.5 million units. The average holding time of AVAX is 71 days, reflecting the frequency with which investors hold the token.
In the popularity ranking, AVAX ranks 16th and the all-time high price achieved by AVAX was US$146.22.
Over the past 7 days, the price has increased by +0.58%. This data reflects the price dynamics and market behavior toward AVAX.
The cryptocurrency Multivers X (EGLD) currently has a price of $26.56 and a market capitalization of $687.4 million.
Over the past 24 hours, a trading volume of USD 13.2 million has been recorded. The circulating supply of EGLD is 25.9 million units.
The average holding time of EGLD is 21 days, indicating how often investors hold the token. Multivers X ranks 35th in the ranking. The all-time high price achieved by EGLD was US$542.58.
Over the past 7 days, the price has decreased slightly by -0.11%.
Let us now turn to the news that has affected the tokens and their prices.
Cosmos (ATOM)’s new interchain portal
Cosmos (ATOM), a preeminent blockchain network known for its interoperability capabilities, unveiled a state-of-the-art interchain portal.
This innovative portal introduces a paradigm shift in inter-chain communication dynamics by leveraging the potential of the Inter-Blockchain Communication (IBC) protocol.
Scheduled for implementation in early 2024, this interchain portal is poised to revolutionize the blockchain landscape.
With its implementation, participants in the Cosmos ecosystem will be able to seamlessly transfer tokens, intricate data structures and sophisticated smart contracts between different blockchain domains, all without the intervention of intermediaries.
Much like its contemporaries, particularly Solana, Cosmos has not been insensitive to the prevailing market sentiments, being mired in the bearish undertow.
As evidenced by the previous 24 hours, ATOM’s valuation has depreciated by 8.5 percent, thus plunging into a palpable decline. As a result, the monetary valuation attributed to Cosmos Ecosystem is now $7.21.
Despite this transient decline, cryptocurrency industry sages confidently predict an upward trajectory for the Cosmos coin over time.
Balancer deploys its platform on Avalanche
In a strategic move to promote the expansion of liquid staking and leverage Avalanche’s capabilities, an autonomous decentralized market maker (AMM) entity known as Balancer has effectively deployed its platform on Avalanche’s blockchain.
With a total blocked value in excess of $1 billion, Balancer, a pioneering force in Ethereum-based decentralized finance (DeFi), strives to introduce new and malleable DeFi perspectives for stakeholders operating within the Avalanche network.
Avalanche, prized for its remarkable transaction processing capacity, rapid settlement confirmations, commendable energy efficiency, and adaptability through customized subnets, offers an optimal ground for the development of Balancer’s technological capabilities.
Capitalizing on the strengths of the Avalanche network, Balancer seeks to establish itself as the preeminent DeFi infrastructure ready to host and enhance Liquid Staked Token (LST) liquidity within the Avalanche LST protocol.
A preeminent attribute of Balancer’s repertoire lies in its Composable Stable Pools, meticulously designed to ensure that liquidity providers are conferred the full range of benefits from interest-bearing tokens.
Unlike the conventional stable pools prevalent in a myriad of decentralized exchanges (DEXs), these specialized pools incorporate an intrinsic rate delivery mechanism that incessantly updates the token composition ratio.
This dynamic feature allows liquidity providers to capitalize on increasing token returns, thereby stimulating greater involvement in strengthening the LST landscape within the Avalanche network.
In addition, Balancer’s Boosted Pools combine Liquidity Pools and single-sided yield markets, a confluence that provides liquidity providers with the authority to channel idle liquidity to external yield generation protocols such as Aave.
This new architectural paradigm introduces additional incentives for Liquidity Mining participants, consequently intensifying their engagement in LST.
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