The Avalanche price soared to an all-time high as investors reflected on the new partnership with Nexo and the ongoing Avalanche Rush event. The AVAX token is trading at $78.30, which is slightly below the intraday high of $82.85. It has a market capitalization of more than $17 billion, which is remarkable for a platform that was launched in 2020.
AVAX price rally accelerates
Avalanche is a blockchain project that enables developers to build decentralized applications (DeFi). The network is well-known for its speed, which is substantially higher than that of Ethereum, Polkadot, and Solana.
This year alone, many developers have started to build solely on Avalanche. For example, according to DeFi Llama, there are now about 56 DeFi platforms that are running. These platforms have a total value locked (TVL) of more than $8.7 billion. They include apps like Aave, Trader Joe, Curve, and Benqi.
There are actually more apps that have not been listed by DeFi Llama. According to Dapp Radar, there are about 102 dApps in the ecosystem. Therefore, analysts believe that Avalanche is a worthy competitor to Ethereum’s network.
Meanwhile, the Avalanche price is rising after it was added to Nexo’s marketplace. For starters, Nexo is a large blockchain company that provides investments and lending solutions to customers from around the world. It has millions of customers.
Therefore, these customers will now be able to buy AVAX in its marketplace and then start earning interest every day. The maximum interest they will be able to earn will be 17%.
They can also exchange AXAX for other coins and even borrow fiat currencies against the currency. Therefore, analysts believe that the coin will gain as more people buy it. Another reason why Avalanche jas jumped is because of the ongoing Avalanche Rush program.
Avalanche price prediction
The four-hour chart shows that the Avalanche price has been in a strong bullish trend in the past few weeks. Indeed, the price has risen by about 30% this month. It has also moved above the upper part of the cup and handle pattern.
The bullish view is also being supported by the 25-day and 50-day moving averages. Therefore, the AVAX price will likely keep rising as bulls target the next key psychological level of $100. This is in line with my previous AVX price forecast.
