The price of Avalanche (AVAX) has surged 17% in just one week. Find out what's driving this growth and what could be next for the AVAX cryptocurrency.
Avalanche (AVAX) is currently in the lead among altcoins in what seems to be a huge rise to conclude the month of April at a very optimistic level. The digital currency has a current price of $20.65, which is on top of a daily growth of 6.81% and a week-to-date (WTD) increase of 17.35%. In addition, Avalanche is still holding on to its place as the 14th largest coin.
The price action of Avalanche has been interesting to follow recently due to the fact that it has mostly lost its favor in what appears to be a strong link with the Terra (LUNA) token. The all-time high (ATH) for AVAX has been maintained at $146.22, which indicates that its current AVAX price represents an 85% decline from this level.
Despite the Avalanche protocol’s potential for growth and development, it’s difficult to pinpoint a specific trigger for its recent price surge. While the proof-of-stake (PoS) protocol remains relevant and has strong fundamentals, the sudden surge in investor interest in Avalanche doesn’t seem to be driven by any significant news or events.
A Sustained Avalanche (AVAX) Rally
Instead of causing concern, this could be viewed in a positive light. The fact that Avalanche has been able to strengthen its fundamentals over the course of the previous several weeks continues to be a compelling selling point for the AVAX tokens among potential investors. This growth is more reliable and has the potential to significantly contribute to a sustained rally in the AVAX digital currency.
When compared to other blockchain protocols in terms of their Time to Finality, Avalanche is widely regarded as one of the most efficient solutions available today. Avalanche is focusing on expanding with a completely new approach, despite the fact that its transactions are extremely quick and secure, which are both significant selling points.
Through strategic collaborations with a variety of businesses that each provide a variety of specialized utilities, Avalanche is forging a growth trajectory that is one of a kind. The protocol only recently established a partnership with Loco, the most popular esports streaming platform in India. The purpose of the partnership is to assist Avalanche in onboarding Loco’s more than 50 million users in preparation for the launch of LegendsByLoco, an NFT marketplace catering to esports lovers all over the world.