Among the best-performing cryptocurrencies this month are SOL, AVAX, and DYDX. Cointelegraph looks at the motivations behind the action.
Some commentators have proclaimed the start of an altcoin season due to the persistently optimistic price action of altcoins; as of this writing, the market’s total market capitalization has reached a 2023 high of $659.5 billion.
Price rallies for altcoins are usually caused by a variety of variables, some of which are based on sentiment and others on the fundamentals of the project. Let’s examine a couple of this week’s best-performing markets to determine the driving forces behind their expansion.
Bitcoin Rally Boosts SOL, AVAX, dYdX with Double-Digit Surge,Bitcoin Rally Boosts SOL, AVAX, dYdX with Double-Digit Surge
The dYdX charge flip raises costs.
The Ethereum Virtual Machine blockchain tokens, such as Ether, are available for futures contracts on dYdX, a decentralised exchange, which powers the DYDX token.
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$2,029 in ETH. With the production of its genesis block on October 27, dYdX debuted its layer-1 blockchain, which is powered by native DYDX currencies.
All fees received may now be distributed to validators and stakers on-chain thanks to the launch. The protocol upgrade has greatly benefited DYDX’s price, which has increased by more than 110% during the last 30 days.
Apart from the growth in token value, the dYdX platform is reporting a significant user base together with higher fees and earnings. In just 30 days, both metrics saw growth of 77.5% to $8.67 million. This might result in $105.5 million in fees for stakers and validators on an annualised basis.
SOL price reaches new peak in 2023
With a gain of more than 166%, Solana’s SOL token has had an amazing 30-day return profile. Solana’s price remains more than four times lower than its all-time high of $259.96, even though it reached a 2023 high on Nov. 10.
An increase in users, driven mostly by Jito, the best-performing decentralised application on the blockchain for liquidity staking, has propelled Solana’s price surge.
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On November 10, Solana’s daily active user count reached 200,000, a 2023 high. In tandem with the surge in users, Solana’s income has increased by 78.2% in just 30 days, surpassing $1 million.
The AVAX coin from Avalanche gains traction
Comparable to Solana, Avalanche is a layer-1 blockchain where tokens are awarded to validators for processing transactions. Avalanche generates less money than Solana and dYdX, but that hasn’t stopped its token from rising by double digits this week.
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