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Avalanche [AVAX] scores a Million Cumulative Wallets on its C-Chain

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Avalanche [AVAX] charted a new milestone when it scored a million total wallets on its Contract chain [C-Chain] for the first time since its inception back in 2018. Reading along the same line, Marketing Exec of Avalabs Jay Kurahashi-Sofue illustrated a gradual increase in the cumulative address count of AVAX, starting from 2021.

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It is noteworthy to mention that the network comprises of three individual blockchains: the X-Chain, C-Chain and P-Chain. Each chain serves a unique purpose and is entirely different from Bitcoin and Ethereum. The important chain, for the time being, is the Contract or C-Chain which is the EVM compatible chain and operates on Proof of Stake protocol, adding a layer of extra security.

With regards to its on-chain activity, the layer one blockchain is going through a phase of hyper-growth, with Total Value Locked [TVL] increasing 88x since July 2021, tapping a new high of $13.18 billion on 26th November, according to multichain stats provider DefiLlama. Even though, TVL has retraced to $12.43 billion at the time of writing, it is still hovering close to its ATH.

Previously Tronweekly reported on Avalanche’s [AVAX] entry into the coveted list of the Top 10 cryptocurrencies. AVAX hit an all-time high of $146.22 on 21st November this year, soaring by more than 200% in a span of just three months. Following that, the digital asset surpassed both Elon Musk’s favorite Dogecoin [DOGE] and its rival Shiba Inu [SHIB] to secure the 10th rank for a brief period of time.

Recent partnership in the Avalanche ecosystem

Notably, AVAX succeeded in raking new gains following the announcement of building a disaster recovery platform with prominent accounting firm Deloitte on 17th November. According to the blog post, ”The Close as You Go service simplifies disaster reimbursement applications for victims of natural disasters, by aggregating and validating the documentation required for funding”.

Avalanche yet to tap the NFT market?

AVAX’s DeFi ecosystem continues to prosper, while its footprint in the NFT space is still at its nascent stage. Nevertheless, Avalanche has started to gain traction with high-profile platforms such as Kalao and Particle being built exclusively on the blockchain.

On the price front, it is currently trading at $110.75 with a 24-hour trading volume of $1.29 billion. The 11th ranked asset is up by 2.18% in the last 24 hours. 

Shiba Inu [SHIB] leaves top 10 as Avalanche emerges stronger

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Shiba Inu [SHIB] decided to take a breather following a long stay below the crypto spotlight. While SHIB was taking its break, other coins flourished and managed to overpower the meme coin. Not only did SHIB notice a drop in its ranking, but the altcoin’s price also followed suit.

The fervor around Shiba Inu has been at its peak. The altcoin’s significant price change put several coins to shame. However, volatility continues to haunt the asset. SHIB witnessed a major drop of nearly 10.94% over the previous seven days while altcoins like Avalanche [AVAX] and Crypto.com coin [CRO] witnessed a 50% and 93% increase, respectively.

Not just SHIB, AVAX decided to briefly overtake Dogecoin [DOGE] as well. But, this didn’t seem to last too long as Elon Musk’s favorite crypto-asset regained its position.

Circling back to SHIB, it was noted that the altcoin was trading for $0.00004259, during the time of writing, This drop was following a 5% price change over the last 24-hours.

Furthermore, Shiba Inu stood as the 12th largest cryptocurrency. The chances of SHIB overtaking its counterpart AVAX were rather bleak as the disparity between the market cap of the coins was too high. At press time, SHIB’s market cap was at $23.4 billion, whereas AVAX was at $28.9 billion.

Shiba Inu [SHIB] one-hour price chart on Coinbase

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Shiba Inu [SHIB] leaves top 10 as Avalanche emerges stronger 3

Times were certainly tough for SHIB. The short-term price chart of the meme coin had bears camping in its market. The Parabolic SAR indicator has been residing in the bearish region for the longest time now. Even if there are signs of the bull it was extremely dainty. Currently, dotted lines were imposed over the price candles further restricting any upward movement.

The MACD indicator embodied a similar emotion as it underwent a bearish crossover. The Relative Strength Index [RSI] indicator notified that Shiba Inu was being overtly sold.

Avalanche [AVAX] zooms past Dogecoin [DOGE] and enters into the Top 10

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Avalanche [AVAX] continued its massive strides against its peers to join the coveted list of the Top 10 cryptocurrencies. AVAX hit an all-time high of $146.22 on 21st November this year, surging by more than 200% over the course of three months. Following that, the native token has pushed back Elon Musk’s favorite Dogecoin [DOGE] and was trailing ahead by a market cap of $184 million.

