13% Surge Sends AVAX Rumbling – Is This The Start Of Something Big?
29 Enero 2024 - 7:30AM
NEWSBTC
AVAX, the ninth-largest cryptocurrency by market capitalization,
has defied recent selling pressure, experiencing a notable 13%
surge in the last 24 hours. This rally propelled the Avalanche
Network token to a 10-day high of $36, sparking optimism among
investors for a more sustained upward trend. Analysts attribute
this positive momentum to two key factors: the increased activity
on a decentralized social app called The Arena and the introduction
of a groundbreaking scaling solution by Ava Labs. Related Reading:
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February? Solid Run: AVAX TVL Soars 27% The Arena, a SocialFi
platform built on the Avalanche blockchain, witnessed a remarkable
27% surge in its total value locked (TVL) within just 24 hours. As
the fourth-largest SocialFi decentralized application (dApp) with
over $798,000 in deposits. Source: Defillama The Arena aims to
capitalize on the growing popularity of similar platforms like
Friend.tech. Despite facing a temporary setback due to an exploit
shortly after its launch, the recent rebound is viewed by
proponents as a potential turning point. Given that AVAX is the
utility token for The Arena, its success could directly contribute
to the increased value of the crypto. One of the catalysts behind
Avalanche’s bullish momentum, however, stems from Ava Labs’
ambitious new project: Vryx. This innovative scaling solution aims
to transform transaction processing on the Avalanche network,
promising an impressive capacity of 100,000 transactions per second
(TPS) without compromising security or decentralization. 1/
Introducing Vryx: Fortifying Decoupled State Machine Replication
(How the #Avalanche HyperSDK Will Reach
HyperTPS)https://t.co/eY3uWcyTPr — Patrick O’Grady 🔺
(@_patrickogrady) January 26, 2024 Avalanche currently trading at
$35.02 on the daily chart: TradingView.com Addressing a significant
challenge in blockchain technology—scalability—Vryx’s successful
implementation has the potential to attract a wave of new users to
the Avalanche ecosystem. AVAX Surge: Excitement Amid Volatility In
a related development, the latest price surge of AVAX got the
derivatives market excited as well. According to NewsBTC’s analysis
of Coinglass’ data, the Open Interest (OI) in AVAX futures jumped
by a whopping 20% to $239 million in the last 24 hours. Source:
Coinglass Despite the promising developments, caution prevails. The
cryptocurrency market is notorious for its volatility, and the
broader market sentiment plays a crucial role in AVAX’s
performance. Ongoing market turmoil could temper AVAX’s momentum.
Additionally, the success of both The Arena and Vryx remains
uncertain, necessitating close monitoring of their development.
Related Reading: Shiba Inu On Fire: Over 12 Million SHIB Vaporized
– Impact On Price Avalanche’s recent surge is viewed positively,
offering promising indicators for the future of AVAX. Increased
adoption of The Arena and the successful deployment of Vryx could
drive further demand for the token, potentially sustaining an
upward trajectory. However, investors are reminded to conduct their
own research and exercise prudence before engaging in any
cryptocurrency investment, considering the inherent risks
associated with the market. Featured image from Shutterstock, chart
from TradingView
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