Why Solana, Avalanche, and Fantom Are Seeing Impressive Upside Today

What happened

Sustained momentum is starting to be seen in the crypto sector in recent days. Some of the top tokens experiencing consistent upside have been various Ethereum alternatives. Networks such as Solana ( SOL -7.88% ), Avalanche ( AVAX -4.00% ), and Fantom ( FTM -10.05% ) have surged alongside the broader market on a range of bullish catalysts. As of 3 p.m. ET, these three tokens are up 2.1%, 7.2%, and 7.2%, respectively, over the past 24 hours.

Most of today’s enthusiasm among these three tokens stems from expectations that cryptocurrencies could play a larger role in the global financial system, given the sanctions and systemic financial risks now seen in Russia. A large crypto market, Russia is the focus of a tremendous amount of attention lately, given the country’s invasion of Ukraine this past week.

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Overall, the crypto market as a whole has appreciated 5.1% over the past 24 hours at 3 p.m. ET. This marks yet another daily gain for the crypto market, which is looking to rebound from months of declines.

Avalanche has led these Ethereum competitors in gains today, as investors digest news that Avalanche’s crypto network will be accessible to 4.5 million users via a Wirex integration announced yesterday.

So what

It’s been a good start to March for these top layer-1 blockchain networks. As global demand for decentralized applications grows, expectations are that Solana, Ethereum and Fantom could make the DeFi space a more competitive one. Right now, Ethereum remains the dominant force in the DeFi world.

Avalanche’s integration with Wirex is one of a number of integrations and partnerships the three platforms have seen recently. As user and developer interest increases among Ethereum alternatives, these three tokens are each top of mind for many long-term investors. Currently, Solana, Avalanche and Fantom rank 9th, 10th, and 32nd, respectively, in terms of market capitalization in the crypto world at the time of this writing.

Now what

Capital is once again flowing to alternative asset classes, with digital assets making some serious gains over the past day. Whether these gains can be sustained over the longer term remains to be seen. However, today is certainly a step in the right direction.

For investors looking to gauge sentiment around decentralized finance tokens, these three coins are ones to watch right now.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis – even one of our own – helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

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