- AVAX prices rallied 470% in the third quarter of 2023, while network addresses more than doubled, setting Avalanche for a bullish 2024.
- The Ethereum rival hopes to gain greater ground over its rivals despite the prices failing to maintain upward momentum in 2024.
Avalanche (AVAX) recorded one of the most successful endings to 2023 of any cryptocurrency. The network addresses more than doubled, while AVAX prices rallied 470% from October to December. These developments set up the network for a blockbuster in 2024.
However, after topping out at $50 on December 23rd, the token has suffered a correction. In January, the token dropped to $30 before finding strong support. After gaining bullish momentum in the last couple of weeks, AVAX has climbed back above $40.
With a market cap of a little over $14.7 billion, the token has seized a top ten ranking after overtaking Dogecoin (DOGE) with a market cap of $12.1 billion. AVAX is, at the time of writing, the tenth-ranked cryptocurrency and is exchanging for $40.13.
Ava Labs’ President, John Wu, recently revealed that Avalanche operates 20 live subnets, expecting to launch more than 80 more within the year. The Ethereum rival has enjoyed notable collaboration owing to its scalability and speed. Wu discussed the collaboration with Amazon. Avalanche empowers crypto firms with Amazon cloud muscle through AWS.
The president also discussed a partnership with JPMorgan. Working with industry giants like JPMorgan, they actively develop solutions to bridge the gap between traditional finance and the blockchain world. Their focus lies on tokenizing alternative assets and streamlining settlement processes, showcasing Avalanche’s unique ability to act as a bridge between these two domains.
Avalanche (AVAX) Lays Out Bullish Future
Avalanche co-founder, Kevin Sekniqi, has also unveiled a bold plan for the blockchain’s evolution in 2024, aiming to directly challenge Ethereum’s dominance. His strategy focuses on technical advancements within the Avalanche protocol, specifically targeting a significant reduction in transaction finality time. Furthermore, the co-founder plans to introduce optimistic fast finality.
His vision extends beyond infrastructure upgrades, emphasizing ecosystem growth and developer adoption. To attract developers and users, the network will work on initiatives like AWM, Teleporter, and HyperSDK to enhance the user experience and empower developers. In addition, the HyperVM holds the potential to be a game-changer, redefining network capabilities within the crypto space.
With these developments fueling AVAX, the token is looking to retest its all-time high of $145, reached in 2021. In the near term, investors will look to reach the local top of $50 to break the resistance and establish it as support.
