AVAX, NEAR Outperform Ether and Bitcoin Amidst Asian Market Downturn

• Avalanche (AVAX) and Near Protocol (NEAR) Show Solid Performance Amidst Market Dip
• Reasons Behind AVAX and NEAR Resilience
• Avalanche's Role in Project Guardian
• Project Guardian's Blockchain Use
• Positive Announcements from Near Protocol
• Liquidations in the Broader Market

Avalanche (AVAX) and Near Protocol (NEAR) Show Solid Performance Amidst Market Dip

Despite the downturn in the broader market, two altcoin projects - Avalanche's AVAX and Near Protocol's NEAR - demonstrated impressive resilience early on Friday. At the time of reporting, AVAX and NEAR experienced gains of 8.2% and 6% respectively in the last 24 hours. In contrast, leading cryptocurrencies like Bitcoin$42,260 -0.64% and Ether experienced a dip, falling 2.5% and 3.3% respectively, with bitcoin trading below $36,500 and ether below $2,000.

Reasons Behind AVAX and NEAR Resilience

Avalanche's Role in Project Guardian

One potential cause for the strong performance of AVAX could be its recent inclusion in the Monetary Authority of Singapore's (MAS) tokenization initiative, Project Guardian. This initiative seeks to revolutionize asset management through blockchain technology.

Project Guardian's Blockchain Use

In Project Guardian, Onyx, a blockchain-based fixed-income trading network by J.P. Morgan, and Apollo Global illustrated a blockchain Proof of Concept. This proof aimed to demonstrate the potential for blockchain technology to enhance the efficiency and scalability of financial services. This aligns with the Singaporean regulator's ambition to apply blockchain technology in FinTech, rather than just cryptocurrency.

Positive Announcements from Near Protocol

NEAR, on the other hand, may have drawn strength from a series of encouraging announcements made during the Nearcon conference.

Liquidations in the Broader Market

While AVAX and NEAR performed well, the market leaders experienced significant liquidations of leveraged positions. According to data from Coinglass, in the last 24 hours, $48 million in Bitcoin long positions and $30 million in Ether long positions were liquidated.

Edited by Jonathan Stoker