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Avalanche (AVAX) Sets New ATH Following Smart Contract Coins Frenzy

UTC by Steve Muchoki · 2 min read
Avalanche (AVAX) Sets New ATH Following Smart Contract Coins Frenzy
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Avalanche (AVAX) token has added approximately 202.5%, 15%, and 14% in the past 30 days, 14 days, and seven days respectively.

Avalanche native coin, AVAX, reached a new all-time high (ATH) of around $64.52 on September 12, 2021. Meanwhile, AVAX traded around $54.76 at the time of reporting, down approximately 15.7% from the all-time high. The spike to a new ATH follows a similar trend observed in smart contract tokens including Cardano, Solana, and Polygon. Notably, due to the high scalability observed with these ecosystems, they have been framed as ‘Ethereum Killers’.

There are 220,286,577 units of AVAX in the circulating supply, with the total supply standing at 377,752,194 and the maximizing supply set at 720,000,000. According to market analytics provided by CoinGecko, AVAX had a market capitalization of $12,037,977,850 with its average daily trading volume at $2,443,974,822.

Ranked at position 14 by market capitalization, the Avalanche ecosystem has risen to one of the best preferences for decentralized application (DApp) developers. Additionally, a notable demand from retail investors has fueled the continued rally despite other digital assets including Bitcoin lagging.

Avalanche (AVAX) token has added approximately 202.5%, 15%, and 14% in the past 30 days, 14 days, and seven days respectively. Notably, AVAX has risen approximately 1842% since the asset recorded its all-time low of $2.80 on December 31, 2020.

However, according to market analytics provided by Binance-backed Coinmarketcap, the return on investment by Avalanche’s token is approximately 10733%.

Avalanche (AVAX) Market Setup and Its Way to ATH

Avalanche and its mainnet were launched in September 2020, a time when the DeFi ecosystem fueled and led the crypto bull market. The ecosystem prides itself on having the fastest, low-cost, and eco-friendly blockchain.

Notably, the ecosystem records 4,500 transactions per second, compared to Polkadot with 1,500 tps, Ethereum 14 tps, and Bitcoin with 7 tps. The high transaction throughput combined with energy efficiency and thousands of node validators makes the Avalanche eco-system scalable and the best place for developers to launch a competitive decentralized financial ecosystem.

From a technical standpoint, the AVAX token is ready to venture into the price discovery zone in the next coming weeks. Notably, the asset strongly retested its ATH set previously and is currently using it as a support level.

Should the buyers outrun the sellers as observed in the past few weeks, AVAX is set to set a new ATH soon.

The future of the AVAX token and its growth prospects remains in its ability to convince developers of a better market than other smart contract ecosystems. Notably, the Ethereum ecosystem by far commands the largest DeFi ecosystem including Uniswap among others.

Altcoin News, Cryptocurrency news, News
Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery! "You cannot enslave a mind that knows itself. That values itself. That understands itself."

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