MATIC and AVAX Lead 10% Altcoin Recovery Rally


Arman Shirinyan

MATIC and AVAX lead the rally, while other large caps struggle

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matic reboundsAvax leads the way

After an entire week of questionable performance from both Bitcoin and altcoins in the market, traders are finally seeing the first signs of relief as countless cryptocurrencies continue to trade in the “green” zone in recent days.

According to CoinMarketCap, there are currently two market rally leaders: Polygon and Avalanche, with tickers MATIC and AVAX respectively. To determine the most “important” leaders, we sorted assets with capitalization less than $10 billion.

matic rebounds

Matic was one of the first tokens to experience a strong market rally that started on January 24, when the asset quickly bounced back from $1.3 per token. As of now, Polygon’s token is trading at $1.6, resulting in a price increase of more than 20% since hitting the local low.

Source: CoinMarketCap

Unfortunately, Matic was unable to dodge a market correction and ended up losing over 30% of its value. Before the January sell-off, Matic did not follow the altcoin market in general by showing growth of more than 30% until the end of December, while the correction on assets such as Ethereum started in the first days of the same month.

Avax leads the way

While Matic moves more progressively during the recovery, Avax’s price action looks more explosive, with the token gaining about 30% since hitting the local low of $53.

Source: Trading Display

But while AVAX shows a more explosive recovery than Matic, the token followed other large-caps like Ethereum with near-complete correlation. AVAX has been in a downward trend since early November.

At the time of printing, the token is trading at $70 and is constantly trying to break through psychological resistance.

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