Bitcoin

Avalanche

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-increase-opens-more-room-for-altcoin-growth/" data-wpel-link="internal">Bitcoin Price Increase Opens More Room for Altcoin Growth</a><br></p>
<p style="text-align: justify"><strong>Bitcoin price increase</strong> is positive and opens more room for <a href="https://en.coin-turk.com/amber-group-transfers-significant-dydx-tokens-amid-key-unlocking-event/" data-wpel-link="internal">altcoin</a> growth, but some still fall short of expectations. Avalanche (AVAX) experienced a roughly 15% increase, yet it remains stuck in a narrow range. How long will this continue? What does the current outlook indicate?</p> 
<h2 style="text-align: justify" id="avalanche-avax">Avalanche (AVAX)</h2> 
<p style="text-align: justify"><strong>Avalanche</strong>‘s price, despite the recent 15% increase, is still unable to break out of a 1-month consolidation period. There are many reasons for this, but the rapidly increasing circulating supply is at the forefront. The release of hundreds of millions of dollars worth of new <strong>AVAX</strong> into the market, no matter how strong the demand, cannot bring the desired rise in the middle of bull markets.</p> 
<p style="text-align: justify">For example, on May 22, nearly 10 million AVAX, valued at $347 million, will enter circulation. The unlock will occur exactly 4 days later at this time. After the unlock on May 22 (12:00 AM UTC), gradual unlocks will continue.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-352808 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/avax-sirkulasyon-arzi.png" alt="" width="1197" height="676"></p> 
<p style="text-align: justify">By the end of August 2024, there will be another similar unlock. The current circulating supply is 382 million 502 thousand. By the end of 2024, this figure will be 478.8 million. This means that an additional 96 million AVAX will enter the market for the remainder of the year. This roughly translates to an increase of $3.5 billion in circulating supply. Considering the current market value is $14 billion, this figure is definitely significant.</p> 
<p style="text-align: justify">The fact that these unlocks, made for strategic partnerships, team, and staking returns, create selling pressure that limits appetite for AVAX cannot be ignored.</p> 
<h2 style="text-align: justify" id="avax-predictions">AVAX Predictions</h2> 
<p style="text-align: justify">Looking at the short-term outlook, the price cannot break out of the 1-month consolidation period. Investors who have held <strong>AVAX</strong> for less than a year and more than a month view price increases as opportunities to sell at reasonable profit-taking levels. The $3.5 billion worth of coins yet to be unlocked, as mentioned in the first section, motivates them to buy at lower levels. This group constitutes 40%, which is not negligible.</p> 
<p style="text-align: justify">The altcoin tried to break out of the $39 consolidation range ceiling about three times last month. It was unsuccessful and is still finding buyers below this level. If medium and short-term <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a> can curb their urge to take profits, a new attempt at the $50 level could begin in the scenario where $39 turns into support.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-price-increase-opens-more-room-for-altcoin-growth/" data-wpel-link="internal">Bitcoin Price Increase Opens More Room for Altcoin Growth</a></h5>

Bitcoin Price Increase Opens More Room for Altcoin Growth

目錄

COINTURK NEWS

在 2024年5月18日發表的其他文章

This Crypto Trader Just Sold All His Bitcoin For Altcoins Like Cardano And XRP, Here’s Why

Floki Inu Frenzy: Memecoin Eyes New Highs As Open Interest Soars

Crypto personality pleads guilty to fraud after promising 60% ‘fictitious’ returns

Jack Dorsey Makes $1 Million Bitcoin Prediction; Rebel Satoshi Presale Makes Push For Massive Suc...

Altcoins Ready to Take Off

Top 3 Cryptos for Quick Gains

訂閱免費電子報，每天收取加密貨幣最新動態！