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Avalanche [AVAX] zooms past Dogecoin [DOGE] and enters into the Top 10 5

The latest surge in the coin’s price action has been attributed to a host of high-profile partnerships. One of them is a deal struck with the leading consulting firm Deloitte by Ava Labs to build more efficient disaster relief platforms. Taking note of the collaboration, the head of institutional sales and over-the-counter [OTC] division at crypto-derivatives exchange FTX, Jonathan Cheesman stated,

“It’s another example of faster, cheaper Ethereum competitors doing well. There’s a huge wealth effect and a lot of opportunistic and mobile capital.”

The project dubbed as ‘The Close As You Go‘ utilizes the layer one blockchain in a bid to enhance security, speed, and accuracy of Federal Emergency Management Agency [FEMA] funding, according to the official report from Ava Labs. Furthermore, the initiative in question will aid state and local government officials to streamline disaster reimbursement applications.

Avalanche’s [AVAX] Stellar Rise

Avalanche has doubled in the past 30 days alone and is up more than 3,000% over a year. Cryptocurrencies noted a highly volatile period as November dawned. AVAX, for one, mostly defied the general market movement to rally and outpace several well-known coins. One of the main catalysts was Ethereum’s high gas fees that have prompted market participants to look for viable alternatives.

The Avalanche Foundation’s Blizzard fund was yet another contributing factor. For the uninitiated, the organization behind the AVAX blockchain had announced raising $230 million from a private sale of the tokens which witnessed the participation of Polychain and Three Arrows Capital.

Trader Joe. who happens to be one of the most popular DeFi projects on Avalanche has increased the network user’s base by a whopping 37% last week. With this, the DeFi service even exceeded well-known players such as Uniswap and QuickSwap decentralized exchanges.

Avalanche [AVAX] Scores Fresh ATH; What’s Next?

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Avalanche [AVAX] has been outperforming its peers. The leading crypto-asset charted a new all-time high at $101.37 in the wee hours of the 17th of November. Besides, Avalanche has also witnessed tremendous growth on the DeFi front.

Prominent research and investment firm Delphi Digital observed that TVL on the network reached a new high on the 15th of November this year. In the backdrop of the native token’s price tapping new records, Avalanche’s DeFi TVL has crossed $10 billion. Delving further, the consulting platform said that AVAX continued to dominate against its competitors and has effectively managed to stand out with regards to its ability to attract capital inflows on its chain.

As per the latest stats on DeFiLlama, TVL on AVAX attained a new high of $10.36 billion two days back and is currently at $10.29 billion. Despite a minor pullback, the figure has continued to hover close to it.

Avalanche [AVAX] Daily Chart

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Avalanche [AVAX] Scores Fresh ATH; What's Next? 8

The network‘s positive development has reflected on AVAX’s price as well. At the time of writing, AVAX was trading at $97.34 after a daily rise of 7.53%. Its market cap was found to be at $21.68 billion while its 24-hour trading volume stood at $1.89 billion.

As gauged from the above 1-day price chart, the diverging Bollinger Bands [BB] depicted increased volatility in the coin market. The MACD indicator is aligned towards the bulls. On the other hand, the Klinger Oscillator [KO] appeared to be gearing up for a bearish crossover in the near term.

Avalanche [AVAX] 4-hour Chart

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In the 4-hour chart, the Awesome Oscillator [AO] is leaning towards a bullish momentum. With respect to the trading activity, the Relative Strength Index [RSI] indicator has managed to hold its ground above the 50-median line meaning buyers are dominating the market. The Chaikin Money Flow [CMF] cruising above the zero line is projecting strong capital inflows in the market.

Can Avalanche [AVAX] enter the coveted top 10 by end of this month?

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As large-cap cryptocurrencies rally appeared to be stagnated, altcoins such as Avalanche [AVAX] have managed to rake in tremendous gains. With the third-quarter kicking off, the collective crypto market recovered from the September losses with the total market capitalization standing above a handsome $2.77 trillion.

The AVAX token, for one, climbed to the 13th rank after fetching significant gains. As a matter of fact, AVAX has soared by more than 17% in less than 24 hours and charted a new high of $85.42 today, while the weekly gains were found to be above 35%. Avalanche’s native token is steadily closing the gap with its Terra [LUNA] and is a little below $2 billion with regard to market capitalization. The former’s upward price trajectory has raised new hopes of the token entering into a triple-digit figure, much faster than anticipated.

While echoing a bullish outlook, prominent crypto proponent Lark Davis tweeted,

Interestingly, the latest peak comes after the digital asset management firm, Grayscale Investments announced the addition of AVAX and LUNA on its list of assets under consideration, just three days ago.

