Avalanche

Spot

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Amidst market celebrations, the price of Avalanche (AVAX) surged by 12%, but questions linger on the rally’s sustainability. 
Amid the collective celebration of the Spot BTC ETF approval, the cryptocurrency market experienced varied reactions, with certain altcoins, including Avalanche [AVAX], witnessing massive surges. 
While AVAX’s recent price boost garnered attention, concerns grew about the sustainability of this rally. 
<h3 id="span-style-font-weight-400-will-the-bulls-win-this-time-span">Will The Bulls Win This Time?</h3> 
At the time of reporting, AVAX <a href="https://coinstats.app/coins/avalanche-2/">stands</a> at $39.38 reflecting an impressive 12.9% surge in the last 24 hours. 
<figure id="attachment_62190" aria-describedby="caption-attachment-62190" style="width: 100%" class="wp-caption aligncenter">
 <img fetchpriority="high" decoding="async" class=" wp-image-62190" src="https://bitcoinworld.co.in/wp-content/uploads/AVAX-Price-Chart-5-483x300.png" alt="" width="621" height="386" srcset="https://bitcoinworld.co.in/wp-content/uploads/AVAX-Price-Chart-5-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/AVAX-Price-Chart-5.png 760w" sizes="(max-width: 621px) 100vw, 621px">
 <figcaption id="caption-attachment-62190" class="wp-caption-text">
 AVAX Price Chart | Source: Coinstats
 </figcaption>
</figure> 
&nbsp; 
Despite this surge, a closer look at AVAX’s price movement over the past month revealed a somewhat bearish trend, marked by lower lows and lower highs.&nbsp; 
The Relative Strength Index (RSI) for AVAX also declined during this period signaling a waning bullish momentum. 
Although social volume around AVAX has increased, indicating heightened discussions and interactions, the sentiment declined. 
This meant that a lot of negativity around AVAX was still omnipresent on social networks and platforms. The negative sentiment could impede the chances of growth for AVAX in the future. 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/mantle-mnt-price-reaches-new-all-time-high-is-1-possible/" aria-label="“Mantle (MNT) Price Reaches New All-Time High, Is $1 Possible?” (Edit)">Mantle (MNT) Price Reaches New All-Time High, Is $1 Possible?</a> 
<h3 id="span-style-font-weight-400-nfts-make-some-noise-span">NFTs Make Some Noise</h3> 
Amidst the price action, the Avalanche network experienced a surge in NFT activity. A mint by the SteadyNFT collection managed to generate $430,000 in terms of revenue in only 6 minutes. 
New NFT mints contribute substantial volume and activity to the ecosystem. This influx of activity around NFTs can positively impact the Avalanche network and attract more creators to the platform in the future. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 It's been only 10 days since the year started, and <a href="https://twitter.com/avax?ref_src=twsrc%5Etfw">@avax</a> had its first hyped mint. <a href="https://twitter.com/SteadyNFT_?ref_src=twsrc%5Etfw">@SteadyNFT_</a> minted in only 6 minutes, generating $430k worth of revenue! <a href="https://t.co/QYEOAzlI5o">https://t.co/QYEOAzlI5o</a> <a href="https://t.co/PiOEmIHcLa">pic.twitter.com/PiOEmIHcLa</a> 
 — Ali Taslimi (@AliTslm) <a href="https://twitter.com/AliTslm/status/1745155775624835345?ref_src=twsrc%5Etfw">January 10, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Beyond NFTs, the overall activity and transactional volume on the Avalanche network also witnessed growth in recent months.&nbsp; 
This surge in network activity bodes well for AVAX, strengthening its position within the broader crypto landscape. 
However, not all aspects of Avalanche’s performance aligned positively. 
While the network’s DeFi sector, measured by Total Value Locked (TVL) and Decentralized Exchange (DEX) volumes, showed upward momentum, development activity experienced a decline. 
The decline in development activity suggests that new updates and upgrades on the network may be delayed. This could make it difficult for Avalanche to attract more new users in the future. 
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote> 
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The Price Of Avalanche (AVAX) Went Up By 12% In 24 Hours

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