Altcoins rise as Evergrande crisis cools and avalanches, space and polkadot lead

Small cryptocurrencies rose sharply on Thursday, enjoying a surge in risk appetite after some of the fears over China's Evergrande debt crisis that shook markets earlier this week subsided.

While the likes of cardano's ada, solana's sol and even ether have seen significant gains in recent weeks, it was smaller coins such as the networks' own tokens avalanche, cosmos and polkadot that sparked gains on Thursday.

According to, decentralised peer-to-peer network Cosmos, which enables data exchange between blockchains, was the leader as its Atom token rose 23% in 24 hours to $40.38 at 06:13am ET. Avalanche's avax token rose 20% to $76.39 on the day, while the polkadot point zero protocol rose 9% to $31.26. Solana of the so-called 'ethereum killer' rose 12% to $148.02.

Concerns over Evergrande eased on Thursday after the company agreed to pay interest on domestic bonds the day before and the Chinese central bank injected additional liquidity into the financial system.

The company owes more than $300 billion to bondholders and banks around the world, and earlier this week it announced that it could not seriously affect risky assets such as stocks and cryptocurrencies in paying a key coupon.

"Cryptocurrency is a risk-free asset, so in the short term it will fall with equities, but in the long term they don't correlate," said Marcus Sotiriou, sales trader at UK digital asset broker GlobalBlock .

Altcoins have been on a tear, with the share price rising by almost 10,000% this year, Dogecoin meme tokens by 4,000% and Avax Avalanche by 2,300%, prompting many to wonder if some of these lesser-known tokens are linked to smaller bubble networks.

"Many coins with strong fundamentals that solve real life problems are quickly being introduced to networks. I think these cryptocurrencies are very undervalued given the strength of the network effects and the size of the market they are going into," Sotiriou said.

"When comparing the same (blockchain total value) TVL numbers of these networks to Ethereum [it] indicates that they are probably undervalued," said Eliezer Ndinga, head of research at 21 Shares, a cryptocurrency exchange-traded product provider.

Total blockchain value is the dollar amount invested in decentralised financial applications built on blockchains, Ndinga said. This metric measures the overall health of an application in real time and is one way of determining the value of one network compared to another.

Vitaly Azarin

Losha Gavrielov

Fyodor Makarov

Meet Us

DAVAI is a theater group based in Tel Aviv, founded by three independent artists
Fyodor Makarov, Losha Gavrielov, and Vitaly Azarin.
We believe in visual theater that is simple enough to reach vast audiences
and crafty enough to touch the experts.
In our shows we use clown, music and circus to tell stories
and to bring joy of theater to the public.

Vitaly Azarin

Losha Gavrielov

Fyodor Makarov