Have These Catalysts Fueled Avalanche’s Double-Digit Run? Is AVAX Price Buckling Up For A 40% Flight?
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The global crypto market is currently gathering the numbers, for its flight to the stratosphere. Which has been clutched by a series of bearish events over the past quarter. While the previous day’s dip did hamper the sentiments of the business. A number of digital assets with their quick rate of a rebound have played the bull’s role in pushing the business.
Amongst the top performers of the industry, Avalanche has managed to script its name to the growing list. AVAX price with its double-digit gains has crowned itself as the tenth-largest cryptocurrency by market capitalization. In the interim, crypto folks are contemplating the catalysts fueling the impeccable rebound of the digital asset.
Are These The Catalysts Behind Avalanche’s Moonish Run?
Avalanche has conquered the “10th” position by market capitalization, sitting right below Terra. Which has been the other top performer over the previous day. AVAX price with its double-digit gains has caught the interests of the masses. The market cap of the crypto asset now hovers around $19,488,181,668, while the volume of trades for 24-hours is at $1,067,620,950.
AVAX at the time of press is changing hands at $80.70 with gains of 11.9%. The digital asset for 24-hours has traded along with the bandwidth from the lows of $71.72 to the highs of $80.77. As previously reported by CoinPedia, Avalanche has stood true to its name, of being one the fastest recovering digital assets in the crypto directory.
As aforementioned, folks are now pondering over the bullish catalysts that could have shooed away the bears. Talking about possible stimulants, the network has been witnessing a steady increase in institutional demands off-late. According to some reports, AVAX has bagged $25 M worth of institutional investments over the week. Making it the second-biggest performer.
Other catalysts could be NFTs, as numerous NFTs on Solana has been selling like hotcakes. The Underground over the week has registered 5,565 units of sale, at an average price of $274.96. Pizza game chefs has recorded sale of 3,315 units at an average price of $680.32. Conversely, projects like Crabada, Wonderland, and Avalaunch have been driving bullish sentiments. The bullish sentiment score of these are at 313,284, and 283 respectively.
Where Are The Metrics Heading?
Talking about metrics, according to sources, Avalanche’s TVL at the time of press is at $10.78 B. This accounts for 5.42% of the market share. In contrast, the total transactions count is at 107.59 M, while the burnt fees count to 894,700.3 AVAX. On the other hand, the total revenue is around $601.1k.
In succession, Avalanche’s C-Chain Daily transactions chart portrays an inkling move towards the north. Although the statistics have been oscillating from the highs to the lows, and vice-versa. An ascending trajectory has been instilling optimism on the higher time frame. As of the 22nd of February, the total count is at 993,342, whilst 8,194 new addresses have been seen.
Avalanche’s C-Chain network utilization chart, has been picking up pace towards higher formations on the chart. Post a plunge in numbers during the start of the year to 21.62%. The utilization of the network has been rising at a steady pace. As of the 22nd of February, the utilization of the network is at 42.5%.
Summing up, AVAX’s brisk rebound on the price charts has turned the heads of the masses in the crypto fraternity. In the interim, investors and hodlers of AVAX have been enthralled by the rebound. The growing utilization of the network, alongside bullish catalysts such as cross-chain bridges, NFTs, amongst others hold the potential in propelling AVAX towards its ATH.
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