The Avalanche price rally continued on Friday as demand for the cryptocurrency continued. The AVAX token jumped to $51.45, which was the highest level since August 29. According to CoinMarketCap, all tokens in circulation have a market value of more than $8.7 billion. This makes it the 21st biggest cryptocurrency in the world, which is remarkable considering that it was not in the top 30 a month ago.
AVAX momentum continues
Avalanche is a fast-growing platform that was developed by Ava Labs. The platform’s goal is to become a better tool for developers to build decentralized applications. It achieves this by focusing on the engine, architectural model, and governance mechanism.
Avalanche developers can build a diverse array of projects like decentralized applications (Dapps), digital assets with smart contracts features, and private and public apps.
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 well-known for its speed. According to Ava Labs, it has a transactional throughput of about 4,500 tps. This is substantially higher than Ethereum’s 14 and Solana’s 14. At the same time, it is an energy-efficient platform that has thousands of nodes.
The AVAX price has rallied recently because of the ongoing demand for Ethereum-killers. It is not alone. Recently, other popular killers like Solana and Polkadot have been in a strong bullish trend.
It has also rallied because of the strong user adoption. For example, recently, OpenOcean, a leading player in the DeFi and CeFi industries launched on the platform. In a note, its CEO said:
“Given Avalanche’s highly-esteemed reputation within DeFi circles and high-quality protocol, this integration was a no-brainer for OpenOcean. The Avalanche protocol and community stay true to the core values of DeFi. This partnership can help fulfill our vision to integrate DeFi’s most useful and most secured ecosystems.”
Avalanche price forecast
The Avalanche price has been in a strong bullish trend lately. Indeed, the coin’s price jumped by more than 500% between July 22 and August 24. It rose to a high of $59, which is a few points below its all-time high of $59.95.
The coin’s bullish trend has paused recently. This performance is understandable since it seems like it is forming the handle section of the cup and handle pattern. Therefore, this consolidation could be the calm before the storm. As such, there is a possibility that it will break out higher as bulls target the key resistance at $70.
