Avalanche, Bitcoin Cash Lead Crypto Market Rebound

Key Insights

• Avalanche surges +25%, and Bitcoin Cash jumps +22%, leading trading volume among top-cap cryptos in the last 24 hours.
• As long as AVAX holds above $8.75, a rebound toward $10 remains in play. Active senders just hit 31.33M monthly, a 101% growth.
• There has been a massive net buying of Bitcoin Cash crypto on the Binance exchange.

The crypto market rebounded massively in terms of trading volume in the past 24 hours. This led to the assumption that markets were gradually awakening, even though the charts did not reflect this.

Looking at the charts, only a few altcoins registered significant changes in price. Notably, it is the large-cap altcoins that were seeing this shift in trading activity that had been flat since the start of the bear market.

Crypto Market Volume Rebounds, but Some Coins Still Struggling

The CoinGlass data clearly showed the differences between these cryptos. Avalanche (AXAX) led with a volume surge of more than 25%, bringing the daily volume to $553 million. The price of the altcoin gained over 5% in turn.

AVAX was seconded by Bitcoin Cash (BCH) with a volume of $620 million, and activity grew of 22%. Also, that of Litecoin (LTC) rose by 12%, reaching $402 million. For LTC price, it grew by 2.60% during this volume surge. The three altcoins were clearly led by double-digit spikes on the positive side.

However, there were other altcoins that posted double-digit gains, but in the opposite direction. For instance, World Liberty Financial’s token WLFI lost about 73%. This volume experienced a surge this week following WLFI’s major events, which also featured celebrity Nicki Minaj.

Other cryptos that saw significant declines in trading volume included Cardano (ADA) and Sui Network (SUI). Their 11% and 16% declines brought their 24-hour trading volumes to $549 million and $575 million, respectively.

Chainlink (LINK) crypto also lost about 8%, recording a volume of $381 million.

Avalanche Price Prediction as Monthly Active Senders Double

That brings the analysis to point out the top two best performers in terms of volume.

The charts were not different from what has been happening since the year started. Most altcoins were consolidating, with Avalanche’s price following a rising channel. The hourly channel has capped AVAX’s price since the beginning of this month.

According to Ali Charts, the volume did not signal an outright reversal. The analyst instead noted that as long as the AVAX price held above the $8.75 support level, a bounce toward $10 remained viable. The rejection at $9.35, which was the middle of the channel, raised concerns if AVAX could really hit $10.

Losing the $8.75 support would invalidate this prediction. However, on-chain data looked to be siding with Avalanche. As per data from Builder Hub, the AVAX sender address more than doubled in a month. The 101% growth took this total to 31.33 million.

Usually, a spike in unique addresses indicates real usage, demand, and traction. As such, the data put AVAX crypto in a position to gain, especially combining it with rising trading volume. However, the trend did not guarantee a reversal.

Bitcoin Cash Price Prediction: Is the Altcoin Headed to $1000+?

Furthermore, the same was true for Bitcoin Cash. Its volume spiked, but the price rose only 1.34%, from $540 to slightly above $555. Technically, BCH remained trapped in a range, as the move could not push the price past $570.

Further analysis showed that most of the volume came from Binance. In fact, the data showed that Binance traders had bought more than 20K BCH through the BCH/USDT pair. If this buying continued, then the $1,000 target would become a possibility, though it could take time.

Altogether, the spike in trading volume was a hint of the slow return of markets to activity. This is because the spikes were on both the buying and selling sides. Therefore, this volume surge could potentially exaggerate moves in either direction.

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