Avalanche price looks ready to hit new all-time high in meteoric rally
- Avalanche price has posted nearly 40% gains over the past week in a bull run.
- Interest in Avalanche hits a peak as investors continue buying the token, fueling a bullish narrative.
- The fastest smart contract platform has dethroned the memecoin Dogecoin and ranks eleventh by market capitalization.
Proponents are bullish on the smart contract platform Avalanche. Analysts have predicted that the token could hit a new all-time high based on the Avalanche price chart.
Avalanche ranks in top 11 cryptocurrencies, leaves Dogecoin behind
Avalanche, the native token of the smart contract platform has posted over 37% gains over the past week. Daily transactions on the Avalanche contract chain hit a new all-time high of 896,000.
The protocol is processing 75% of Ethereum’s transaction load while settling transactions under a second, at a fraction of the cost in gas fees.
Jay Kurahashi-Sofue, the VP of Marketing at the Avalanche Labs recently tweeted:
All time highs on #Avalanche C-Chain daily transactions—at 896k!
— Jay Kurahashi-Sofue (@jayks17) December 22, 2021
As comparison, Ethereum hit 1.2M daily transactions.
Avalanche is processing 75% of the load, while settling transactions under 1 sec and at a fraction of the costs in gas. pic.twitter.com/AyTWk29XQa
Avalanche’s market capitalization has climbed consistently, leaving Dogecoin behind. Analysts are bullish on the token’s price and predict a rally. The token could hit a higher high based on @Trader_XO, a crypto analyst’s prediction.
@AltcoinSherpa, a pseudonymous cryptocurrency analysts is of the opinion that Bitcoin ranging is good in the short-term for altcoin prices. @AltcoinSherpa revealed that Avalanche is on his watchlist among other altcoins.
Here are some #Altcoin trades that I am viewing / eyeing. $YFI $AVAX $DUSK $LUNA
— Altcoin Sherpa (@AltcoinSherpa) December 21, 2021
Let me know what you think! $BTC ranging might be good for alts in the very short term. Be selective on what you choose to buy, though. https://t.co/UBPkDSx705
@Phoenix_Ash3s, a cryptocurrency analyst set his first target at $117 for Avalanche. The analyst is now awaiting the token’s price rally.
First TP reached for $AVAX.
— Phoenix (@Phoenix_Ash3s) December 21, 2021
On to the next, I'd say pic.twitter.com/YhA8YeQE7n
@BigCheds, crypto trader and analyst is of the opinion that Avalanche price trend is displaying relative strength.
$AVAX (USDT) still displaying relative strength pic.twitter.com/E0Sdyyz7vb
— Cheds (@BigCheds) December 20, 2021
Avalanche’s fee revenue has increased consistently with the rising number of transactions and on-chain activity. This has contributed to the token’s popularity, social dominance and spike in market capitalization.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
