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Highlights:
- The global crypto market fell over 11% in the last 24 hours to Monday morning.
- Aventus is a layer two blockchain protocol.
- AVT token gains attention ahead of its Ask Me Anything (AMA) session on June 15.
The crypto market fell to its one-year low on Monday, dragged down by losses in major cryptocurrencies. It plunged more than 11% to about US$973.14 billion in the last 24 hours to Monday morning, as per coinmarketcap.com.
The latest US inflation data may have wielded a devastating blow to both the crypto and the financial markets. But, moving against the negative trend, the Aventus (AVT) jumped 101.88% to US$2.36 at 6:04 am ET.
But why is it rising against the tide? Let us explore.
Aventus founder and chairman Alan Vey had said the token received generous attention from investors. Evidently, its trading volume rose about 2627% to US$12.6 million in the last 24 hours. Besides, it is expected to hold an Ask Me Anything (AMA) session on Wednesday.
Also Read: What is Hedera (HBAR) crypto and is it environment friendly?
On June 7, the token was listed on Bittrex crypto exchange. Aventus also released its Aventus Gateway API for businesses to build blockchain applications and execute network transactions. These updates may have created an upward momentum for the token.
Also Read: What is Cryptex Finance (CTX) crypto? Know price & performance
What is Aventus, and what does it do?
Aventus is a layer-two blockchain protocol offering high-speed transactions at a low cost on Ethereum. It also claims to provide higher scalability opportunities. Although Ethereum is a widely used blockchain, its transaction costs are relatively high.
Hence, Aventus provides a second-layer protocol built on Ethereum. The protocol allows applications to work with other blockchains or cross-chain through the Polkadot ecosystem.
Also Read: Is Ocean Protocol (OCEAN) rising on 4th upgrade or something else?
Aventus claims to execute 2,000 transactions per second (TPS), around 13 times more than Ethereum. Hence, it has high scalability capabilities while at the same time being cost-effective.
Its use cases range from supply chain, customer reward schemes, and live entertainment NFTs to decentralized applications.
Also Read: What is Tellor (TRB) crypto and how does it work?
Data Source: coinmarketcap.com
Also Read: Why is VeChain (VET) crypto gaining attention?
AVT token:
The token has a market capitalization of US$14.16 million. Its current circulating supply is 6 million AVTs, and the total supply is 10 million. It can be traded on Coinbase, Bittrex, Gate.io, Hoo and Mercatox.
Also Read: Why is AMM Ellipsis token (EPX) rising?
Bottom line:
Last month, the crypto market had fallen sharply, driven by the collapse of stablecoin TerraUSD. In June, however, the persistent adverse macroeconomic factors kept the market sentiments low. The Crypto market is extremely volatile; hence, investors should exercise due diligence before investing in digital assets.
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