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Solana, Avalanche and other ‘Ethereum killers’ ride the fusion pump

As Ethereum is regaining lost ground in the crypto bear market, as are some of its biggest competitors.

Solana, avalanche, Algorand, Spottedand gimbal– sometimes called “Ethereum killers” because they offer similar functionality to the main ones smart contract network, but at significantly lower costs, are increasing.

Solana’s native SOL cryptocurrency is up 11% in the past 24 hours and up 36% in the past week, according to data from CoinMarketCap. avalanche also posted massive gains, with AVAX climbing 10% in the past day and pumping around 43% in the past week.

Native coins of other blockchains, such as Algorand, Spotted and Cardano, saw more modest gains but are also climbing. AlgorandThe ALGO of is up about 7% today and 25% last week. Polkadot’s DOT is up around 8% in the past day and 23% in the past week, while gimbalADA is up about 8% in 24 hours and 19% in the last seven days.

Why does this happen? It is possible that the bullish sentiment surrounding Ethereum, whose imminent move to proof of stake thanks to a long-awaited update known as “fusion“seems to increase demand for ETH – generating bullish sentiment more broadly among competitors block chains.

Ethereum itself has recently seen sudden gains, even amid crypto’s terrible winter landscape, rising 50% in the past week and around 7% since Monday. The market moves followed a flurry of activity in recent weeks from Ethereum developers working on the merger, including announcing a tentative September 19 date for the upgrade to be completed.

ETH was trading around $1,200 before the timeline announcement and is currently trading above $1,500 for the first time since early June. The rebound in Bitcoin and Ethereum prices also appears to be having ripple effects on crypto-exposed stocks, such as Coinbase (COIN). COIN Shares Jumped 9% Yesterday, Despite Trading Crypto Recently fire 18% of its workforce.

While this may seem like the light at the end of the tunnel, analysts are unsure if this uptrend will continue. Marcus Sotiriou, an analyst at GlobalBlock, suspects the current rally is an indication that a local price bottom could be reached – for now.

“Despite last week’s news about the latest inflation data, the crypto market has seen a relief rally since,” Sotiriou said in a statement on Monday. “When the market begins to react positively to negative news, it is a signal that a local low could be reached for the time being, as fear may have caused the news to be priced in.”

But Sotiriou warns that all the crypto chaos of the past few months – events like the collapse of Terra and the bankruptcies of Celsius, three arrowsand digital travel—means that regulation is likely on the horizon.

“Strict regulation could be coming soon,” Sotiriou warned. “The collapse of [centralized] lenders could be the reason regulators have sought to implement draconian controls on cryptocurrency.

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