- AAVE and XTZ have been outperforming BTC.
- Robinhood’s 22.8 million funded accounts will help along altcoin adoption.
- AAVE is still at the risk of a 10% price correction.
Bitcoin has been outperformed by most altcoins throughout the past thirty days. Some of these altcoins include AAVE which is still up more than 11% over the last month. Another crypto that is starting to stand out is Tezos (XTZ). XTZ is starting its recovery with a 1.62% price increase over the last 24 hours.
Apart from the aforementioned characteristics of AAVE and XTZ which play a part in the hype of the two currency, Robinhood (NASDAQ:HOOD), a commission-free trading platform listing the two crypto currencies has too added to the effect.
AAVE is a token for an open source liquidity protocol while XTZ is a crypto that is used for peer-to-peer transactions. Both of these cryptocurrencies will now be available to over 15.9 million monthly users on Robinhood.
Many believe that the listing of these two cryptos will do wonders for the adoption of altcoins. The fact that Robinhood has about 22.8 million funded accounts will only add to this prospect. Moreover, Robinhood Markets which is the trading app of the exchange now features 19 cryptocurrencies including Bitcoin, AAVE and XTZ.
Both AAVE and XTZ prices are down 75% over the last year. However, Tezos’ rejected partnership with Shopify (NYSE:SHOP) and its new listing on Robinhood should help XTZ recover its price.
AAVE-USDT 4h (Source: Binance)
Meanwhile, popular crypto analyst Elliott Wave believes that although the price of AAVE could climb to $92.5, a correction in price is still a real possibility for the crypto. Wave believes that a 10% drawdown from the crypto’s current level is very likely.
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