The Avalanche price has risen in the past four straight days as the ecosystem continues to expand. The AVAX price is trading at $64.50, which is about 25% above the lowest level this month. This rally brings its total market capitalization to more than $14.45 billion, making it the 13th biggest cryptocurrency in the world.
Ecosystem growing
Avalanche is an Ethereum-killer that prides itself for being faster, cheaper, and more reliable. Its mainnet launched in 2020 and has seen significant growth in the past few months. Today, there are hundreds of applications that have been built using Avalanche.
For example, data compiled by DeFi Llama found that there are about 49 DeFi platforms in the network. These apps have a combined total value locked of more than $7.74 billion. This makes it the fourth biggest platform after Ethereum, Binance Smart Chain, Solana, and Terra.
Some of the best-known applications built on Avalanche are Trader Joe, Aave, Benqi, Curve, and Pangolin. However, there is a likelihood that more apps have not been captured by DeFi Llama.
The newest major blockchain to move to Avalanche was Alpha Finance Lab, which is best known for building Alpha Homora. Alpha Homora has a total value locked of more than $900 million.
This means that users will be able to save money in their yield farming. For example, you can supply 100 of USDT.e and then borrow $200 of AVAX. By so doing, you will have $300 of collateral assets, which you can use to leverage in the yield farm.
Still, Avalanche has a long way to catch up with Ethereum. For example, while Avalanche’s DeFi platforms have a TVL of about $7.74 billion, Ethereum’s apps have a TVL of more than $165 billion.
Avalanche price prediction
The daily chart shows that the AVAX price has made a strong recovery after it declined sharply in the final week of September. The coin has managed to move above the 23.6% Fibonacci retracement level. It has also moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved to 63. This means that the RSI has more room to run before it becomes overbought.
Therefore, like Solana, there is a likelihood that the Avalanche price will cruise above its all-time high as bulls target the key resistance at $100. This price is about 60% above the current level.
