On July 9th, the altcoin market witnessed a notable rally as prices of Avalanche, Cardano, Hyperliquid, and Chainlink increased by 1-4%. This growth was propelled by key announcements and institutional investor actions.
Institutional Influence on AVAX and ADA
On July 8-9, Projective Finance launched a $7 million USDC-backed loan pool for municipal solar projects in Illinois on the Avalanche network. This attracted investor attention targeting low-risk returns. AVAX prices rose to $18.49, with community sentiment showing over 80% optimism.
HYPE and LINK Emerging as Strong Contenders
Hyperliquid’s HYPE token surged to $39.22 following $6.14 million in purchases by four major investors. Additionally, Chainlink (LINK) rose to $14.03 due to its mention in Bitwise’s report on tokenization, along with partnerships with JPMorgan and Solana.
Overall Overview of Altcoin Price Growth
The altcoin market overall is on the rise with increased trading volumes and positive technical indicators, such as a positive MACD and increased 24-hour volume. This is also related to a slight decrease in Bitcoin's dominance.
The recent price increase in Avalanche, Cardano, Hyperliquid, and Chainlink confirms the growing interest in altcoins, particularly among institutional investors and major holders. This creates a foundation for further improvements in the market.