Journalist
Posted:
- BTC and AVAX have seen an increase in value of more than 100% YTD.
- Bitcoin and Avalanche have seen a drop in volume over the past 24 hours.
Bitcoin [BTC] has experienced notable price increases lately, creating excitement among holders. However, recent data from InHetBlok suggested that Avalanche [AVAX] has even outperformed the leading cryptocurrency.
Avalanche beats Bitcoin in YTD gains
Analysis of Bitcoin’s daily timeframe chart from August showed a substantial increase in value, with the price rising more than 39% during this period.
Starting at about $29,793 on August 1, the press time price was over $40,900, which meant a profit of over $10,000.
Despite a current decline of more than 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 has been remarkable, Avalanche has shown even more remarkable YTD gains. Data showed that AVAX has experienced approximately 170% growth.
If we look at the daily time chart from August 1 to present, AVAX’s value has increased by approximately 166%. This exceeded Bitcoin’s rise over the same period by more than four times.
However, like BTC, AVAX has recently halted its rise, with a current decline of over 6%. Despite this, it continued to trade around $34.9, maintaining a position above the $30 price range.
Source: TradingView
Bitcoin traders show more confidence
Dates of Mint glass showed that the recent downturn in Bitcoin and Avalanche has provoked varying responses from traders.
The funding rate for Bitcoin initially fell, although it remained positive. However, the latest data showed a subsequent increase, which is currently around 0.02%.
This suggested that traders are anticipating the end of the price decline and foresee an upcoming uptrend.
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 recovered from the recent decline, although it remained positive.
At the time of writing, the financing rate for AVAX was about 0.01%, up from about 0.03%. This showed that traders were cautious and did not have strong confidence in an upcoming price increase.
BTC and AVAX volume cool down
According to data from CoinMarketCapBitcoin and Avalanche have experienced a drop in their trading volumes over the past 24 hours. At the time of writing, BTC volume was approximately $25 billion.
Read Bitcoin (BTC) price prediction 2023-24
However, the data showed a significant drop of over 20% in the last 24 hours.
The same goes for AVAX volume was currently over $2 billion, with a notable decline of approximately 34% in the same time frame. The decline in trading volume implies declining interest in these assets.