Polygon, Avalanche and Aptos increase by double digits

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A wave of investor optimism led several altcoins, the crypto term for tokens that aren’t Bitcoin or Ethereum, to post big gains on Thursday following a stock market rally driven in part by the Federal Reserve raising rates. by a quarter of a percent.

Cryptocurrencies associated with the Polygon, Avalanche and Aptos blockchains rose more than 10% as the S&P 500 and Nasdaq Composite were up Thursday morning.

Leading the pack was the Avalanches token, AVAX, up about 16% in 24 hours to $22, according to CoinMarketCap. In recent weeks, the company that created the Avalanche blockchain and token has been making waves to partner with Amazon Web Services. The partnership is meant to make it easier to run and manage nodes on the network and make it more attractive to developers.

The company also announced on Tuesday that Intain, a capital markets firm with $5.5 billion in assets, will leverage blockchain, a sign of growing institutional adoption of Avalanche.

The first institutional subnet is here!

.@IntainFT, a structured finance platform that facilitates the administration of $5.5 billion in assets, launches IntainMARKETS, an on-chain marketplace for tokenized asset-backed securities.

Let’s see why Intain #ChooseAvalanche / pic.twitter.com/yFGqLIasD1

Avalanche (@avalancheavax) January 31, 2023

MATIC, the cryptocurrency associated with the Polygon blockchain, has seen a 14% increase to $1.24 in the past day as its NFT ecosystem sees strong growth.

The blockchain was able to steal two of the top NFT collections on the Solana blockchain, y00ts and DeGods, in December thanks in part to a $3 million developer grant. While Ethereum has traditionally been the most popular blockchain for NFTs, Polygon has quickly made a name for itself in the space.

Ngl I’m more bullish on @y00tsNFT than Degods rn. I’m not saying y00ts will have higher FP, but I love the switch to Polygon. We can be kings there. We can be the OG collection like punks on eth. I’m eager to

RealDealDc (33.3%) (@Therealdealdc27) February 2, 2023

For the second consecutive month, NFT’s largest secondary market, OpenSea, saw more sales of Polygon-based NFTs than Ethereum-based NFTs. The market sold 1.5 million Polygon NFTs, compared to 1.1 million Ethereum NFTs, Decrypt reported.

Polygons NFT trading volume soared 124% in January, reaching $46 million, according to a report by DappRadar.

The Aptos token, APT, was the most profitable cryptocurrency traders invested in last month, according to CoinMarketCap. The crypto started the month at $3.50 and has risen around 368% in the past 30 days, trading at around $18 on Thursday. The token is up 14% in the past 24 hours, riding the wave of the most recent rally.

The two most popular cryptocurrencies, Bitcoin and Ethereum, rose 3.6% to $23,800 and 6.3% to $1,600 on Thursday, respectively.

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