• Avalanche (AVAX) rose to a multi-month high on Tuesday, after reports that the number of bitcoin on its network rose to 5,493.
• Polygon (MATIC) also moved higher on Tuesday, hitting a one-week high.
• The news saw the tokens surge by nearly 5% today, rising for a third straight session in the process.
On Tuesday, two popular cryptocurrencies, Avalanche (AVAX) and Polygon (MATIC), both saw a surge in price, with AVAX hitting a multi-month high and MATIC reaching a one-week peak.
The surge was the result of reports that Avalanche had seen an increase in the number of bitcoin on its network, with the number rising to 5,493. The news saw the AVAX token rise by nearly 5%, with the token climbing for a third consecutive session in the process. The move took AVAX to its strongest point since November 6, with the token reaching an intraday peak of $18.86 earlier in the day.
In addition to AVAX, Polygon saw a rise in price on Tuesday, with MATIC hitting a one-week high. The token raced to a peak of $1.04, less than a day after hitting a low of $0.9849. This saw MATIC reach its highest level since the beginning of last week, when the token was close to its resistance point of $1.05. However, the momentum was not strong enough to force a breakout, with MATIC currently trading at $1.00, which is also its long-term support point.
Both tokens have seen a good start to the week, with AVAX and MATIC both showing positive signs in the market. The 14-day relative strength index (RSI) of both tokens has also remained above their support points, with AVAX currently tracking at 71.11 and MATIC at 63.27.