Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Avalanche: Is There A Chance To Hit $50 Again?

CryptocurrencyMay 11, 2021 03:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Avalanche: Is There A Chance To Hit $50 Again?

  • Avalanche (AVAX) reached its all-time high of $59.94 in February 2021, less than six months after its launch, grabbing the attention of the crypto industry.
  • The token has since plummeted to $38.48 in a price correction, leaving analysts wondering if the cryptocurrency can reach the highs of $50 again.
  • Avalanche, touted to be an Ethereum killer, was designed to be a one-stop platform for the launching, trading, and decentralization of assets through smart contract technology.
  • The protocol is equipped with enterprise-grade functionalities, which set it apart from its competition, and the launching of Verso (NYSE:VRS) Finance gives analysts a ray of hope that prices will go up again soon.

After Avalanche launched in September 2020, it instantly grabbed major headlines and the “Ethereum killer” moniker after it was discovered to have several complementary features with Ethereum.

According to the brains behind the protocols, Avalanche can handle up to 4,500 transactions per second, making it ideal for large-scale operations. After reaching its all-time high of almost $60 in February, the big question on everyone’s mind is whether Avalanche can repeat the feat.

Road To Over $50

Avalanche (AVAX) surpassing $50 didn’t come off as a total surprise to industry experts because of the sheer amount of functionalities rolled into Avalanche, which allows users the ability to launch applications for DeFi, trading, and other complementary services. Additionally, Avalanche has been hailed as the first smart contract network that completes transactions in under one second.

Towering above the competition, Avalanche brings all the pieces of the DeFi puzzle under one large umbrella, allowing for unified access in order to become the default for all things about smart networks.

In addition to these features, Avalanche has a solid team behind it, including three co-founders who have long-running experience with blockchain technologies.

Chief amongst these co-founders is Emin Sirer, an expert computer scientist with a storied history with Bitcoin. His papers on Bitcoin scaling led directly to the creation of Avalanche. These factors contributed to the stellar rise of Avalanche, leading to it reaching an all-time high of $59.94

On the Flipside

  • Avalanche’s Web Wallet froze for up to six hours during the recent Avalaunch airdrop.
  • The stalling of the wallet was due to an influx of users on the platform for the airdrop for the XAVA token.
  • The issue is believed to have been caused by an airdrop carried out by Avalaunch.

Will Avalanche Hit $50 again?

Since reaching an all-time high of $59.94 in February, Avalanche currently trades at around $38, amounting to a 35.87% drop in value. At the moment, Avalanche ranks as the 38th largest cryptocurrency in the world with a market capitalization of $4.9 billion.

The token has a max supply of 720,000,000 AVAX and a circulating supply of 128,827,452 AVAX. By having a fixed-supply token, Avalanche can maintain its price through the creation of scarcity, which may inherently push the value higher.

The stellar features of the platform, and the millions of validators it houses, give it an edge over other platforms.

The launching of Verso Finance, which was largely incubated by Avalanche, could be a strong indicator of upward momentum for the network, depending on the platform’s success. With a broad range of stellar features and a strong team, Avalanche is set to reach and exceed previous highs.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7] You can always unsubscribe with just 1 click.

Continue reading on DailyCoin

Avalanche: Is There A Chance To Hit $50 Again?
 

Related Articles

Cardano Falls 10% In Bearish Trade
Cardano Falls 10% In Bearish Trade By Investing.com - Jan 27, 2022

Investing.com - Cardano was trading at $1.0079 by 15:38 (20:38 GMT) on the Investing.com Index on Thursday, down 10.21% on the day. It was the largest one-day percentage loss since...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email