By Avalanche Price Prediction as AVAX Blasts Up 49% – Can AVAX Overtake Cardano?
The Avalanche price has risen by 6% in the past 24 hours, with its move to $40.91 also representing a 49% gain in the last seven days.
This makes AVAX one of the best-performing coins over this period, with the alt also having risen by 115% in the last 30 days and by 200% in the past year.
Much of this rallying has come from AVAX’s recovery from overselling, with the coin’s fundamentals remaining as strong as ever, given Avalanche’s growth as a blockchain network.
And the coin’s fortunes could only improve in the coming months, especially if 2024 brings a bull market.
Avalanche Price Prediction as AVAX Blasts Up 49% – Can AVAX Overtake Cardano?
Avalanche’s indicators are currently on fire, signalling a strong amount of buying pressure, which perhaps won’t sustain itself for much longer in the short term.
For instance, its relative strength index (purple) is now closing in on 90, a level which is firmly in ‘overbought’ territory.
Nonetheless, it seems that AVAX could continue rising for a little while yet, with its 30-day average (yellow) now rising more steeply above its 200-day average (blue).
This is a clear sign of expansionary bullishness, with AVAX’s trading volume now rising to $1.6 billion, up from $300 million barely two weeks ago.
There’s no immediate fundamental reason as to why AVAX has rallied so strongly in the past few days, with Avalanche not announcing any major news in recent weeks.
That said, it seems that traders and whales are finally remembering that Avalanche is potentially a sleeping giant, with its blockchain network experiencing steady growth over the past year.
It remains the fourth-biggest blockchain in terms of total value locked in, which in Avalanche’s case stands at just over $900 million.
Go beyond the narratives and dig into the data 🔎
Here’s a quick overview of some notable metrics from Avalanche Watch: November Edition 👇
Liquid Staking protocols see explosive growth in TVL: Led by @BenqiFinance (+131.4%), @GoGoPool_ (+157%) and @yieldyak_ (+119.7%)… pic.twitter.com/l95iz2L2rJ
— Avalanche 🔺 (@avax) December 14, 2023
It also experienced big growth in NTF sales in November, as well as growth in the usage of Avalanche-based yield farming protocols, such as Vector Finance and Beefy Finance.
Taken together, such factors would point to further increases for the Avalanche price in the next few weeks and months, with analysts increasingly expecting a bull market next year.
AVAX could be one of the biggest beneficiaries of such a market, with its price potentially reaching $60 within the first few weeks of 2024.
Big Rallies With New High-Potential Altcoins
AVAX may have lots of potential as one of the fundamentally strongest alts in the market, yet 2024 is likely to bring a wide range of different rallies, from major tokens to newer coins.
Amongst such rallies will be a handful of presale coins, with the biggest of these often raising enough money and enough attention to rise substantially once they list on exchanges.
One of the likeliest candidates to do this is Bitcoin Minetrix (BTCMTX), an Ethereum-based stake-to-mine platform that has raised upwards of $5.3 million in its presale.
Simplifying $BTC mining via #BitcoinMinetrix.
Transforming cloud mining with a focus on safety and openness.
Ensuring ease like never before. 🔐🚀 #BTCMTX #BTCMining pic.twitter.com/39lv7rYffz
— Bitcoinminetrix (@bitcoinminetrix) December 14, 2023
What’s exciting about Bitcoin Minetrix is that its platform will enable users to mine Bitcoin (BTC) by staking its native token, BTCMTX.
By doing this, users receive tokenized mining credits, which they can then use to pay for Bitcoin mining.
It’s really as simple as that, with those who stake enough and spend enough mining credits able to receive newly mined BTC.
Stakers will also receive newly issued BTCMTX, meaning that Bitcoin Minetrix could provide three sources of profit: mining, staking, and price gains.
This is why the project’s presale is doing so well, with investors also impressed by its aims of making Bitcoin mining more accessible and democratic.
Discover the #BTCMTX #Telegram Channel, uniting 6K+ members to explore these advantages:
📊 Stay updated on cutting-edge mining progress.
💡 Engage in lively conversations with like-minded individuals.
🔐 Gain exclusive insights and valuable tips.🔗 https://t.co/jjqYaqOtyv pic.twitter.com/HXg7HBQdzb
— Bitcoinminetrix (@bitcoinminetrix) December 15, 2023
While there isn’t that much time left before the sale ends, new participants can get involved by visiting the Bitcoin Minetrix official website.
There, they can buy BTCMTX at a cost of $0.0122 per token, while the coin’s listing on trading platforms in the New Year could see it rise much, much higher.
Visit Bitcoin Minetrix Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
