The host of Coin Bureau, a popular crypto Youtube channel, says that an Ethereum (ETH) competitor could rank among the top five crypto assets by market cap.
The analyst, known by the alias Guy, has added 1.9 million YouTube subscribers to the tier 1 smart contract platform in a new video. Avalanche (AVAX) says it is ready to compete with larger crypto assets in terms of market cap.
“Especially given that some of the cryptocurrencies in its path are of lower caliber to put it mildly, it is quite possible, if not certain, that Avalanche will make it into the top five.”
Guy claims that despite the recent crypto market correction, AVAX’s price remains in a macro uptrend due to increased consumer demand and ease of accessibility of C-Chain, the default smart contract blockchain on Avalanche. According to the analyst, this is a positive sign for AVAX.
“[Avalanche]is in a clear uptrend despite the massive crypto market drop we’ve seen over the past few months. There is a simple reason for this; And that’s why it’s demand.
According to DappRadar, Avalanche’s C-chain has about half a million monthly active users, which is not a bad number. The number of daily transactions on the C-chain is also increasing endlessly.
Aside from C-chain’s EVM (Ethereum Virtual Machine) support, Avalanche’s surprising adoption is likely due to Binance and Coinbase supporting withdrawals and deposits directly to and from the C-chain. This makes Avalanche very accessible to the average crypto investor.”
According to Guy, Avalanche could become big enough to challenge Ethereum, or even displace it if possible.
“Right now AVAX seems to be focused on DeFi (decentralized finance) and that’s fine, but this is a very crowded neighborhood…
However, if trends continue in Avalanche’s favor and that way, the platform could become big enough to challenge Ethereum.
Avalanche is changing hands at $64.52, down over 26 percent from a seven-day high of $87.37 at the time of writing.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.