Avalanche (AVAX) down 6% as market recovery stagnates


Alex Dovbnya

The cryptocurrency market continues to be under pressure, with Avalanche (AVAX) underperforming other top 10 cryptocurrencies

Avalanche (AVAX), the native token of the smart contract platform of the same name, is down 7.81%% in the past 24 hours, according to data from CoinMarketCap.

It has now left the top 10 cryptocurrencies by market cap, falling below Binance USD (BUSD), a stablecoin with a market cap of $18.1 billion.

AVAX is down 9.61% in the past week, performing in line with other “Ethereum killers”. Solana (SOL) and Cardano (ADA) are down 8.63% and 11.30% in the past week.

Rival Terra (LUNA) is still up 39.06% in the past week, despite losing more than 4% in the past 24 hours.

Stablecoins increase their presence

There are now three stablecoins in the top 10. Tether (USDT) and USD Coin (USDC) remain the two largest dollar-pegged cryptocurrencies. They are currently valued at $79.6 billion and $53.3 billion.

TerraUSD (UST) is the largest decentralized algorithmic stablecoin, whose market cap is currently $12.8 billion.

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