The altcoin season may not be around the corner, but the popularity of the altcoins has been climbing high. The latest comes for altcoins Avalanche [AVAX], Polygon [MATIC], and Cosmos [ATOM] which have been added to the list of exchange-traded products offered by British crypto-investment firm ETC group. As per reports, the new investment vehicles have become available on the SIX Swiss Exchange and Deutsche Börse.
As per the founder of the ETC group, Bradley Duke investors were getting “increasingly interested” in gaining exposure to the hippest altcoins to diversify portfolios. Of the three altcoins, Avalanche [AVAX] was a large-cap altcoin with a market capitalization OF $24.22 billion, followed by mid-cap asset Polygon [MATIC] with a market cap of $11.73 billion, and lastly ATOM with $8.82 billion. With the addition to the ETC group, Avalanche [AVAX], Polygon [MATIC], and Cosmos [ATOM] offered a substantial level of liquidity for high-quality trade, per Duke.
The founder and co-CEO of ETC group stated,
“The addition of these ETCs offers investors high quality, physically backed digital assets, underpinned by our partnerships with liquidity providers to deliver liquidity and tight trading spreads.”
The altcoins were basking in the market’s optimism, as AVAX noted a 7% rise in the past week, while MATIC was noting a 16% surge in its value at the same time. ATOM with the smallest market cap among the three was also noting a weekly gain of 9.1%, per data provided by Coingecko. With the asset value remaining positive for a week, the projects were also working towards massive developments.
AVAX, for instance, announced multiple developments in its ecosystem just last week during the Avalanche summit. Ava labs, the builders behind the Avalanche blockchain announced “Core”, a non-custodial wallet specifically for the Avalanche application. The team is also working on adding support to Bitcoin through its Avalanche bridge. This was a big update for not only the AVAX community bu the crypto community too. The team noted,
“By expanding support to Bitcoin, the Avalanche Bridge will unlock a trillion-dollar asset that has yet to fully join DeFi and Web3 culture applications at the scale of user demand.”
The Avalanche foundation also announced a $290 million development fund for scaling technology. Per reports, the funds will be used to incentivize developer activity, including subnet work. Like a white-label solution for organizations or developers, subnets allow to building and deploy customized blockchains. This also contributed to the sharp rise in AVAX’s value.
Meanwhile, Polygon’s MATIC was also set to reflect the hype in its ecosystem with two “massive” product releases.
The team hinted at its multichain ecosystem, however, did not offer any further details. As per the beginning of the year post by the team Polygon, the team had noted that Polygon Hermez and Polygon Miden might launch their public testnets in the second and third quarters. As we step out of the first quarter of the year, it would be interesting to see, what Polygon has in store for the users.
Apart from that, Polygon recently announced that it was selected as the official blockchain platform of the Swiss city Lugano. The city will develop its blockchain infrastructure with Polygon’s assistance.