2021-11-23 18:15 |
Avalanche (AVAX/USD) price surged to an all-time high as investors remain optimistic about the ecosystem. The AVAX token price is trading at $133.75, which is slightly below its all-time high of $145. This brings its total market capitalization to more than $30 billion, making it the 10th biggest cryptocurrency in the world.
Avalanche ecosystem growthAvalanche is a leading blockchain project that enables developers to build decentralized projects. The platform is mostly used by developers building decentralized finance (DeFi) platforms.
Avalanche is an Ethereum-killer that is most beloved because of its quick speed. For example, while Ethereum is able to process less than 20 transactions per second (tps), Avalanche is able to transact more than 4,000. This makes it relatively faster than other blockchain projects like Solana and Polygon.
As a result, in the past few months, the number of developers using Avalanche has been in a strong bullish trend. According to DeFi Llama, there are now about 70 DeFi projects in Avalanche’s platform. These projects have a total value locked of more than $14 billion. Some of them are Curve Finance, Benqi, Pangolin, and AnySwap, among others.
At the same time, Avalanche’s developers have launched Avalanche Rush. This is a $180 million fund that will be distributed to developers who are building on the network.
Still, Avalanche has three main challenges going forward. First, while Ethereum is still slow and inefficient, it seems like it is in a pole position in the industry. For one, it has more than 300 DeFi projects that have a total value locked of more than $172 billion. This means that dethroning it won’t be easy.
Second, Ethereum’s developers are busy shifting it from a proof-of-work network into a proof-of-stake network. This means that it will become better with time. Finally, there are other faster networks coming up. For example, Kadena can transact more than 480k transactions per second.
Avalanche price predictionThe four-hour chart reveals that the AVAX price has been in a bullish trend in the past few months. Notably, the coin’s bull run is being supported by the 25-day and 50-day moving averages. Other oscillators like the Relative Strength Index (RSI) and the MACD have kept rising.
Therefore, while Avalanche is facing significant challenges, there is a likelihood that its price will maintain a bullish trend. This could see it rise to the next key resistance at $200.
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