The year 2021 has seen unusual advancements across the crypto space throughout the year. Consequently, DeFi tokens, Meme tokens, Gaming protocols, and Metaverse projects were big cheese in contribution to the total altcoin market cap. The cryptic developments would likely continue with the launch of new unique projects.
In particular, Gaming, Metaverse, and attention towards interoperability have been gaining traction of a larger user base. However, Avalanche, Polygon, and Axie Infinity have been keenly working on a diverse range of projects to dethrone the futile projects under the top 10! Notably, Cardano, Ripple, and Dogecoin almost remained sluggish in the latest bull cycle.
Cardano, which has created a lot of hype with regards to its smart contract application launch, yet failed to gain expected profits. SEC on the other hand has been not in the mood to settle its lawsuit against Ripple, which harmed the reputation of the platform. Meanwhile, the chief of the meme coin has remained quiet with nil volatility. The latest initiatives by Avalanche, Polygon, and Axie Infinity could be a threat to the aforementioned altcoins under the top 10.
Avalanche (AVAX) has turned out to be one of the solid projects which have surged by 2000% year-to-date. A consequence of interim projects catalyzed the AVAX price action. Avalanche has launched a $180 million DeFi incentive project on August 18th, 2021, which has further uplifted the price momentum from $21 to a high of $80. To carry forward the price trend, AVAX has come up with an upgrade called Blizzard to integrate its blockchain.
Through this project, the platform has dedicated a $200 million fund to conduct developments across DeFi and NFTs space. The team has been currently working on over 320 projects developing on the network including top-tier DeFi projects. Followed by the announcement there’s been a rise in Total value locked (TVL) along with a price surge. Hence, the altcoin holds the strong potential to go under the top 10!
Polygon (Matic) is yet another project which holds the solid strength to claim its rank under the top 10. The growth of the project has been immense throughout the year soaring from $0.084 to $1.84. The project has seen busy in inviting various metaverse projects to its platform, recently, The Sandbox has confirmed that it has been working to migrate from Ethereum to the Polygon ecosystem.
1/2 🙌 @wormholecrypto is coming to #Polygon
🤩 Wormhole, the generic cross-chain messaging protocol, launches a bridge to Polygon that will seamlessly connect tokens and #NFTs to Wormhole’s existing network!
🌐 Experience now: https://t.co/Lfv4UvpBjK pic.twitter.com/F79juUUwQt— Polygon | $MATIC – We are hiring! (@0xPolygon) November 9, 2021
In its latest announcement on 9th November, Polygon has confirmed its integration with Wormhole, a cross-chain interoperability protocol has planned to extend its services to Polygon to make sure the seamless connection of tokens and NFTs to Wormhole’s existing network. Collectively, the protocol is a step ahead of some other protocols under the top 10, hence it could act as the greatest competitor.
Axie Infinity (AXS):
Axie Infinity has been one of the top trending gaming projects in the recent past. The protocol has undergone tremendous rally since July surging from $5 to $150 at the press time. The latest announcement of the AXS staking program in mid-October has pumped its price beyond $100.
The platform has recently Ronin mobile to allow traders to take benefit of the ecosystem through mobile phones. Meanwhile, the project is becoming successful in garnering massive investments from several gaming firms. Hence, if it carries forwards the same price momentum then it would easily claim its position under the top 10!
Collectively, prime coins under the top ten, notably Cardano, Ripple, and Dogecoin would need to buckle up their belts soon. If they fail to find the pace of the upcoming bull cycle then the aforementioned coins hold the solid potential to dethrone them out of the top 10.
Is Avalanche In Surreptitiously Working To Flip Ethereum’s Utility Dominance?
The crypto town has been ardently tarrying for bright and sunny days to prevail. That could counter the burdening dark clouds that have been hovering over the industry. While traders gripe over the slashing prices of digital assets. The underlying blockchain continues to ascend stoutly, unflinching by market trends.
Avalanche is one of the prominent smart contracts platforms, which has been flourishing in space. The blockchain has been thriving with numerous adoptions and collaborations. The applications based out of Avalanche continue to prosper at an appreciable pace.
Avalanche Evolving To Be The Ethereum Killer?
According to sources, the MELT staking pool goes live on Defrost Finance. The users can stake MELT to get more MELT and H20. The interest automatically compounds to 107% a year. Users also get access to governance, while incurring no impermanent loss.
Platypus De-Fi will be launching an “Initial DEX Offering” (IDO) worth $1,000,000 on the Avalanche app. Registration for which commences from the 9th of December, 2021. While the sale is scheduled for the 13th of December 2021.
Moreover, the Avalanche ecosystem has been on a constant rise lately. The top 3 gainers for the last 24-hours as on the previous day are LF with gains of 241.5%. TEMPO with gains of 43.1%, and ALEPH at 12.9%. In addition, Hurricane Swap, the first cross-chain liquidity DEX on Avalanche, is now listed on Hotbit news.