Grayscale cited factors such as internal controls, custody arrangements, and regulations that play a crucial role in determining an asset’s eligibility to the portfolio. Although the entire process of allocating an investment product for Avalanche might look complex and multifaceted, AVAX has benefitted from the announcement, leading up to its all-time high. Its tweet regarding the same read,

“As the digital asset ecosystem continues to grow, so too does our list of assets under consideration. This week, Avalanche [AVAX] and Terra [LUNA] joined that list.”

Nevertheless, Grayscale’s latest move transpires from the demand as well as the competition of Layer 1 blockchains with smart contracts capabilities such as Avalanche.

Avalanche’s [AVAX] scores ATH in Total value locked [TVL]

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Avalanche continued its rapid strides in terms of total value locked [TVL] with $9.24 billion tapping a fresh high in the process. Over the last month, the figures increased by more than 100% according to on-chain data provider, DefiLlama. Earlier this week, the Avalanche Foundation announced a new $200 million fund dubbed ‘Blizzard’ aimed at facilitating liquidity support for startup projects with its ecosystem, while focusing on decentralized finance [DeFI], nonfungible tokens [NFT], Institutions, and other cultural applications.

Avalanche’s [AVAX] heckled by the bear; $70 out of AVAX’s sight?

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The crypto market was finally recovering from the bruises caused by the bear. Avalanche [AVAX], XRP, and Uniswap [UNI] were lagging behind and were seen taking longer than usual to navigate the path towards recovery. Despite garnering limited gains, Bitcoin [BTC] and Ethereum [ETH] were seemingly out of danger.

The latest trend reversal made no impact on BTC as it stayed still at the $42K zone. Ethereum [ETH] endured a similar fate and affirmed that $3K was still a long way ahead. The drop in its prices was mirrored by the assets’ market cap. The latter, however, made no difference as both these coins were well settled as the first [BTC] and second-largest [ETH] cryptocurrencies.

Avalanche [AVAX] created an uproar in the crypto market with its notable price change. The asset followed the footsteps of Solana [SOL] and jumped to another level. However, the altcoin was seen taking a break from its hot streak. AVAX, during the time of writing, was trading for $65.03 with a 2.44% stumble over the last 24-hours. The altcoin had recently hit $80, paving the way for speculations of its journey towards $100.

The altcoin undoubtedly escalated up the crypto ladder. From being one of the lesser-known assets, AVAX rose to the top as the 12th largest cryptocurrency in the market. At press time. the altcoin’s market cap was at $14.3 billion.

Avalanche [AVAX] one-hour price chart on Binance

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Avalanche's [AVAX] heckled by the bear; $70 out of AVAX's sight? 11

The short-term price chart of AVAX witnessed a change in its trend. Earlier today, the MACD line slowly took over the signal line and went on to form a bullish crossover. The Awesome Oscillator indicator laid out an array of green bars. However, a barely visible red closing bar was put in place by the indicator. This further announced the presence of the bear in the Avalanche market.

The Relative Strength Index [RSI] noticed moderate buying and selling activity.

Ethereum rival Avalanche, Fantom TVL hits ATH amidst September blues

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Despite significant drawdowns in the market, Ethereum’s rival platforms such as Avalanche and Fantom have managed to garner traction. The market blues this month has not been kind to the decentralized finance [DeFi] ecosystem of Ethereum, which took a significant hit as part of a broader market meltdown.

However, Avalanche and Fantom are two names that have continued to mount higher. After a brief slump, the two platforms recorded a fresh all-time high with respect to total value locked in USD. According to DeFi Llama, Avalanche’s TVL surged to $3.62 billion on the 26th of September, while that of Fantom neared a whopping $2 billion. Ethereum’s TVL, on the other hand, fell from a high of $144 billion to $123 billion this month.

Ethereum lay low as Avalanche metrics flip bullish

For Avalanche, the metrics have depicted high optimism. As per the above charts in the tweet, the blockchain activity is near the highest levels, as depicted by the daily fees burned. Contracts deployed on the network have been gradually rising, indicating growing confidence in the Avalanche ecosystem. The daily transaction count and monthly active addresses were high, further evidencing heightened participation.

The latest push in TVL figures comes amidst the long-awaited launch of Avalanche Rush incentives, which will kick off next week. The program includes a $700 million incentives program led by DeFi platforms Aave and Curve, according to Avalanche, and is expected to rake in more growth to the TVL as well as yields available to DeFi users.

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Ethereum rival Avalanche, Fantom TVL hits ATH amidst September blues 14

The Avalanche ecosystem saw explosive growth after the first announcement of a $180 million liquidity mining incentive program backed by Aave and Curve Finance. Its native AVAX went on a massive rally after decoupling from the broader market price action.

