Avalanche (AVAX) has been highly volatile during the past month and due to the volatility, the cryptocurrency had not been able to establish a steady trend. During the daily timeframe, the cryptocurrency has been bearish with a downside move of 7%; however, the overall outlook of the cryptocurrency persists to be bullish – especially with some upcoming developments yet to unfold. At the time of writing, the cryptocurrency stands at a price level of $76.11. The daily trading volume has been increasing for the token. Avalanche is the tenth-largest cryptocurrency in the market with a growing capitalization of $18 billion.
What is happening?
On 25th February, the network performed a token burn which resulted in the evaporation of 900k AVAX tokens. Token burns limit the supply in the market which automatically results in an uptrend in the price as the token becomes scarcer. Moreover, some community members believe that the token is currently undervalued – especially in light of the recent burn. Market forces of supply and demand are expected to pick up for the token which can result in a price surge.
Avalanche has also been listed on a couple of lesser-known but fast-growing exchanges which can contribute to the future growth trajectory of the token. Trader Joe is regarded to be the world’s first humanistic crypto exchange and the exchange has recently listed AVAX token. Moreover, there is also an influx of good projects in the Avalanche ecosystem. Hashflow – which regards itself to be the fastest smart contracts platform – has went live on the network. The platform allows AVAX to be traded with lightning-fast speed and very low gas fees.
Moreover, the network is also hosting its Avalanche Summit and Hackathon in Barcelona towards the end of March. The hackathon will open up debates about further developments and scope for innovation in the Web 3.0 ecosystem and also give budding developers the chance to interact with AVAX’s futuristic technology.
What is Avalanche (AVAX)?
Avalanche is one of the blockchains that is rivaling the queen of the market. It provides a full-fledge ecosystem for the development of decentralized applications and it aims on differentiating itself from Ethereum and other competitors by providing lightning-fast speed. In terms of time-to-finality, AVAX is the fastest smart contracts platform in the market. It also has one of the highest transaction processing speeds of nearly 6,500 transactions per second.
