Avalanche’s price witnessed a pretty decent rally in 2021 with over 3000% price increase over the year. The last big move came in the first half of November: Avalanche rallied 130% from $62 to $147 ATH. Afterwards, the 12th-ranked altcoin entered the consolidation process.
On December 14, AVAX rebounded on news that Circle would integrate USDC into Avalanche, despite the market-wide decline. The USDC’s arrival on the “Ethereum killer” smart contract platform is expected to push the network’s DeFi ecosystem.
The network becomes more stable
Total value (TVL) locked in Avalanche saw over thirty times growth last year. The network’s DeFi ecosystem received good support after the ‘Avalanche Rush’ initiative, a $180 million incentive program. Growing TVL was also an indication of increased corporate interest.
Interestingly, the 11th-ranked coin LUNA also saw a rally in the first week of December, and Terra’s growth in the stablecoin sector has helped the altcoin. Now the same thing is happening for AVAX and the altcoin has a good chance of rebounding for the rest of the year.
Healthy on-chain growth
Avalanche’s Daily Active Addresses hit an all-time high on December 14 alongside rising prices.
Also, on-chain activity has been quite strong lately. For example, the daily transaction count on Avalanche’s C-Chain has seen healthy growth. This means that more and more people are using AVAX’s network to process their transactions.
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.