Analyst Predicts Rallies for Avalanche (AVAX) and Fetch.ai (FET), Outlines Area of Interest for Gaming Altcoin

A widely followed crypto trader is predicting more rallies for smart contract protocol Avalanche (AVAX) and artificial intelligence (AI)-focused altcoin Fetch.ai (FET). Pseudonymous analyst Altcoin Sherpa tells his 201,600 followers on the social media platform X that Avalanche is likely not yet done rallying.

Timeline of Avalanche, Fetch, Onbeam

In a groundbreaking move, Masa has launched its zk-data network, a marketplace built on a subnet powered by Avalanche's AvaCloud. This innovative platform is set to disrupt big tech data silos, incentivizing a consented and verified data marketplace between data providers and consumers.

Avalanche (CRYPTO: AVAX) has eclipsed Dogecoin (CRYPTO: DOGE) to claim the ninth spot on CoinMarketCap's leaderboard of the top 100 cryptocurrencies. What happened: The market value of Avalanche has swelled to $14.23 billion at the last count, edging out Dogecoin's $13.64 billion market cap.

Avalanche has seen its native token AVAX rise rapidly over the last 30 days to make its way into the top 10 tokens by market cap. This rally was not exactly out of the blue as activity had begun to pick up once more on the Avalanche network.

Crypto Price Prediction: On December 11th, the crypto witnessed a sudden sell-off as the leading cryptocurrency also reverted from $44500 higher. This reversal has turned the uncertainty of many major cryptocurrencies into a short pullback.

Avalanche (AVAX), a cryptocurrency that has been turning heads recently, stands out as one of the few digital assets that managed to thrive in a bearish market. While major cryptocurrencies like Bitcoin and Ethereum faced a 6% decline in December, AVAX surged, posting an impressive 13.6% gain in just 24 hours, according to CoinGecko data.

Institutional investors are waiting on the sidelines for more crypto regulations, according to the chief strategy officer of market intelligence firm CoinShares. Bitcoin (CRYPTO: BTC) has surged over 14% this week and hovering around $44,000, a stark contrast to its position in January.

Early on Monday, a swift correction erased billions from the crypto market, causing major tokens to lose up to 10% in value within half an hour. As of December 11, 2023, almost all top 20 coins by market cap were in the red for the past 24 hours.

Starting the week in a bearish mode, Bitcoin tumbles down to the $42K support with a double top reversal in the 4H chart. As the BTC price fails to cross the $45K barrier, Altcoins will enter a short pullback phase and take a short step back.

Avalanche, the fourth-generation proof-of-stake (PoS) blockchain, incurs significant costs to incentivize its validators. Token Terminal data on December 7 shows that in the past year, the smart contract platform paid over $275 million in AVAX to compensate its validators despite generating only $11.5 million in user fees.

Avalanche (AVAX) is proving yet again how a cryptocurrency can be completely revived and placed on a rare growth pedestal. The proof-of-stake (PoS) protocol, described as the fastest in the industry in terms of Time to Finality, has entered into the top 10 list of cryptocurrencies by market capitalization after its resounding 105% growth over the past month.