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Avalanche “Ethereum-Killer” Cryptocurrency Grows to $28 billion Market Cap

Avalanche “Ethereum-Killer” Cryptocurrency Grows to $28 billion Market Cap

Eric Villalobos, Contributor


What's on this page

“I’m Bullish on Blockchain, not Crypto”

Prolonged exposure to the trading or finance space will likely expose you to that sentence at nauseum. This sentiment is popular for good reason. In an age of rug pulls and decentralized-meme investment, the crypto space feels like the wild-west. Blockchain’s potential applications are likely as extensive as the internet’s in 1990, however, it’s current applications can make imagining that future hard.

The crypto-currency Avalanche (AVAX) is taking a step in taming the west. Avalanche is a smart-contracts platform similar to Ethereum, boasting large-scale improvements in efficacy. Avalanche claims that it has a substantially faster blockchain than Ethereum, with its 4,500 transactions per second dramatically improving over Ethereum’s 15 transactions per second. This improved efficiency should also have a smaller climate footprint and lower gas fees.

Avalanche (AVAX) Daily Price Chart – November 25, 2021

Chart via Tradingview

A Vote of Confidence

The smart contracts platform’s parent company, Ava Labs, struck a deal with consulting and accounting firm Deloitte to assist with streamlining the U.S.’s Federal Emergency Management Agency’s process for aggregating and validating disaster claims.

In the course of the week since that announcement, Avalanche saw a roughly 40% increase in market cap, placing it as the 11th most popular cryptocurrency, under Dogecoin.

Coin Marketcaps from Coingecko

Decentralized Products, Centralized Vision

When reading through the Avalanche Whitepaper, its ethos is starkly contrasted against those of Dogecoin and Shiba Inu. The whitepaper is 13-pages long, lacks any illustration, makes the goals of the Avalanche project extremely clear, and provides valuable detail regarding the mechanics and technicalities of the Avalanche blockchain.

AVAX, like any cryptocurrency, is not built for individuals who lack the risk-tolerance necessary to invest in a fringe technology, however, it also does not attempt to attract the speculative meme-investors other coins have marketed themselves towards.

Furthermore, Avalanche’s developers, Ava Labs, make finding information regarding their team, project whitepapers, and mission extremely clear on their website. This commitment to transparency, engineering, and developing a clear value proposition for its users makes Avalanche a cryptocurrency to watch.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.