Avalanche follows with 40% gains on Amazon deal
Cryptoassets across the market are enjoying big gains, with Bitcoin adding more than 20% last week as altcoins popped even higher.
The standout performer early in the week was Avalanche, which added 40% on news of a partnership with Amazon. Bitcoin followed shortly afterwards, embarking on its longest winning streak since 2020 on signals that sky-high levels of inflation could be falling, and newfound optimism regarding the crypto market.
Supported by this spirited recovery, altcoins across the market made eye-popping gains. Solana added 60% to break back into the top ten largest cryptoassets, while Fantom added 40%, and leading Layer 1 platform Ethereum rose 20%. Even more impressively, Decentraland gained 85% as metaverse tokens outperformed.
This Week’s Highlights
– Avalanche adds 40% on Amazon partnership news
– Metaverse tokens rally as Decentraland adds 85%
Avalanche adds 40% on Amazon partnership news
Foreshadowing the marketwide rally, the first flash of green appeared last Wednesday, as Avalanche jumped higher on news that Amazon Web Services will work with Ava Labs.
According to a blog post announcing the news, the two companies will work together to bring wider adoption of blockchain technology by enterprises, institutions and governments.
This continues an encouraging trend of cloud and blockchain collaboration, which saw Google announce last November that its own cloud service would support Solana alongside Ethereum.
Metaverse tokens rally as Decentraland adds 85%
The native token of metaverse project Decentraland surged an astonishing 85% last week, after an update introduced new profile features and avatar functions to the platform.
Other major metaverse tokens have also put up impressive gains. The Sandbox has jumped 40%, matched by an equal rally from Gala Games.
Trailing behind, the ApeCoin metaverse token climbed 17% as traders positioned themselves ahead of an NFT mint in the week ahead.
Week ahead
Bitcoin’s reclaim of $20K represents a powerful display of strength after months of market turmoil.
Now, analysts are suggesting this could be the start of an “alt season“, in which smaller cryptoassets pop higher as the market sentiment turns bullish.
Altcoins set for more action could include Aave and Curve, which are both thought to be on the cusp of releasing exciting news regarding their own stablecoin projects.