Excellent MATIC, TRX and LINK

adminDecember 8, 2023

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In recent weeks, Avalanche (AVAX) has seen an incredible surge, outperforming several major cryptocurrencies such as Bitcoin Cash (BCH), Polygon (MATIC), Polkadot (DOT), Tron (TRX), and Chainlink (LINK). . This rapid rise has made AVAX a top 10 cryptocurrency by market cap and is now worth $9.8 billion, excluding Lido Staked ETH. This achievement marked the highest ranking of the year.

Avalanche’s rise has been especially notable when compared to Bitcoin (BTC). Among the top 30 cryptocurrencies, AVAX’s performance against Bitcoin has been outstanding, up 60% over the past three months, second only to Solana’s nearly double. This means that traders who exchanged BTC for AVAX three months ago can now benefit from a 60% increase in their Bitcoin holdings while also benefiting from BTC’s 70% appreciation against the US dollar.

What is an avalanche?

Launched in 2020, Avalanche stands out with its goal of being fast, flexible, secure, cost-effective and easily accessible. Additionally, as an open source initiative, it encourages public participation, allowing anyone to review and contribute to the development of the codebase.

One of the key features of the Avalanche blockchain is its ability to achieve fast transaction finality. The AVAX token is an integral part of the ecosystem, used to settle transaction fees, maintain network security, and serve as the base currency on the various blockchains within the Avalanche network.

Avalanche is a layer 1 blockchain, just like Solana, Ethereum, Tron, and Polygon. It supports a variety of applications including stablecoins, DeFi, memecoins, and Ordinals. But why is the Avalanche so popular in the market? Vivek Raman, head of proof-of-stake at BitOoda, suggests that these practices are part of a broader trend among alternative layer 1 networks. He points out that while major crypto assets like ETH and BTC have suffered less from the recession, altcoins like Avalanche are now catching up. Raman points out that Solana has recovered more than sevenfold from its lowest cycle, a similar trend for the Avalanche.

Used for important projects

Avalanche’s technology stack was also recently utilized in Project Guardian, a pilot project led by JPMorgan Onyx. The project explored tokenized investment portfolios using a new permissioned version of the Avalanche blockchain. Although Avalanche’s mainnet has not been used directly, Raman believes these initiatives could fundamentally advance the Avalanche ecosystem.

Avalanche also talks about many other very promising projects underway or coming soon in the AVAX ecosystem, such as Avaissance, Evergreen, and Teleporter.

most interesting project @AVAX ecosystem
Avaissance, Evergreen, Firewood and Teleporter (coming soon). And since launch, the total number of transactions has exceeded 1 billion. There’s a lot of interesting things about the Avalanche.
Let’s get started! pic.twitter.com/r2Cogw4Mzj
— Jay Kurahashi-Sofue 🔺 (@jayks) December 5, 2023

In terms of performance, Ethereum’s performance compared to Bitcoin is currently reduced by about a fifth. This contrasts with the 20% decline in BTC value for those who switched from Bitcoin to Ethereum in early September. This highlights the relative strength of Avalanche’s recent market performance, positioning it as a significant player in the cryptocurrency landscape.