It has been just revealed the fact that an Ethereum important rival is making a huge comeback. Check out the latest reports about this below.
Ethereum rival AVAX explodes in price
Avalanche (AVAX) has experienced a significant surge in value over the last month, surpassing the top 20 cryptocurrencies in performance.
Moreover, its ecosystem is undergoing a resurgence of its own. On Monday, AVAX reached beyond the $40 threshold, which represents an 81% increase in value since December and a 138% increase since November 12.
Crypto analytics firm, IntoTheBlock, has also reported that the number of large AVAX transactions has dramatically increased during Avalanche’s parabolic run.
The company describes this trend as “positive” for those who believe that the value of AVAX will continue to rise.
“The number of large AVAX transactions is on the rise, peaking at nearly 1000 transactions bigger than 100k last week. While this is still not close to levels of the last bull market, it is a positive sign for the bulls.”
According to DefiLlama data, Trader Joe, which is the top decentralized exchange (DEX) of Avalanche, has experienced a surge in its fees. In the last 24 hours, the DEX has collected $1.23 million in fees.
CoinShares, a digital asset management and research firm, reported earlier this week that Avalanche, along with its Ethereum rival Solana, are becoming popular among institutional investors.
CoinShares’ latest data shows that Solana has received $143 million in inflows this year, surpassing all other altcoins, including AVAX. AVAX, on the other hand, has seen a slight dip to $37.80 at the time of writing.
Regarding ETH, the coin is about to explode in price.
An important analyst believes that Ethereum (ETH) is preparing for a significant surge upwards.
The analyst, who goes by the pseudonym Bluntz, has informed his 230,700 followers on the X social media platform that Ethereum has now entered the bull market phase after leaving its accumulation range that lasted for several months.
