Avalanche Rules Top 10 Ranking With 61% Weekly Gain – Here’s The Scoop
11 Dezember 2023 - 1:00PM
NEWSBTC
Among the top 10 cryptocurrencies this week, Avalanche (AVAX) is in
the lead after rising by more than 60% in the last seven days. Its
price has risen to $36, placing it in the top 10 digital assets in
terms of market capitalization. AVAX prices have been trending
higher, which has helped many holders realize gains. The general
attitude has not changed notwithstanding this rise in the
proportion of holders in profit. More than half of Avalanche
holders kept their assets at a profit, according to recent data
from IntoTheBlock. Based on its data, around 70% of holders have
experienced financial success. Related Reading: Hold Your Horses:
Bitcoin Could Fall Back To Under $38,000, These Analysts Say
Avalanche Token Breaks Resistance Due to this week’s outstanding
results, there has been a substantial trade volume, which is a
crucial indicator that the uptrend will hold. Notably, it has also
propelled the altcoin past its initial lower high, which happened
in August 2022 during the bear market’s accumulation phase. For
almost three weeks, the price of Avalanche token fluctuated within
a narrow range of $20 to $24, suggesting a lack of strong buying
and selling pressure in the market. AVAXUSD currently trading at
$36. Chart: TradingView.com AVAX recently gained traction and had a
15% gain; as a result, the price broke through its important
resistance level. The coin saw another 15% surge when the price was
hovering at its resistance level of $28. Many causes, all closely
related to major developments in its ecology, are responsible for
Avalanche’s steady climb. The platform’s rally is a result of its
strategic concentration on two intriguing crypto narratives: gaming
and real-world assets (RWAs). RWA tokenization drives Avalanche’s
growth! 💰@avax stands out, doubling in value over the last
fortnight and rocketing up by 166% in a month. But what’s fueling
this meteoric rise? Insights from @wacy_time1 shed light on this
surge ⬇️ ————————— 1/ RWA Tokenization – The…
pic.twitter.com/sRld3NTvJ7 — Unit Network (@theunitnetwork)
December 4, 2023 Recently, Unit Network, a crypto analyst, provided
an explanation of RWAs on Avalanche. According to Bernstein’s
forecast, $3 trillion worth of RWAs will be tokenized over the
course of the next five years, and Avalanche is leading the charge
in order to meet market demand. Major Banks Embrace Avalanche Unit
Network observed that major banks using Avalanche and its subnets
to create RWA solutions include Bank of America, Citi, and JP
Morgan. Source: Santiment Meanwhile, Avalanche has continuously
maintained a volume above $1 billion, according to Santiment’s
data. An examination of the volume trend revealed a price and
volume growth that increased simultaneously, indicating a strong
and steady movement. Related Reading: Ethereum Rises: ETH Remains
Steady At Over $2,300 Amid Bull Market Expectations From a
technical perspective, the coin’s MACD is showing a notable
increase in the histogram, which suggests that there is more buying
than selling pressure in the market. In addition, the chart’s
averages display a rapid increase, indicating that the price will
likely continue to grow in the days to come. (This site’s content
should not be construed as investment advice. Investing involves
risk. When you invest, your capital is subject to risk). Featured
image from Shutterstock
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