Avalanche (AVAX) Soars 50% - Here's Everything You Should Know

Avalanche (AVAX) Soars 50% – Here’s Everything You Should Know

Updated: 20 July 2022

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On Wednesday, Avalanche coin appears to be well-positioned for gains when the cryptocurrency sector as a whole experiences new tailwinds. The surge in the AVAX coin began upon a bullish breakout of a symmetrical triangle pattern on the 4-hour chart.

After a strong recovery over the last few days, the crypto community predicts that the Avalanche coin will rebound this month. The reason could be attributed to recent reports indicating that the crypto market increased by nearly 5%, reclaiming the $1 trillion benchmark.

On the other hand, the cryptocurrency market increased by nearly 5%, regaining the $1 trillion mark. This could be the cause of the cryptocurrency bull run.

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Avalanche (AVAX) Price Review

The current live price of Avalanche is $24.99, and the 24-hour trading volume is $123 million. Over the last 24 hours, the Avalanche has risen 7.41%. With a live market cap of $7092.4 million, Avalanche is now ranked 14 on the market. It has a circulating supply of 283.8 million AVAX coins and a maximum supply of 720 million AVAX coins. Avalanche (AVAX) has risen from a low of $20.60 to a high of $24.80.

Over the last 24 hours, the global cryptocurrency market again surpassed the $1 trillion mark, with a 5% increase. As a result, Avalanche (AVAX) has been regarded as one of the best-performing cryptocurrencies, rising from a low of $20.60 to a high of $24.80.

Given the rising inflation, the Federal Reserve is expected to raise interest rates to meet this month. As a result, this week, Avalanche’s price increase could be a bull trap. However, the crypto community predicts that the Avalanche currency will make a comeback this month, following its incredible recovery.

Network Developments of Avalanche (AVAX)

Given the Avalanche Crypto network’s advantages over the Ethereum network, it is highly likely to experience exponential growth. Avalanche, for example, has a significantly higher transaction output (6,500 per second) without compromising the network’s ability to scale.

Avalanche (AVAX) is a network comprised of three distinct blockchains. These are the C-Chain, X-Chain, and P-Chain. In the avalanche network, each of these chains serves a specific purpose. Because DeFi is still expanding, I believe Avalanche will emerge stronger than before.

The Avalanche network’s efforts to build bridges to improve interoperability between its ecosystem and Ethereum demonstrate this.

Bullish Recovery in the Bitcoin and Ethereum Drives Uptrend

The Avalanche coin’s gains were also aided by the rising prices of the world’s two largest crypto coins, BTC and ETH. The BTC/USD pair has surpassed the $23,000 mark. Moreover, if BTC continues to hold above the $22,500 support level, it could reach the next resistance level of $24,000.

On the other hand, the ETH/USD’s market cap crosses over $190 billion following a breakthrough of the $1,500 mark. As a result, the bullish rally in Bitcoin seems to be one of the primary reasons for Avalanche’s success.

AVX/USD Trades amid Weakness in US Dollar

Lately, there’s been a bearish trend in US dollar prices, which could be one of the reasons behind the bullish trend in the AVAX/USD pair. The greenback failed to halt its losing streak and lost more ground as the euro currency attracted additional bids.

The single currency Euro continued its overnight rise as investors found relief that Europe might not face the worst energy shortages.

Hence, the bets on the possibility of a more aggressive rate hike from the European Central Bank increased, diminishing the attractiveness of the US dollar. As a result, the AAVX/USD coin is strengthening.

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