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The price of the Avalanche in 2021 showed pretty decent growth, with the price growing more than 3000% over the year. In fact, in the first half of November, the Avalanche saw a 130% swap from $ 62 to ATH at $ 147. However, the altcoin ranked 12th spent a lot of time consolidating.
On December 14, despite the state of the broader market, the AVAX rally appears to have accelerated amid news that Circle is launching its USDC stablecoin on the Avalanche. The emergence of USDC on the Ethereum-killer smart contract platform is expected to give a boost to the DeFi network ecosystem.
The network becomes more stable
Avalanche’s Total Locked Value (TVL) has grown more than 30x over the past year. The DeFi ecosystem on blockchain got a good boost following the $ 180 million network incentive program, the Avalanche Rush initiative. The growing TVL is also indicative of the growing institutional interest in blockchain.
Interestingly, the 11th-ranked LUNA has experienced a rally in the first week of December, and Terra’s rise in the stablecoin sector has contributed to its rally over the past month. Now that the same thing is happening with AVAX, the altcoin has a good chance of rallying for the rest of the year.
Healthy growth on the web
In addition to the dominance of altcoins in the DeFi space and its growth in TVL, the rise in active AVAX addresses is also indicative of growing participation in the blockchain. Avalanche’s daily active addresses hit an all-time high on December 14th along with rising prices.
Also, the web activity has been pretty good lately. For example, the daily number of transactions in C-Chain Avalanche has grown significantly. This meant that more and more people were using the AVAX network to complete their transactions.
In terms of price, however, the Avalanche still needed to gain a foothold above the $ 95 mark as it was down 35% from the ATH at $ 89.32 at time of publication.
The RSI AVAX indicator also finally showed gains after an ongoing downtrend since late November. When the AVAX price rises above $ 100, it could kickstart the AVAX price trajectory with the USDC entering Avalanche.
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