Avalanche’s AVAX sees a 4.5% drop as the overall crypto market index declines, with two underperformers dominating the market.
The CoinDesk 20, a broad-based index of 20 assets, has seen its value decrease by 1.0% since 4 p.m. ET on Wednesday, with the current trading price standing at 2712.19.
Two notable underperformers in the market are Avalanche (AVAX) and Polkadot (DOT). ‘We’re seeing a lot of selling pressure in the market,’ said one analyst. AVAX has dropped a significant 4.5%, while DOT has declined by 3.7%. This decline is having a ripple effect on the overall performance of the CoinDesk 20 Index.
Avalanche is a decentralized open-source platform that enables the creation of custom blockchains.
It uses a proof-of-stake consensus algorithm and supports programmable blockchain technology.
AVAX is the native cryptocurrency of the Avalanche network, used for transaction fees and staking.
The platform offers high transaction speeds, low latency, and energy efficiency.
Avalanche has gained popularity among developers and businesses due to its scalability and flexibility.
On the other hand, three assets are trading higher in today’s market: Bitcoin Cash (BCH) and Chainlink (LINK), with BCH increasing by 1.0% and LINK rising by 0.6%. These positive performers are offering some respite from the overall downward trend.
The CoinDesk 20 is a globally traded index that provides a comprehensive snapshot of the cryptocurrency market. Its performance can serve as an indicator of the broader market trends, making it a valuable resource for investors and analysts alike.
