Avalanche’s AVAX and Near Protocol’s NEAR native tokens were standout gainers on Friday amid a wider cryptocurrency sell-off in Asia.
AVAX rose over 8% and NEAR was up 6% over 24 hours, while market leaders Bitcoin and Ether fell around 3%, dropping below $36.5k and $2k respectively.
The moves follow equities retreating globally, spurring risk-off positioning. But AVAX drew strength as Avalanche was tapped by Singapore’s central bank for a blockchain proof-of-concept, boosting its credentials. NEAR likewise rallied during its Nearcon conference.
Meanwhile, over $75 million of leveraged Bitcoin and Ether long positions faced liquidations on the downturn, exacerbating the slide.
Yet crypto natives AVAX and NEAR proved more resilient as sector leaders wavered, showcasing the rotation into altcoins and DeFi as firm blockchain adoption advances like Singapore’s progressive tokenization policies take shape.