AVAX at the time of writing is trading at $90.46 while scripting red gains of 6.1%. The market cap of the digital asset is currently hovering at about $21,975,393,566. While the volume of trades for 24-hours is at $866,271,760. The digital coin has been trading in the frequency from $88.06 to $96.29. The ATH of $144.96 is now short by 37.8%, which was last claimed about 17 days ago.
Collectively, Avalanche has been the go-to smart contracts platform for users looking forward to lower transaction costs and faster transactions. Netizens are expecting a spike in gas fees of smart contract chains like Avalanche and Solana in near future. However, the ecosystem of Avalanche seems promising with its flourishing protocol.
AVAX Price Analysis: The Coin Price Has Discounted 35% In This Correction Phase; Is This a Fair Value For AVAX?
The AVAX token is trying to stabilize its price from the remarkable rally it initiated in august with a correction phase. Currently, the price is plunged to the crucial support of the $0.5 Fibonacci retracement level, which has the potential to continue the bulls rally.
Key technical points:
- The dynamic support 20-day EMA is flipped to the possible resistance level
- The intraday trading volume in the AVAX token is $1.37 Billion, indicating a 14.15%.
The last time when we covered an article on AVAX/USD, The token price rally gave $146 as its New All-Time High on the technical chart. After a robust rejection from this new resistance, the token initiated a retracement phase, where he has lost 25% over the last two weeks. The token is currently sunk to 0.5 Fibonacci retracement level and indicates a high demand pressure through numerous lower price candles.
The crucial EMA levels(20, 50, 100, and 200) sustain a bullish mood for this token since its price is trading higher than the trend defining 100 AND 200 Ema. However, the dynamic support of the November rally 20 EMA is flipped to resistance.
The Relative Strength Index(44) shows a constant downward trend in the chart that is approaching the oversold zone.
AVAX/USD 4-hour Time Frame Chart
The AVAX coin price showed an impressive V-shaped recovery after bouncing from the $80 support. However, the crypto traders should wait for the price to break out from this nearest resistance of $100 to get a better confirmation for the price to continue this rally.
According to the Fibonacci pivot levels, the crypto traders can expect the nearest resistance at $97, followed by $116. As for the opposite end, the support levels are $77 and $65.
Avalanche (AVAX) Continues to Get Vertically More Scalable by The Day
Kevinsekniqi expressed: Honest talk: The reality of the situation is that Eth2 in production will look very closely to Avalanche (c-chain, specifically), although Avalanche will probably remain more robust (simpler, and thus less likely to go down) and faster. Look at the facts.
Avalanche continues to get vertically more scalable by the day. Record gas past few days and zero instability. – Subnets will scale horizontally. All Ethereum L2s will also become Avalanche L2s (eg Starkware). – Developer and usage numbers are exponentially up to the right.
Avalanche just works. Today. And it’ll keep getting exponentially better. I’m not pulling these adoption dreams out of my ass. It’s just already happening right now. Record devs are deploying. TikTok’s with hundreds of thousands of likes out there for native projects.
Literally the only thing you can say right now about Avalanche not overtaking Ethereum in usage and adoption is entrenched interest. Which is a fair point. Never doubt bag holders.
To be clear: while I strongly believe Avalanche will compete extremely strongly against other smart contract chains in adoption, I still want others to very much keep innovating and succeeding.
Community reaction: I imagine the real hurdle, now that the future is ZKRs, is which L1 manages to reach the greatest levels of security and decentralization, as well as dev mindshare (when truly novel stuff is being built on a non-ETH L1s first, not just forks).
Because as you say, if ZKRs are broadly adopted, speed and pricing should level out mostly or be negligible between L1s own ZKR implementations.
Otherwise for those who are new, Avalanche is a community growth platform building an inclusive environment for all aspects of Avalanche. Earn AVAX today.
Major Milestones: – Avalanche-Ethereum Bridge (AEB) launched; – Pangolin, largest DEX on Avalanche, launched; – $0 to ~$400M Total Value Locked (TVL) across the Avalanche platform; – $1B trade volume across all DEX’s; – $10B+ of AVAX staked to secure Avalanche.
The list of ecosystem projects are: Global Exchange Listings (Phase 1); Reef Finance; bZx; e-Money; YIELD; Union; Aleph.im; Frontier; Okcoin; DSLA Protocol; Velox; Copper; Pangolin.
Bitpanda; Axelar; Router; Injective Protocol; Coin98; Proof of Learning (PoL); Cartesi; Congress of the Mexican State of Quintana Roo; TUSD (Trust Token); SIMBA Chain; MyCointainer; OIN Finance; FRAX.
Simplex; Blocknet; JUL Wallet (wallet); TrustSwap (wallet); Immunefi; SushiSwap; Covalent; Orion; Nash; Prosper; HackenProof; AVAXSTARS.
So, for each quarter the numbers of ecosystem projects are increasing, it is worth checking them out to understand the richness of the ecosystem.