ETH - Why Ethereum Avalanche and Cardano Surged Higher This Week
It's been another strong week for many top-tier cryptocurrencies . For investors in Ethereum (CRYPTO: ETH) , Avalanche (CRYPTO: AVAX) , and Cardano (CRYPTO: ADA) , this has certainly been the case, with these top tokens surging 2.8%, 10.2% and 4.8%, respectively, since 5 p.m. ET last Friday.
A broad-based rally, which lifted all tokens higher this week, accelerated following the conclusion of the FOMC meeting and confirmation that the overnight interest rate was only increased by 25 basis points (0.25%). Following the meeting, expectations that investors could see a pause in interest rate hikes sooner than later (and perhaps a pivot as soon as this year) began bleeding into the valuations of higher-risk assets.
Aside from macro tailwinds, a range of token-specific catalysts also arose this past week. Cardano had the most clear-cut catalyst of the cryptos on this list, with the launch of its algorithmic stablecoin, Djed, this week. This stablecoin's launch paves the way for a range of improvements on the Cardano blockchain tied to this algorithmic stablecoin, which took more than a year to fully implement on the network's mainnet.
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Why Ethereum, Avalanche, and Cardano Surged Higher This Week