Crypto: Avalanche Gains Power As Decentralized Exchanges Traders Joe and Orca Soar

Crypto markets are a sea of ​​green this morning, half of the top 100 tokens are up double digits and avalanche reached an all-time high when another protocol upgrade went into effect.

AVAX tokens changed hands at around 10 a.m. AEST at $ 75.72 and an hour later, still rising 21.6 percent to $ 74.20. Today at 7:00 AM AEST, phase 4 of Avalanche’s Apricot upgrade went live, further reducing transaction fees and adding protection against Miner Extractable Value (MEV) – basically, pre-transaction arbitrage attacks by Flashbots .

“Incredibly proud of the latest Avalanche upgrade,” tweeted Avalanche founder Emin Gün Sirer.

More details tomorrow, but I’ll only mention that this makes change #Avalanche the cheapest (lowest fees per transaction) and fastest (lowest time to finality) chain. “

According to Coinmarketcap, Avalanche is currently number 11 in cryptocurrencies, up from number 44 in early August. Avax tokens were available for under $ 14 at the time.

However, the smart contract platform still has a way to go if it wants to move the coin lists further up. It would take another 75 percent increase to replace Avalanche Dogecoin as the No. 10 crypto.

The meme coin, currently trading at US22.4c, has been quiet lately after a glowing first half when it reached number 6 on the rankings.

Elsewhere in the Avalanche ecosystem, decentralized exchange Dealer Joe hit an all-time high of $ 4.54 – more than six times in the past 30 days.

Crypto market back at $ 2 trillion

Overall, the crypto market soared 9.3 percent to $ 2.04 trillion, hitting that milestone after falling below it for the first time in a week on Monday.

Bitcoin traded at $ 43,468, up 3.2 percent from yesterday, while Ethereum traded at $ 3,063, up 7.1 percent.

City Index analyst Tony Sycamore wrote in his morning letter that it would take a break and a daily close above $ 44,500 for BTC and $ 3,150 for Ether to provide further confirmation that the uptrend has resumed and it was time to open longs.

Crypto marketCoingecko

Decentralized file storage network Arweave was the biggest winner in the top 100, rising 34.4 percent to $ 51.98.

Terra (LUNA), cosmos (ATOM), IOST, osmosis and phantom also increased by 19.2 to 26.8 percent.

None of the top 100 coins were in the red on Coinmarketcap, apart from stablecoins, which only lose their dollar pegs very slightly in bull markets.

A decentralized exchange based on Solana called Orca was up more than 77 percent to an all-time high of $ 11 after raising $ 18 million in a Series A funding round led by Polychain Capital, Placeholder, and Three Arrows Capital.

The exchange launched in February and launched its ORCA governance token last month. It had a lifetime trading volume of $ 735 million and a total blocked value of $ 250 million, compared to $ 18.8 billion and $ 1.6 billion TVL for Raydium, the leading Solana DEX

Orca’s team of eight aims to create the easiest place to exchange crypto on Solana with a “really delightful” simplified user experience.

We’re excited to announce our $ 18 million Series A!

And are excited to partner with incredible investors from @polychaincap @placeholdervc, Three Arrows, @jumpcapital, @SinoGlobalCap, @Collab_Currency, @DeFianceCapital, @ZeePrimeCap, Coinbase Ventures and @solana.https: //t.co/rdrTTceE6l

– Orca ☀️ (@orca_so) September 22, 2021

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