The world of cryptocurrencies has been gearing up to host a massive alt season. As the trends in the business show signs of exit from the supercycle. Wherefore, traders and analysts have been lucubrating the prominent digital assets in the industry. For a better understanding of the whereabouts of the analytics around the digital asset.
The folks from crypto town are keen on utility chains with robust fundamentals for their portfolios. As a result cryptocurrencies such as Avalanache, Solana, Polygon, amongst other have been ruling the trend lists. AVAX has been trending on a social platform with over 65k mentions. Successively, the on-chain metrics and activities have been escalating to the north.
Are These Analytics Hinting At Avalanche’s Hike To The Triple-Digit Mark?
The on-chain analytics of the ninth-largest crypto asset have been on an up-hill trek. Which has been in the mist for the masses. Learning from sources, as of the previous day, the total transaction volume of Avalanche has reached 100.73 M. The daily transactions post a dip to 817,097 on the 14th February, on tuesday picked up pace to 946,246.
Successively, the unique addresses chart shows that the total distinct number of addresses. And the increase in the number of daily addresses. The metrics have been on a steady incline over the past months. As of 15th February, total addresses is at 1,984,417, while the daily increase is of 10,984.
On the other hand, the average gas price used by the network has significantly reduced over the last quarter. From the average price at 222.58 nAVAX on August 23rd to the current price of 67.84 nAVAX. In contrast, the total daily block count has been holding on to levels above 40k since the plunge in Q4 of 2021. The network’s utilization has been spiking up towards peaks, with current hold at 39.63%.
The Avalanche bridge cites that, the TVL volume in January has recovered its gains and has now surpassed the $5.8 M mark. A breakthrough would be fueled by newer features in Dapp, that could influx newer users and funds. With more tokens moving into Avalanche, the network will find overwhelming numbers.
Will Avalanche’s Growing Activities Invite The Bulls?
The Avalanche network has welcomed an overwhelming count of events that includes launches, farming, collaborations, amongst others. And would see more flocking in over the coming days. The list of feats include Axelar raising $35 M series B funding at a $1 B valuation, D-LAUNCH going live on Avalanche. And Frontier wallet rolling out with new features.
The projects built on the network have been doing exceptionally well with collaborations and other initiatives. According to sources, Pangolin in an alliance with NEAR protocol will be deploying its DEX on the protocol. In another event, Muon partners with NFT trade to empower cros-chain NFT-trading.
The coming week remains jam-packed for Avalanche and its projects with numerous events. Such as Hackathon workshop, IDO, Hackathon rewards, Launches, Staking initiatives, Sessions around finance projects, NFTs,amongst others. That said, the growing activities sheds light on the sprawl of the network and the growing user count.
Summing up, the on-chain metrics have been witnessing a steady ascend on the charts towards higher cliffs. The increasing user count, transactions, TVL, and have been fueling the run and would possibly continue to do so.
The price of AVAX is current at $95.49 with 9.1% of gains for 24-hours. The digital asset is up 10.3% since a week, and 29.9% over the fortnight. At a similar pace AVAX could possibly claim its ATH by the end of February.
Source: https://coinpedia.org/altcoin/metrics-help-avalanche-triumph-over-ethereum/