- Avalanche (AVAX) rose from last week’s low of $26 to above $30.
- Despite the recent US political news causing a general drop in cryptocurrencies, AVAX appears to be expecting further gains.
Avalanche (AVAX) price remains above $30 as the altcoin continues its upward trend despite the overall cryptocurrency market decline over the past 24 hours.
On Monday, AVAX price was trading at $31.93 at 10:30 am CET. The price had been in a double-digit uptrend for 24 hours, with bulls trying to hold above a key threshold after a surge from $26.73 on July 19.
Cryptocurrency Falls Amid US Political News
On Sunday, US President Joe Biden announced that he would withdraw from the 2024 US presidential race and endorse Kamala Harris as his vice president. The immediate market reaction to this news was a slight drop in cryptocurrency prices as some panic set in.
Bitcoin, which was trading above $68,000 on the day, fell below $67,500, while Ethereum, Solana, and other top altcoins lost ground.
Santiment, a cryptocurrency market intelligence platform, said the pattern seen late Sunday into early Monday morning resembled how cryptocurrency markets reacted in the hours following the assassination attempt on former President Donald Trump last week.
“While very different circumstances, the news of the assassination attempt on Trump two weeks ago created a similar price pattern. Prices bounced back quickly after an initial drop throughout the Sunday closing session, and are now very volatile at the start of the week.” Santiment wrote.
With Biden endorsing the vice presidency and other major Democrats following suit, news surrounding Kamala Harris is likely to be another trending topic affecting cryptocurrency prices. Similar sentiment is likely to continue around Trump, who is expected to speak at the Bitcoin 2024 conference in Nashville, Tennessee this weekend.
In this case, Santiment expects that U.S. politics will “continue to demonstrate a weak correlation with speculative-driven cryptocurrency prices.”
Avalanche Market Outlook
Like many altcoins, the Avalanche price has surged and fallen based on market sentiment, news, and Bitcoin performance.
Over the past four months, cryptocurrencies have benefited from positive network developments, especially partnerships. However, prices have also fallen sharply due to negative news, including a 10% plunge following the recent incident involving Turkish crypto exchange BtcTurk.
Avalanche’s price fell following reports that the exchange had lost $54 million worth of AVAX tokens from its hot wallets.
However, the integration with Stripe and the announcement of MapleStory Universe have caused the AVAX price to spike significantly.
While the game is gaining momentum on Avalanche, there is new momentum in the liquid staking space and the Avalanche blockchain could take off. Another big event on the horizon for Avalanche is the Avalanche Summit LATAM in Buenos Aires.