The Avalanche price rally continued on Friday as demand for the cryptocurrency persisted. The AVAX token jumped to $51.45, which was its highest level since August 29. According to CoinMarketCap, all tokens in circulation have a market value of more than $8.7 billion. That makes it the 21st largest cryptocurrency in the world, which is remarkable considering it wasn’t in the top 30 a month ago. What does the rest of the Avalanche price forecast look like?
AVAX momentum continues
Avalanche is a fast-growing platform developed by Ava Labs. The goal of the platform is to become a better tool for developers to build decentralized applications. This is achieved by focusing on the engine, architectural model, and governance mechanism.
Avalanche developers can create a variety of projects such as decentralized applications (Dapps), digital assets with smart contracts capabilities, and private and public applications.
AVAX, on the other hand, is the token that powers this network. It is what ETH is to Ethereum or what BNB is to the Binance smart chain network. Its supply is capped at 720 million tokens.
Avalanche is known for its speed. According to Ava Labs, it has a transaction throughput of about 4,500 tps. That’s much higher than Ethereum (14) and Solana (14). At the same time, it is an energy-efficient platform with thousands of nodes.
The AVAX price has rallied recently due to the continued demand for Ethereum killers. He is not alone. Other popular killers like Solana and Polkadot have also been on a strong upward trend lately.
It has also recovered because of strong user adoption. Recently, for instance, OpenOcean, a leading player in the DeFi and CeFi industry, has gained a foothold on the platform. In a statement, the CEO said:
Given Avalanche’s high reputation in DeFi circles and its high-quality protocol, this integration was a natural fit for OpenOcean. The Avalanche protocol and the Avalanche community align with DeFi’s core values. This partnership can help fulfill our vision of integrating DeFi’s most useful and secure ecosystems.
Avalanche Course Forecast
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The Avalanche price has been on a strong uptrend lately. In fact, the price of the coin increased by more than 500% between July 22 and August 24. It rose to a high of $59, which is just a few points below its all-time high of $59.95.
The coin’s uptrend has taken a pause recently. This is understandable, as it looks like it is forming the handle portion of the cup and handle pattern. Therefore, this consolidation could be the calm before the storm. So there is a possibility that it could break out to the upside as the bulls target the major resistance at $70.