Avalanche Of New Users Rush To AVAX — This Is What’s Behind The Token’s Growth
While the rest of the crypto market is caught in a landslide, Avalanche is holding its ground and setting new all-time highs.
Covered:
- Avalanche Price Update
- On-chain Data Fueling Ecosystem Growth
- Brief AVAX Ecosystem Overview
Whenever a top cryptocurrency is making big moves amid the rest of the market, crypto Twitter never fails to bring the memes. This week, the strength from Avalanche (AVAX) has been catching the eyes and attention of the crypto space as it has climbed to a new all-time high of $104.61 despite Bitcoin and the rest of the market correcting.
The #Avalanche ecosystem this week$AVAX $TIME $SB@zhusu @danielesesta @satsdart pic.twitter.com/SpnBL4lkPU
— Few (@0xfew) November 17, 2021
Avalanche Price Update
At the time of writing, Avalanche’s native token AVAX is setting new all-time highs, trading at $104 USD.
Taking a closer look at the token’s price action, AVAX has been on a tear since breaking out at the beginning of November. The daily chart is showing a steady rise in volume since the market-wide bottom of July. Steady growth in volume is indicative of a healthy market as it shows that more and more people are joining the AVAX ecosystem. As daily trading volume increases, it shows that larger sums of money are trading the token over time.
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On-chain Data Fueling Ecosystem Growth
If we take a look behind price action, on-chain data from Avalanche data tracker Snowtrace show that daily transactions on Avalanche’s main blockchain (C-Chain) have been skyrocketing since mid-August.
Currently, AVAX has settled about 33.14 million transactions in total.
Last Monday, the single highest number of daily transactions on AVAX was recorded at 556,581 transactions.
The number of unique addresses is also going parabolic, meaning that users are onboarding the Avalanche blockchain at an exponential rate.
Brief AVAX Ecosystem Overview
If you aren’t familiar with Avalanche, it’s a smart contract platform that seeks to provide scaling solutions and lightning-fast transactions. According to its website, the primary focus of AVAX is to facilitate a blazing fast network that’s low cost and environment friendly. It was launched in September of 2020 by a three-man team known as Ava Labs.
In the last year, the AVAX ecosystem has seen explosive growth, with more than 300 projects launching in the first year.
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Text source: CryptosRus
