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Avalanche (AVAX) Price Review
Network Developments of Avalanche (AVAX)
Given the Avalanche Crypto network’s advantages over the Ethereum network, it is highly likely to experience exponential growth. Avalanche, for example, has a significantly higher transaction output (6,500 per second) without compromising the network’s ability to scale.
Avalanche (AVAX) is a network comprised of three distinct blockchains. These are the C-Chain, X-Chain, and P-Chain. In the avalanche network, each of these chains serves a specific purpose. Because DeFi is still expanding, I believe Avalanche will emerge stronger than before.
The Avalanche network’s efforts to build bridges to improve interoperability between its ecosystem and Ethereum demonstrate this.
Bullish Recovery in the Bitcoin and Ethereum Drives Uptrend
The Avalanche coin’s gains were also aided by the rising prices of the world’s two largest crypto coins, BTC and ETH. The BTC/USD pair has surpassed the $23,000 mark. Moreover, if BTC continues to hold above the $22,500 support level, it could reach the next resistance level of $24,000.
On the other hand, the ETH/USD’s market cap crosses over $190 billion following a breakthrough of the $1,500 mark. As a result, the bullish rally in Bitcoin seems to be one of the primary reasons for Avalanche’s success.
AVX/USD Trades amid Weakness in US Dollar
Lately, there’s been a bearish trend in US dollar prices, which could be one of the reasons behind the bullish trend in the AVAX/USD pair. The greenback failed to halt its losing streak and lost more ground as the euro currency attracted additional bids.
The single currency Euro continued its overnight rise as investors found relief that Europe might not face the worst energy shortages.
Hence, the bets on the possibility of a more aggressive rate hike from the European Central Bank increased, diminishing the attractiveness of the US dollar. As a result, the AAVX/USD coin is strengthening.
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