23 Feb 2024 Marsha Tusk
Axelar Increased 17% In A Week As BitMEX Former CEO Swings Towards Altcoins
Despite this week's general market volatility, Axelar (AXL) surged more than 17% in the last 7 days. Positive news and increasing investor interest drove Axelar's impressive climb, while Bitcoin and other major cryptocurrencies saw fluctuations.
Source: CoinMarketCap
Arthur Hayes, the former CEO of BitMEX, wrote a blog post that has contributed to the recent spike in AXL. Hayes, who is well-known for his optimistic forecasts regarding Bitcoin, recently declared his intention to switch to altcoins and mentioned Axelar as one of the ventures he plans to fund. Investors' FOMO (fear of missing out) was probably sparked by this well-known person's endorsement, which increased the price of AXL.
Beyond Hayes' sway, Axelar has strong fundamentals that support its optimistic outlook. The technology offers unconstrained programmability and decentralized security, enabling easy integration across over 50 blockchain networks. Because of its compatibility, Axelar has drawn the attention of big businesses such as Microsoft, confirming its role as an essential link between the off-chain and on-chain realms.
Axelar keeps growing by forming smart alliances. Its partnership with f(x)Core and composable USDC demonstrates its dedication to advancing user engagement and cross-chain interoperability. These integrations excite the cryptocurrency community in addition to improving Axelar's usefulness.
All things considered, the combination of Hayes' support, solid fundamentals, and encouraging ecosystem partnerships is probably what caused the current spike in AXL's price. The RSI advises short-term traders to exercise care, but the general trend is positive and there may be room for more gain in the months ahead.
The bigger picture
Despite the mood swing by Hayes, Bitcoin’s steady rise above $50,000 may turn out to be the fuel needed for a wider bullish run in the entire crypto sector.
Data from CoinMarketCap shows that the world’s largest crypto to date entered February in the $42,000-$43,000 region, only to secure $50,000 twenty-three days later. However, trading volumes are fluctuating, indicating that the milestone value must be tested before heading towards $55,000 territory.
Ethereum, on the other hand, inches near its $3,000 milestone, as the leading altcoin mimicked the price action of Bitcoin. However, Ethereum’s trading volume movements are more towards increasing, rather than fluctuating.
The overall crypto sentiment is bullish, with the Fear and Greed Index pointing at 72, which is considered towards the greed side.
