The largest peer-to-peer marketplace for NFTs on Ethereum (ETH/USD), OpenSea, made an official announcement that the Avalanche (AVAX/USD) blockchain went live in their store.
Avalanche is essentially a cryptocurrency and a blockchain platform that aims to rival competing networks and is a fast platform that has support for smart contracts, where its main focus is on transaction speed, low costs, and eco-friendliness.
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The OpenSea launch as a catalyst for growth
OpenSea made an official announcement on October 11, 2022, where the NFT marketplace announced the arrival of Avalanche (AVAX).
The marketplace now supports seven different blockchains, including Ethereum, Polygon (MATIC/USD), Klaytn (KLAY/USD), Solana (SOL/USD), Optimism, Arbitrum, and Avalanche.
Avalanche as a network is open-source and features its own native cryptocurrency in the form of the AVAX coin. The network has three different blockchains, including the X-Chain, C-Chain, and P-Chain.
However, the C-Chain is optimized for Ethereum compatibility and smart contract support.
NFTs use these technologies; however, they can exist on the C-Chain or X-Chain.
While OpenSea’s announcement could boost the overall appeal of the NFT economy within the Avalanche ecosystem, let’s go over how it might impact the value of its native cryptocurrency.
Should you buy Avalanche (AVAX)?
On October 12, 2022, Avalanche (AVAX) had a value of $16.09.
AVAX/USD Chart by Tradingview.
The all-time high for the Avalanche (AVAX) cryptocurrency was on November 21, 2021, at a value of $144.96. Here we can see that at its ATH, the coin was trading $128.87 higher in value, or by 801%.
When we go over its weekly performance, Avalanche (AVAX) had its 7-day low point at $15.89, while its high point was at $17.62. This indicates a difference in the value of $1.73 or by 11%.
However, when we take a look at its 24-hour performance, Avalanche (AVAX) had its 24-hour low point at $15.90, while its high point was at $16.27. Here we can see a price shift of $0.37 or by 2%.
With this in mind, AVAX can see a bullish trend as a result of its addition to OpenSea, and we might see the cryptocurrency reach a value of $20 by the end of October 2022.
Buying AVAX might be a solid long-term investment opportunity for a lot of investors, as based on its current growth rate, it can climb to $30 by the end of 2022.
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