First Mover Americas: Network Update Lifts AVAX

The latest price moves in bitcoin (BTC) and crypto markets in context for Feb. 2, 2023. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.

Timeline of Avalanche

AVAX, the native cryptocurrency of the Avalanche blockchain network is up by 14% at press time and is trading at $22.32 levels. With this recent price boost, the AVAX price is up by more than 100% on the monthly chart.

Institutional adoption is no doubt one of the most important catalysts in the crypto and blockchain segment. This was evident in 2021 by the robust adoption that poured in, albeit short-lived.

An analyst who called the end of Bitcoin's (BTC) bull market last year is predicting surges for blockchain scaling solution Polygon (MATIC) and smart contract protocol Avalanche (AVAX). Pseudonymous analyst Pentoshi tells his 671,300 Twitter followers that MATIC looks bullish and could be gearing up for a rally toward a major resistance area.

Dogecoin rose to a six-week high on Saturday, as prices rose above a key resistance level to start the weekend. The meme coin climbed to its strongest point since December, as the global crypto market cap was mostly in the green in today's session. Avalanche also surged today, hitting its strongest point since August.

Key Points: A well-known cryptocurrency analyst and trader is pessimistic about Binance Coin (BNB) and one Ethereum (ETH) competitor in the short run. Starting with Binance Coin, Smart Contracter, a pseudonymous analyst, advises that the fifth-largest crypto asset by market value might fall by 12% from present levels.

A popular cryptocurrency analyst and trader is expressing near-term bearish sentiment for Binance Coin (BNB) and one Ethereum (ETH) competitor. Starting with Binance Coin, the pseudonymous analyst Smart Contracter tells his 219,100 Twitter followers that the fifth-largest crypto asset by market cap could plummet by about 12% from current levels.

Avalanche price analysis shows that the AVAX/USD pair is currently in a bullish trend, with prices rising steadily above $18.63. This indicates that buyers are in control of the market and are likely to push prices higher in the near future.

According to information from DeFi Llama, protocols under the Avalanche [AVAX] ecosystem have contributed immensely to it in the last 30 days. At the time of writing, the AVAX Total Value Locked (TVL) was $890.3 million.

Avalanche price analysis shows price on the up once again with price movement over the past 24 hours providing a 4 percent increment. AVAX moved up to $18.22 after today's price action, after having moved down to $16.42 yesterday.

Avalanche has been going up the chart ladder since the start of the year, following the broader crypto market rally as major cryptocurrencies break through crucial resistances. But right now, its native token AVAX seems to have found itself a new ceiling.