- Several chains of the 1st layer rise.
- Ethereum, Solana և Avalanche are among the most effective assets in the last 24 hours.
- As macroeconomic conditions are still uncertain, it may be too early to call the current price movement the beginning of a recovery.
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Several layers 1 chains are assembled as the crypto market seems to be coming back to life.
Layer 1 to climb higher
Tier 1 chains are leading the crypto market.
After falling to their lowest level in more than six months, several first-tier chains are showing strong momentum.
Ethereum continued to produce higher levels on the local time scale, reaching $ 2,868 this morning. The second largest crypto asset is now trading at its highest level, after failing more than 35% in mid-January. Ethereum is fast approaching the $ 3000 psychological price cap, which is likely to be the next big test of the asset.
Solana մեկ is one of the best performers, who has registered an 11% increase in the last 24 hours. Despite a 13.5% drop in SOL after a $ 322 million hack on one of the main bridges of the chain, the sign showed a strong recovery. Other recent news, such as a proposal by Solana Labs CEO Anatoly Yakovenko to introduce a payment market for Solana, could be a growing catalyst for the chain. Solana is currently trading at $ 105.55, which is 29% higher than the January low of $ 81.41.
To keep up, the Ethereum-compatible Layer 1 chain Avalanche also checks for higher levels. The AVAX mark has risen modestly by 8% daily, կարծես seems to be taking one step to keep its current resistance above $ 70. Avalanche has broken this price point three times in the last two weeks, but has not been able to maintain its gains.
While the first tier chains are enjoying positive price action today, the crypto-market is still in the whim of macroeconomic conditions. Bitcoin և Ethereum’s ratio to the US stock market is at its highest level in four years amid fears of rising interest rates offered by the Federation.
Elsewhere, tensions between the US and Russian governments over a possible Russian invasion of Ukraine are also disrupting world markets, including cryptocurrencies. Since these unknown variables are still valid, it is probably too early to call today’s price action the beginning of a crypto market recovery.
Revelation. At the time of writing this feature, the author owned several other cryptocurrencies: ETH, SOL:.
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