Connect with us
Active Currencies 14908
Market Cap $2,565,201,212,137.50
Bitcoin Share 52.02%
24h Market Cap Change $-1.44

Is AVAX an undervalued asset in 2024?

2min Read

Avalanche could be a black horse in 2024, here’s why.

Is AVAX an undervalued asset in 2024?

Share this article

  • Avalanche’s activity surged despite the market downturn.
  • Partnerships with various firms grew even though sentiment declined.

After Bitcoin’s [BTC] recent crash, the crypto market cooled down, with many altcoins not seeing much traction and activity over the last few days. However, Avalanche [AVAX] could be a diamond in the rust in 2024.

A comeback in the works?

Despite the waning interest in altcoins, Avalanche managed to see massive activity. This was reflected by the growing Daily Active Addresses and Daily Transactions on the network, which have risen since the start of this year.

Source: Artemis

Growth on all fronts

A large reason for the same could be subnets on the blockchain. The Avalanche subnet addresses scaling challenges by redirecting activities from the main chain, offering unparalleled scalability and customization.

This has led to Avalanche securing significant partnerships with institutions such as Citibank and J.P. Morgan, which are keen on the new technology.

Some ups and downs

In terms of price, AVAX was trading at $36.28 at press time — its price had grown by 1.18% in the last 24 hours. However, the uptick wasn’t enough to establish a significant trend, and the price movement over the last month still looked bearish.

However, the RSI told a different story, as it saw a massive rise over the past few days. This indicated that there was a lot of bullish momentum behind AVAX’s price.

The surge in bullish momentum for AVAX could aid the token in seeing green in the future.

How much are 1,10,100 AVAXs worth today?

Regardless, there could be some challenges for AVAX in the road ahead, especially regarding social traction. The Social Volume around AVAX plummeted significantly in the last few weeks.

Coupled with that, Weighted Sentiment around the token fell as well. Thus, the overall outlook towards Avalanche on social media platforms was negative at press time.

Source: Santiment


Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.