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Avalanche is known for being in the top ten blockchains on coinmarketcap, usually fluctuating in the 8th and 9th positions. It gained a good rhythm in 2023, whose aftereffects are visible in 2024 as well. Avalanche has seen a 22% weekly increase and is expected to reach the $71 mark by the last quarter of this year. So, is Avalanche worth the hype? Let’s get into it.
Based on the statistics, the Avalanche price is on a bull run regardless of the market situation. Even in the past week, Avalanche has hiked by 19.60%, where the price soared from up to $42, highlighting the stable growth. This stability will be maintained, as many analytics (including Chainlink) have predicted that the number will rise to $50 soon.
These continuous gains are related to their recent partnerships with companies like JP Morgan, Citi, etc. Another reason is because of the way altcoins are valued these days. Before discussing the value and characteristics of Avalanche, have a look at the top partnerships Avalanche had in 2023. Avalanche was the most preferred altcoin in 2023 because everyone saw the benefits it brings to the table.
Avalanche partnered with JP Morgan last year to connect Onyx with a permissioned Avalanche Evergreen subnet. When this news was out, the AVAX’s price jumped by 25%, surpassing the $22.75 value mark.
In a similar event, Avalanche partnered with Citii to create real-world asset tokenization initiatives. Citi is a global bank and preferred Avalanche’s AvaCloud to construct an application that can leverage the blockchain infrastructure for pricing and the execution of bilateral spot foreign exchange trades.
In October 2023, Avalanche also launched a blockchain database system called Firewood. Avalanche’s developer explained that this upgrade would solve the scaling issues of the blockchain network. It helps in the information filing more efficiently and provides management help to solve the scaling issues.
Avalanche was launched in 2020 and is known as a competitor of Ethereum. It has a token called AVAX and uses smart contracts to work on projects. As AVAX’s prices continuously increased for some time now, it is understandable to get interested in buying it. Here’s a list of the pros and cons of Avalanche that will help you understand whether you should invest and whether it’s worth the hype.
Avalanche is one of the best blockchain networks that can offer many features. It has a low price, yet high features are an attractive deal other than Ethereum-like features. Based on many analytics, its price will grow even more in the future, the way it did in 2021’s bull run. As a crypto investor, the individual should analyze the crypto market before making investment decisions.
DAILY NEWSLETTER
Your daily dose of Crypto news, Prices & other updates..