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HIGHLIGHTS
- Avalanche (AVAX) is a Layer-1 blockchain network that operates as a platform for decentralized applications (DApps) and other custom blockchain networks.
- Launched by Ava Labs in 2020, AVAX registered its all-time-high of US$110 on 18 November following its partnership with Deloitte.
- On Friday, it is trading at US$107.43 with a 24-hour trading volume of US$1,993,924,885.
Avalanche (AVAX) is a Layer-1 blockchain network that operates as a platform for decentralized applications (DApps) and other custom blockchain networks. Considered to be an Ethereum rival, Avalanche has been making serious inroads in the market of late, defying the market trends. Launched by Ava Labs in 2020, AVAX registered its all-time-high of US$110 on November 18 following its partnership with Deloitte.
As rivals fret, Avalanche defies crypto trends
Another reason for the rally could be Binance.US’s announcement of listing of AVAX and opening trading on AVAX/USD and AVAX/USDT pairs on November 18 from 8 am EST onwards. The rally seems to have continued on Friday as well, but the price seems to have pulled back a bit and has settled around US$105 or so. Following AVAX’s is amazing considering the fact that, market experts had predicted that AVAX could be in for a bearish run. Instead, it is now showing signs of a bullish trend, defying the crypto trends.
Also read: Binance Labs partnership lifts MOBOX (MBOX) crypto's spirits
On Friday, it is trading at US$107.43 with a 24-hour trading volume of US$1,993,924,885. At the time of writing, the 12th-ranked AVAX was up by 2.24% in the last 24 hours with a live market cap of US$23,666,398,862 with a circulating supply of 220,286,577 AVAX coins.
The Deloitte partnership
Founded by Cornell University professor Emin Gun Sirer and Computer Science PhD’s Kevin Sekniqi and Maofan Yin, Ava Labs will be partnering with Deloitte to build efficient disaster relief platforms using the Avalanche blockchain.
The new ‘Close As You Go’ platform is expected to give the officials a decentralised and fully immutable, empowering the grant funders and aid recipients using the AVAX blockchain to minimize fraud, waste, and abuse.
Also read: Is Ethereum Meta's 1750% rally too good to be true?
What makes AVAX unique?
AVAX consists of three individual blockchains: X-Chain, C-Chain and P-Chain. Each of these chains serve a distinct purpose, quite different from how Bitcoin and Ethereum are used. While the X-Chain attempts to create and exchange the native AVAX tokens using the ERC-20, the C-Chain is a bunch of smart contracts and decentralized applications and allows developers to fork EVM compatible Virtual Machines.
With the P-Chain, the network validators track active subnets and enable the creation of new subnets. This division of computing tasks enables the network to improve its interoperability with other blockchains looking to integrate with the Avalanche ecosystem.
Is it worth investing in AVAX?
Market experts predict that AVAX is one of the strongest coins at present. With its price expected to grow over +220% in the next five years, the investors would do well to invest in the token, which has the prospect of consolidating further. If the rally continues, we could see the price soar to US$300 or more by 2026.
