The crypto market has entered another bullish leg after Bitcoin’s (BTC) recent climb to a new high. BTC hit a new peak of $111,544 on Thursday, May 22. The global crypto market cap has seen a 2.1% rise in the last 24 hours to $3.61 trillion. Avalanche (AVAX) seems to be following the market trajectory. The project’s market cap is very close to overtaking Chainlink (LINK) as the 15th most valuable cryptocurrency. AVAX has a valuation of $10.47 billion, while LINK has a valuation of $10.85 billion. AVAX is just $37 million away from taking the $15th spot.
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Avalanche On The Brink Of Overtaking Chainlink
If the market continues its current momentum, AVAX could very quickly overtake LINK as the 15th-largest crypto project.
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AVAX’s price has risen 9.7% in the last 24 hours, 5% in the weekly charts, 18.1% in the 14-0day charts, and 22.1% over the previous month. Despite the stellar recovery, the asset is still down by 39.3% since May 2024.
Chainlink’s (LINK) rally, although commendable, has not been as lustrous as AVAX’s. LINK’s price is up 3.1% in the daily charts, 2.1% in the weekly charts, 10.6% in the 14-day charts, and 23% over the previous month. While LINK’s performance has been outshone by AVAX in these time frames, the asset has lost much less over the last year. LINK’s price has dipped by 2.3% since May 2024.
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Avalanche’s market cap may overtake Chainlink’s in the coming few days. There is also a possibility that AVAX will face a correction and its market cap will dip. The asset could see a price pullback if BTC’s rally slows down. The current market upswing is likely due to institutional investors. A dip in institutional money could bring about a market-wide correction.