Or Fireworks Coming?
Journalist
Posted:
- BTC and AVAX have had an over 100% increase in value YTD.
- Bitcoin and Avalanche have seen a decline in volume in the last 24 hours.
Bitcoin [BTC] has experienced notable price increases recently, generating excitement among its holders. However, recent data from IntoTheBlock suggested that Avalanche [AVAX] has outperformed even the leading cryptocurrency.
Avalanche bests Bitcoin in YTD profit
Analyzing the Bitcoin daily timeframe chart from August showed a substantial increase in value, with the price increasing by over 39% during this period.
Starting at around $29,793 on the 1st of August, its press time price was over $40,900, marking a gain of over $10,000.
Despite a current decrease of over 1%, it maintained the $40,000 price range. Year to date (YTD), Bitcoin has seen an impressive overall increase of around 138%, even with the recent decline.
Source: TradingView
While Bitcoin’s performance is noteworthy, Avalanche has shown an even more remarkable YTD gain. Data showed that AVAX has experienced growth of around 170%.
Examining the daily timeframe chart from 1st August to the present, AVAX’s value has increased by about 166%. This surpassed the increase in Bitcoin during the same period by over four times.
However, like BTC, AVAX has recently paused its rise, with a current decline of over 6%. Despite this, it continued to trade at around $34.9, maintaining a position above the $30 price range.
Source: TradingView
Bitcoin traders show more confidence
Data from Coinglass showed that the recent downturn in Bitcoin and Avalanche has elicited varied responses from traders.
The funding rate for Bitcoin initially dropped, although it remained positive. However, the latest data showed a subsequent increase, currently standing at around 0.02%.
This suggested that traders anticipate the conclusion of the price decline and foresee a forthcoming upward trend.
On the other hand, the funding rate for AVAX experienced a decline similar to that of Bitcoin. However, unlike Bitcoin, the funding rate for AVAX has not rebounded from its recent decrease, though it remained positive.
At the time of this writing, the funding rate for AVAX was around 0.01%, down from around 0.03%. This showed that traders were exercising caution and lacked strong confidence in an imminent price rise.
BTC and AVAX volume cool down
According to data from CoinMarketCap, Bitcoin and Avalanche have experienced decreases in their trading volumes over the last 24 hours. As of this writing, the volume of BTC was around $25 billion.
Read Bitcoin (BTC) Price Prediction 2023-24
However, the data showed a significant decline of over 20% in the past 24 hours.
Similarly, AVAX’s volume was currently over $2 billion, with a notable decrease of around 34% in the same time frame. The decline in trading volume implies a waning interest in these assets.
