Avalanche may have had a solid Q1, but what promise does April hold
- The AVAX bullish sentiment has decreased after an impressive all-round performance in March.
- The Avalanche blockchain experienced a great deal of NFT volume and stablecoin supply.
Having dominated other cryptocurrencies in the market, price, and social activity, Avalanche [AVAX] was one of the best performers in March.
But this outmatch did not only begin in the third month. In terms of price, AVAX has been able to dominate the second-ranked asset in market cap Ethereum [ETH] in the last 90 days. While ETH boasted of a 50% hike, AVAX put up a 60.30% increase in the first quarter.
Realistic or not, here’s AVAX’s market cap in ETH’s terms
As the day goes by, the influence reduces
Although LunarCrush ranked listed the token of the layer one (L1) blockchain as one of the top assets with the best traction, its current condition may call for wariness as next month approaches.
First off, the social intelligence platform revealed that social contribution in relation to the asset has decreased by 79.9% in the last seven days as shown below.
The metric shows the tally of the number of unique people discussing an asset in real time. Since the value had secretly diminished, it implied that the velocity of AVAX social interaction was down and traction trended lower.
Another metric that has dwindled over the same period is the bullish sentiment. The metric specifically considers shared perception about an asset. Although the bullish sentiment rose over the last 24 hours, the seven-day performance was a 66.95% decline.
Despite having the support of Bankless co-founder who posted severally about the token, AVAX’s acumen moved downwards. Due to these backtracks, its alt rank position which puts market volume perspective into consideration budged 44 places.
Big strides and a “March” toward confidence
In terms of Non-Fungible Tokens (NFTs) sales, Santiment revealed that collectibles linked to the blockchain had several good days. As revealed by the on-chain tracking tent, sales volume reached eight figures on several occasions with a 30-day high of 16.95 million.
This means that NFT traders turned their attention toward AVAX assets. However, the volume appeared to have decreased at press time. Away from drawdowns, whales seem to be making efforts to help keep up the AVAX performance in April with stablecoin input.
How much are 1,10,100 AVAXs worth today?
Evidently, the stablecoin market has been hit with challenges as Circle [USDC], and Binance USD [BUSD] market caps were underwater. However, whales’ stablecoin supply for the token has been increasing since 14 March. At press time, the supply percentage was 50.65.
A testament to this action would be the conviction that investment in AVAX could be worthwhile. However, it was uncertain whether the supply increment was for the short or long term.