Bitcoin

Read

Avalanche

<ul>
 <li>AVAX was currently trading around $26.8.</li>
 <li>Over 71% of holders were currently holding at a profit.</li>
</ul>
The recent upward trend in <a href="https://ambcrypto.com/search/avalanche" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Avalanche [AVAX]</a> prices has resulted in many holders experiencing gains. Despite this increase in the percentage of holders in profit, the overall sentiment has remained positive.
<h4>Over half of Avalanche holders enter profit</h4>
Recent data from <a href="https://twitter.com/intotheblock/status/1732761495128150462?t=OapMqnv6MFGkCVrv2uQS4Q&amp;s=19" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">IntoTheBlock</a> showed that over 50% of <a href="https://ambcrypto.com/can-any-avalanche-based-tokens-come-close-to-its-flagship-avax/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Avalanche</a> holders held their investments at a profit. Specifically, the data showed that around 71% of holders have found themselves in a profitable position. 
Also, this percentage may increase further as the price continues its upward trend.
<h4>AVAX uptrend in full steam</h4>
<a href="https://ambcrypto.com/how-avax-reacted-to-avalanches-rising-network-activity/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Avalanche</a> has demonstrated more profitability recently than Bitcoin and other altcoins. The daily timeframe chart showed a significant increase in daily prices over the past few days. 
Notably, AVAX has reached a price range not observed since around August 2022. As of this writing, it was trading at around $26.8, with a value increase of over 2%.
<div id="attachment_358083" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/AVAXUSD_2023-12-08_09-34-58.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-358083" decoding="async" class="wp-image-358083 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/AVAXUSD_2023-12-08_09-34-58.png" alt="AVAX/USD price trend" width="1491" height="800" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/AVAXUSD_2023-12-08_09-34-58.png 1491w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/AVAXUSD_2023-12-08_09-34-58-300x161.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/AVAXUSD_2023-12-08_09-34-58-1024x549.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/AVAXUSD_2023-12-08_09-34-58-768x412.png 768w" sizes="(max-width: 1491px) 100vw, 1491px"></a>
 Source: TradingView
</div>
The current trend indicates a decoupling from the general market, suggesting a potential rise to the $30 price range soon. 
The Relative Strength Index (RSI), standing at over 75 as of this writing, signals a robust bull trend. Also, it was hinting at a possible impending price correction.
As the price continues to rise, more holders are likely to find themselves in a profitable position.
 Santiment’s trading volume data showed that <a href="https://eng.ambcrypto.com/avalanche-flips-20-to-support-and-bulls-have-their-next-target-in-sight/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Avalanche</a> has consistently maintained a volume above $1 billion. Analysis of the volume trend showed a parallel increase with the price, reflecting a healthy and sustained movement.
<div id="attachment_358084" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Avalanche-AVAX-09.35.08-08-Dec-2023.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-358084" decoding="async" class="wp-image-358084 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Avalanche-AVAX-09.35.08-08-Dec-2023.png" alt="Avalanche volume" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Avalanche-AVAX-09.35.08-08-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Avalanche-AVAX-09.35.08-08-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Avalanche-AVAX-09.35.08-08-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Avalanche-AVAX-09.35.08-08-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Avalanche-AVAX-09.35.08-08-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Avalanche-AVAX-09.35.08-08-Dec-2023-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 Source: Santiment
</div>
As of this writing, the trading volume had reached around $1.1 billion. This was an indication of ongoing strong trading activity that could contribute to further price increases.
<h4>Avalanche traders go long</h4>
An examination of the funding rate on <a href="https://www.coinglass.com/currencies/AVAX" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">Coinglass</a> showed that traders are expressing confidence in a sustained upward price movement. The chart showed a consistently positive Avalanche funding rate over the past few weeks.
 Notably, a few days ago, the funding rate reached a level that had not been seen in months. While there has been a subsequent decrease in the funding rate as of the latest update, it remained at a noteworthy level.
Read <a href="https://ambcrypto.com/predictions/avalanche-2-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Avalanche (AVAX) Price Prediction</a> 2023-24
At the present price, the <a href="https://eng.ambcrypto.com/avalanche-exhibits-high-network-activity-can-it-boost-avax/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">AVAX</a> funding rate is 0.02%. This level suggests that traders are predominantly taking long positions, anticipating a continuous ascent in the price. 
Despite a slight decline, the persistently positive funding rate showed ongoing optimism among traders regarding the potential for further price increases.

Avalanche: Is AVAX more profitable than BTC now?

AMBCrypto

Other articles published on Dec 10, 2023

ChatGPT thinks XRP will ‘blow past’ its ATH to hit $10 in 2024

2024’s Crypto Showdown: Chainlink (LINK), BNB, and the Rising Star VC Spectra (SPCT)

XRP: Analyst Unveils Key Resistance and Support Levels for $1 Milestone

Is Ethereum Price Ready to Hit $3000? Chart Pattern Provides Insight

MicroStrategy’s Bitcoin Strategy Propelled Stock Surge Since 2020

Bitcoin’s Stride For Making All Time High Is Similar To Historic Run In 2021

Join our free newsletter for daily crypto updates!