Avalanche Cryptocurrency Demonstrates positive dynamics for a long time in comparison with other coins.
Avalanche has shown steady growth compared to other coins
Unlike many other cryptocurrencies, Avalanche has been showing good growth dynamics over a long period of time. Avalanche is known for being a competitor to Ethereum. In the middle of the year, the AVAX cryptocurrency cost about $ 11, but now its price has risen to $ 110.
The increase in cost was at least 31 percent and 11 percent over the past day. And now the cryptocurrency has entered the TOP-10 assets by market capitalization. At the moment it is ranked 9th.
What are the reasons for the growth of the asset? One of them is that on December 14, financial services company Circle, announced that its stablecoin will now be available on Avalanche to provide increased liquidity for the growing network. As you know, stablecoins simplify the work of users who are going to use the application on the blockchain network.
Also over the past few months, Ava Labs has undergone a protocol transformation. Since the main network went live in September, users have been able to use coins more actively. In addition, the main network was fully loaded with smart contract functions. This has helped developers build decentralized applications.
The cryptocurrency growth was also helped by the fact that several venture funds, namely Polychain Capital and Arrows Capital, contributed to the private sale of 230 million Avalanche Foundation. Part of these funds will be used to support the development of the project.
After the cryptocurrency is in the TOP-10 in terms of capitalization, most likely the number of funds and investors wishing to invest in it will increase. How much the asset price will rise will become known in the near future. Perhaps the price will drop slightly, but not critical.
Raising the capitalization of Avalanche in this way shows that investment funds are trying to pay attention primarily to projects that show practical value for the market. If Avalanche continues to develop like this, then it is possible that it will be able to enter the top 5 in terms of capitalization after a while.
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