Despite Low Global Trading Volumes, Avalanche and Polkadot Surge

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Today, Avalanche and Polkadot have risen through the ranks.

Today is Sunday, which means that crypto trading, like the rest of the world, is observing the Sabbath. But that hasn’t stopped altcoins Avalanche and Polkadot from rocketing to the top of the crypto market capitalisation rankings.

Just yesterday, Avalanche was the twentieth biggest cryptocurrency by market cap, according to data aggregator Nomics. Today, it’s up six places to fourteenth to set a new all-time high price of $61.44, or 23.89% higher than it was yesterday.

Developer Ava Labs touts Avalanche, which went live in September last year, as “blazingly fast, low cost, & eco-friendly”. Like Ethereum, Avalanche is a smart contracts platform, which means that thanks to its self-executing code, developers can launch a plethora of decentralized exchanges and non-custodial lending apps on the blockchain.

Ava Labs claims Avalanche can handle 4,500 transactions a second, which is significantly more scalable than Bitcoin’s 7 transactions a second and Ethereum’s 14.

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Avalanche is also greener than Bitcoin and other proof-of-work consensus mechanisms, which rely on high energy consumption to validate transactions. Under Avalanche’s proof-of-stake model, anybody staking at least 2,000 AVAX ($122,880) can process transactions and mine AVAX.

Polkadot also jumped, from tenth to ninth place in the biggest cryptocurrencies by market cap. Polkadot surged 8.48% overnight to reach a new price of $33.52.

Polkadot, like Avalanche, is a proof-of-stake cryptocurrency that enables blockchain interoperability. Polkadot, unlike Avalanche, does not natively support smart contracts on its primary relay chain, but does support them on so-called parachains.

Today’s market leaders, Bitcoin and Ethereum, are lagging behind. The world’s most popular cryptocurrency is currently worth $46,215 USD, a 1% increase from yesterday. Meanwhile, Ethereum, the original smart contract blockchain’s currency, is currently valued $3,437, up 3.21 percent from yesterday.

 

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