The cryptocurrency world has been gearing up to host a big alt season. As the trends in the business show signs of exiting the supercycle. Therefore, traders and analysts have been guessing at the prominent digital assets in the industry. For a better understanding of the whereabouts of the analyzes around the digital asset.
The people of Crypto Town are interested in utility chains with strong fundamentals for their portfolios. As a result, cryptocurrencies like Avalanache, Solana, Polygon, among others, have dominated the trending charts. AVAX has been a trend on a social platform with more than 65 thousand mentions. Successively, the metrics and chain activities have been climbing north.
Do these analyzes hint at Avalanche’s rise to the triple-digit mark?
On-chain analysis of the 9th largest crypto asset has gone uphill. That has been in the mist for the masses. Learning from sources, as of the previous day, Avalanche’s total trading volume reached 100.73 million. Daily transactions recorded a drop to 817,097 on February 14, on Tuesday it accelerated to 946,246.
In turn, the unique addresses graph shows the total number of distinct addresses. And the increase in the number of daily addresses. The metrics have been on a steady slope in recent months. As of February 15, the total number of addresses is 1,984,417, while the daily increase is 10,984.
On the other hand, the average price of gas used by the network has dropped significantly in the last quarter. From the average price of 222.58 nAVAX on August 23 to the current price of 67.84 nAVAX. In contrast, the total daily block count has remained at levels above 40k since the crash in Q4 2021. Network utilization has spiked towards peaks, with a current hold of 39.63%.
The Avalanche bridge cites that TVL volume in January recovered its gains and has now surpassed the $5.8 million mark. A breakthrough would be fueled by newer features in Dapp, which could attract new users and funds. With more tokens moving to Avalanche, the network will find overwhelming numbers.
Will the growing Avalanche activities invite the bulls?
The Avalanche network has hosted an overwhelming number of events including launches, farming, collaborations, and more. And would see more crowds in the days to come. The list of feats includes Axelar raising $35M series B fundraiser at a $1B valuation, D-LAUNCH live on Avalanche. And the Frontier wallet is rolling out with new features.
Projects built on the web have done exceptionally well with collaborations and other initiatives. According to sources, Pangolin in an alliance with the NEAR protocol will deploy its DEX on the protocol. In another event, Muon partners with NFT trading to power cross-chain NFT trading.
Next week is still packed with events for Avalanche and its projects. Such as Hackathon Workshop, IDO, Hackathon Rewards, Launches, Engagement Initiatives, Sessions on Finance Projects, NFTs, and more. That said, the increasing activities shed light on the network’s expansion and growing number of users.
In short, on-chain metrics have witnessed a steady climb up the charts towards higher cliffs. The growing number of users, transactions, and TVLs have been fueling the race and will possibly continue to do so.
AVAX price is currently at $95.49 with 9.1% earnings per 24 hours. The digital asset is up 10.3% from a week and 29.9% over the fortnight. At a similar rate, AVAX could possibly reclaim its ATH by the end of February.
This post Will these metrics help Avalanche succeed over Ethereum? AVAX price at $120 in fortnight?
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