Avalanche Impresses With 32% Rally – Will AVAX Sustain This Ascent?

Christian Encila

Last Updated: March 8, 2023 7:25 am

3 mins read

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The crypto rally that greeted the new year has definitely brought gains to the world of altcoins. According to CoinMarketCap data, most huge gains were made by altcoins in the past 30 days. AVAX, native token of the Avalanche blockchain, is one of them with gains of up to 32% in the seven days.

The rally came as major cryptos like Bitcoin and Ethereum all registered gains and increased investor sentiment. Although the fear, uncertainty, and doubt of the last year’s bear market is still present, the increasing chance of a recession still gives investors some worry.

As of writing, AVAX is trading at $15.96, up 28% in the last 24 hours, data from Coingecko show.

What Supported The Avalanche Rally?

The Avalanche ecosystem has been bullish. Recently, Shopify partnered with Avalanche to allow Shopify merchants to sell their NFTs. According to public information, users don’t need to handle any cryptocurrencies to buy NFTs.

Venly, one of the numerous blockchain partners of Shopify, created a no-code tool for sellers to create NFTs. In a recent interview, Venly co-founder Tom Dierckxens said that this evolution in NFT technology is an evolution which can be adopted in the mass market.

This is only the most previous on-chain development for the ecosystem. On a previous tweet by Axaholic, a Twitter account dedicated to Avalanche updates, the ecosystem partnered up with Re Protocol which tokenizes the reinsurance industry, empowering business through blockchain solutions.

On-chain developments also led to Avalanche experiencing a strong uptick in development activity and price as seen on data provided by Santiment.

Also, the world’s largest cloud provider, Amazon Web Services (AWS), has joined forces with blockchain technology firm Ava Labs to speed up and broaden the use of blockchain across different types of industries.

With this collaboration, Avalanche, Ava Labs’ layer-1 blockchain, will be more accessible to individuals and businesses, and node administrators will have more control over the network’s performance and functionality.

Image: Phemex

Will AVAX Maintain Its Momentum?

The current momentum seems to be profit-taking behavior before another bullish leg up. With the markets anticipating lower Consumer Price Index levels, AVAX might have a needed boost in the coming release on Thursday.

However, with its high correlation with Bitcoin, it could follow the top crypto in any direction. Bitcoin, as of writing, has broken past the $18,000 mark and trading at $18,229, up 8.2% in the last seven days, based on data by Coingecko.

Chart: Benzinga

Meanwhile, the chart above contrasts the token’s price adjustment and volatility over the past 24 hours (left) with that during the last seven days (right).

The Bollinger Bands in the middle of the chart are a measure of the volatility of the price swings over a given time period (daily or weekly) and are shown in gray.

Volatility goes up when the space between the bands (or the amount of gray area) extends.

-Featured Image: Cointribune

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.