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          The Rising Avalanche: The 10th Biggest Cryptocurrency in The World

          Aman Chaudhary by Aman Chaudhary
          December 16, 2021
          in Updates
          what is Avalanche (AVAX)

          Avalanche, contrary to its name, has been steadily rising for the past some time. Its performance is impressive on all counts. The one-month chart tells quite a story, with a price that has roughly doubled in the past thirty days. Many of the top currencies in crypto have experienced some drops after seeing insane rises throughout the year. At the same time, Avalanche has outperformed its rivals by leaps and bounds. It has found its way to aggressively challenge the top ten cryptos by market cap –which is no easy accomplishment.

          This is not something to dismiss. In fact, among the top 20 tokens by market valuation, only two had a green chart for the last 7 days. First is Crypto.com’s $CRO currency and, of course, Avalanche. It has surpassed meme tokens like Dogecoin and Shiba Inu in terms of market capitalization. Avalanche and DOGE were neck and neck in terms of market capitalization at the time of publication. That is not a light matter.

          Meanwhile, some of the top tokens, including long-standing players like Litecoin and Chainlink, have plummeted 15-20% during the same period.

          What is Avalanche (AVAX)?

          Avalanche (AVAX) is a blockchain platform with smart contracts that focuses on transaction speed, cheap prices, and environmental friendliness. Avalanche’s ultimate goal is to create a highly scalable blockchain that does not compromise decentralisation or security. It was launched in 2020 by the Ava Labs team, swiftly ascended the cryptocurrency rankings and now lies just outside the top 10. Similarly, Avalanche TVL is increasing rapidly and is already worth $3 billion across all Avalanche apps.

          The main difference between Avalanche and other blockchains is that it is made up of three blockchains rather than one. The reasoning behind this architectural choice is brilliant. Instead of having one chain handle it all, each blockchain specialised in a duty within the larger Avalanche ecosystem.

          Distributing jobs over several chains keeps the Avalanche platform dynamic, allowing it to meet the blockchain’s golden trinity of decentralisation, security, and scalability. This is particularly developer-friendly, as it provides blockchain engineers with greater flexibility in the solutions they create. 

          Avalanche employs a consensus architecture, which implies that rather than a Proof-of-Work or Proof-of-Stake process, the chain validates transactions by random voting. This makes the network far more difficult to assault while also making it extremely efficient in terms of transaction speeds and volumes. The Avalanche product gives us a lot to be excited about.

          Also read: Haru Invest is Selling Keith Haring NFTs Beginning on December 1st

          Reasons behind Avalanche’s success

          Some of Avalanche’s success is due to good timing. In late October and early November, momentum was already building. Ava Labs announced a significant partnership with Deloitte last week, to improve catastrophe response times.

          However, even early in the year, Avalanche was seen as a strong competitor for a large portion of the DeFi market. Since then, the blockchain’s popularity has grown; in September, The Avalanche Foundation raised about a quarter-billion dollars. To entice investors, it has just established a large incentive scheme.

          Ethereum rivals that provide much-reduced gas prices, show high promise in DeFi and NFTs, participate in more environmentally friendly transactions, and perform rapid transaction times have been given an equal, if not more, an opportunity to shine this year. Solana, for example, has just reached new highs as the token positions itself as the clear second most valuable in NFT behind Ethereum. And, of course, it is a potential option here as well.

          With all of this in mind, don’t underestimate Avalanche simply because they’re on a hot streak at the appropriate time. The coin does have fundamentals that warrant its recent price spike given the heat in the DeFi and NFT market, and there are lots of reasons to be optimistic. Ava Labs’ staff hasn’t gone all-in on marketing, instead, they are focusing on in-depth whitepaper details and expanding on the chain’s underpinnings.

          Also read: What is Komodo Cryptocurrency (KMD)?

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          CoinzPress is one of the leading cryptocurrency news services that cover the latest crypto-related news. The news includes a technical analysis of a wide range of digital currencies as well as forecasts for those electronic currencies. Here at CoinzPress , we aim to enlighten anyone having an interest in the world of cryptocurrency with significant information that could keep them informed.

          So, in short, we cover a range of announcements related to a variety of Alt-coins, digital coins, and any significant news that could create an impact on the trading world and economy.

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