Fantom’s Growth Trajectory

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Ethereum rival Avalanche, Fantom TVL hits ATH amidst September blues 15

Despite being the leader in the blockchain industry, the Ethereum network’s congestion and high gas fees have paved the way for viable alternate projects. Fantom happens to be one such layer one smart contract platform that has enjoyed attention off late. It uses a directed acyclic graph architecture to fix issues concerning slow transaction speeds and high transaction fees.

The platform first gained its biggest momentum boost after the announcement of a 370 million FTM incentive program, made to lure new protocols and liquidity to the Fantom ecosystem. But the latest ATH comes after the launch of its much-anticipated NFT platform and marketplace Artion.io.

Solana [SOL] finds its way back into the race and Avalanche [AVAX] follows suit

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The entire crypto market was painted green. Solana [SOL] and Avalanche [AVAX] were seen leading this bull run. Every other asset, including Bitcoin [BTC], Ethereum [ETH], Binance Coin [BNB], and Cardano [ADA] were taking a backseat.

The last couple of days were quite hard on Solana [SOL]. The altcoin lost its stance and witnessed a major plummet. While the coin lost all its gains over the week following the Denial-of-Service attack. However, at the time of writing, SOL was trading for $160.99 with a 14.52% surge over the last 24-hours.

Furthermore, the market cap of the crypto-asset was at $47 billion which further allowed the coin a spot in the top ten. Standing as the seventh-largest cryptocurrency, SOL entered this list despite being fairly new to the market.

Solana [SOL] one-day price chart on Binance

Solana
Solana [SOL] finds its way back into the race and Avalanche [AVAX] follows suit 18

The one-day price chart of SOL noted major bear sightings. The Parabolic SAR indicator formed dotted lines over the candlesticks restricting any possible uptrend. This line acted as a line of resistance. The Awesome Oscillator indicator laid out red closing bars and announced the presence of bears in the SOL market. This could further mean that SOL’s hot streak could soon come to an end.

The Relative Strength Index [RSI] pointed out that Solana [SOL] was being overtly bought.

Avalanche [AVAX] one-day price chart on Binance

Avalanche [AVAX] not only surged in terms of price but also market cap as well as ranking. The altcoin made headlines after it rose as the eleventh largest cryptocurrency. The market cap of the coin, at press time, was at $15.8 billion. The asset remained over prominent coins like Uniswap [UNI] and Chainlink [LINK].

During the time of writing, AVAX was trading for $71 with an 11.36% surge over the last 24-hours. The previous seven days proved to be profitable for the coin as it witnessed gains of about 42%.

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Solana [SOL] finds its way back into the race and Avalanche [AVAX] follows suit 19

The one-day price chart of AVAX had the bull dancing in its market. The MACD line surged over the signal line and formed a bullish crossover. The Chaikin Money Flow [CMF] indicator stayed untethered in the bullish region. This could mean that AVAX would continue its current momentum.

The Relative Strength Index [RSI] revealed that AVAX was being overbought.

Has Avalanche [AVAX] topped out after over 460% growth?

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Avalanche [AVAX] a relatively new layer-one solution has gained wide recognition of late. Its rally in terms of price and adoption comes at a time when the leading smart-contract platform, Ethereum, struggle with high transaction costs and slower processing times. Since hitting the June lows, Avalanche has been up by well over 460%.

A quick primer: Avalanche is essentially the brainchild of Cornell University computer science professor Emin Gün Sirer, and is often heralded as an “Ethereum killer.” It is designed to be a high-performance blockchain platform that provides a scalable and secure environment required for the creation of decentralized applications [DApps].

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Has Avalanche [AVAX] topped out after over 460% growth? 22

One of the massive driving factors was the announcement of Avalanche Rush last week, which happens to be a $180 million liquidity mining incentive program rolled out along with Aave and Curve. It is created to set the stage for more applications and assets to its thriving decentralized finance [DeFi] ecosystem.

Avalanche had previously lacked a bridge to port over digital assets. However, after the introduction of a new bridge, that enabled the transfer of assets between the Avalanche and Ethereum networks. Soon after this, the platform’s TVL saw an astonishing rise. As of 22nd August, the total value locked in Avalanche was $1.12 billion. As a result, the price of AVAX, the token underpinning the platform skyrocketed.

Are bullish cues in Avalanche [AVAX] fading?

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Has Avalanche [AVAX] topped out after over 460% growth? 23

The volatility on the AVAX market is intact and the rise in trading volume has supported the parabolic trend. The Chaikin Money Flow [CMF] also depicted a period of capital inflow into the coin market despite a minor dip. The Awesome Oscillator [AO] also aligned with the intense bullish momentum. The Relative Strength Index [RSI], on the other hand, though above the 50-median line, has bounced from the extreme overbought conditions that indicating AVAX’s sporadic rise facing sellers resistance. This could, at least in the short term, cause a minor pullback in the price of the asset.