Cryptocurrencies associated with Polygon, Avalanche, and Aptos blockchains saw a major surge in value on Thursday, increasing by double digits as the S&P 500 and Nasdaq Composite rallied thanks to the Federal Reserve’s interest rate boosts.
Leading the pack was Avalanche, whose token AVAX rose 16% over the previous 24 hours. The firm, who created Avalanche Blockchain and its associated token, have been making considerable progress lately, having just announced a collaboration with Amazon Web Services to make the blockchain more accessible to developers.
On Tuesday, IntainCapital Markets Agency revealed that they will be utilizing blockchain for assets worth $5.5 billion. This is a sign of an increasing number of institutional investors adopting Avalanche.
Matic, a cryptocurrency related to the Polygon network, saw a 14% jump to $1.24, driven by its NFT ecosystem, which has grown considerably in the past few weeks. The blockchain was able to bag two of the most valuable NFT collections: Solana DeGods and y00ts, partially due to a $3 million grant to the developers. While Ethereum has long been the most popular blockchain for NFTs, Polygon is quickly gaining traction.
OpenSea, the largest secondary NFT market, also saw an increase in sales for the second consecutive month, with Polygon NFTs now making up a larger portion of Ethereum-based NFTs. The market bought 1.5 million Polygon NFTs in December, compared with 1.1 million Ethereum NFTs, reported Decrypt. Polygon’s NFT sales and trading volumes soared to $46 million, according to DappRadar’s report.
As for Aptos, CoinMarketCap.com reported that the cryptocurrency was the best performer for investors last
