Avalanche Impresses With 32% Rally – Will AVAX Sustain This Ascent?
12 Gennaio 2023 - 05:22AM
NEWSBTC
The crypto rally that greeted the new year has definitely brought
gains to the world of altcoins. According to CoinMarketCap data,
most huge gains were made by altcoins in the past 30 days. AVAX,
native token of the Avalanche blockchain, is one of them with gains
of up to 32% in the seven days. The rally came as major
cryptos like Bitcoin and Ethereum all registered gains and
increased investor sentiment. Although the fear, uncertainty, and
doubt of the last year’s bear market is still present, the
increasing chance of a recession still gives investors some worry.
As of writing, AVAX is trading at $15.96, up 28% in the last 24
hours, data from Coingecko show. What Supported The Avalanche
Rally? The Avalanche ecosystem has been bullish. Recently,
Shopify partnered with Avalanche to allow Shopify merchants to sell
their NFTs. According to public information, users don’t need to
handle any cryptocurrencies to buy NFTs. Venly, one of the
numerous blockchain partners of Shopify, created a no-code tool for
sellers to create NFTs. In a recent interview, Venly co-founder Tom
Dierckxens said that this evolution in NFT technology is an
evolution which can be adopted in the mass market. This is only the
most previous on-chain development for the ecosystem. On a previous
tweet by Axaholic, a Twitter account dedicated to Avalanche
updates, the ecosystem partnered up with Re Protocol which
tokenizes the reinsurance industry, empowering business through
blockchain solutions. On-chain developments also led to
Avalanche experiencing a strong uptick in development activity and
price as seen on data provided by Santiment. Also, the
world’s largest cloud provider, Amazon Web Services (AWS), has
joined forces with blockchain technology firm Ava Labs to speed up
and broaden the use of blockchain across different types of
industries. Related Reading: ApeCoin Climbs 21% In Last 7 Days As
Sentiment Remains Bullish With this collaboration, Avalanche, Ava
Labs’ layer-1 blockchain, will be more accessible to individuals
and businesses, and node administrators will have more control over
the network’s performance and functionality. Image: Phemex Will
AVAX Maintain Its Momentum? The current momentum seems to be
profit-taking behavior before another bullish leg up. With the
markets anticipating lower Consumer Price Index levels, AVAX might
have a needed boost in the coming release on Thursday.
However, with its high correlation with Bitcoin, it could follow
the top crypto in any direction. Bitcoin, as of writing, has broken
past the $18,000 mark and trading at $18,229, up 8.2% in the last
seven days, based on data by Coingecko. Chart: Benzinga Related
Reading: Polkadot Records New Achievements In Dev’t Activity,
Pushes DOT Price Up Meanwhile, the chart above contrasts the
token’s price adjustment and volatility over the past 24 hours
(left) with that during the last seven days (right). The Bollinger
Bands in the middle of the chart are a measure of the volatility of
the price swings over a given time period (daily or weekly) and are
shown in gray. Volatility goes up when the space between the bands
(or the amount of gray area) extends. -Featured Image: Cointribune
Grafico Azioni Avalanche (COIN:AVAXUSD)
Storico
Da Nov 2023 a Dic 2023
Grafico Azioni Avalanche (COIN:AVAXUSD)
Storico
Da Dic 2022 a Dic 2023