ATOM - Why Avalanche Filecoin and Cosmos Are Surging Higher Today
2023-11-13 15:10:59 ET
The crypto world discussion is typically dominated by few high-profile cryptocurrencies. However, Avalanche (CRYPTO: AVAX) , Filecoin (CRYPTO: FIL) , and Cosmos Hub (CRYPTO: ATOM) are stealing the spotlight today, after seeing massive moves over the past weekend. Since Friday at 4 p.m. ET, these three tokens have surged 19%, 16.3%, and 6.3%, respectively. While certainly not in the same quality class as leaders Bitcoin and Ethereum , these three projects are outperforming due to specific catalysts that are worth diving into.
Avalanche has seen a surge in activity on its network, with increased transactions leading to more than 38,000 tokens burned. This has coincided with strong staking activity as well, leading to healthy network fundamentals and an increasingly bullish outlook for investors. Further upside appears to be tied to the listing of Avalanche perpetual futures contracts on Coinbase Global , which should allow for improved liquidity for traders (making it easier for investors to buy and sell Avalanche closer to its spot price).
Filecoin has also seen a surge in transaction volume, with overall transactions increasing more than 75% over the past day, as of this morning's session. Improved demand for Filecoin's native token has improved liquidity, and led to a much more bullish outlook for fundamentals-oriented investors. Additional interest appears to be circulating around Filecoin's upcoming presentation at the LabWeek 2023 event, where it's speculated the developer team could discuss new innovations, including decentralized storage, artificial intelligence (AI) upgrades, and zero-knowledge proofs, as well as other potential updates.
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Why Avalanche, Filecoin, and Cosmos Are Surging Higher Today