Avalanche (Avax)
5 Crypto Coins to Watch as Ripple’s CEO Unveils XRP Future
Published
3 months agoon
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adminThe XRP price is trading at $0.52, showing an intraday gain of 0.9%. This resilience amid the broader market correction may be attributed to Ripple’s recent developments to enhance programmability on the XRP Ledger (XRPL), expanding smart contract capabilities. However, if XRP price reversal fails, the top coins to watch are Stellar (XLM), Solana (SOL), Cardano (DOGE), Avalanche (AVAX), Plokdaot (DOT)
Cryptos to Watch Amid Ripple’s XRP Future Plans Reveal
Earlier this month, Ripple shared some new insights on the protocol plans to enhance programmability on the XRP Ledger (XRPL). These improvements aim to expand the platform’s smart contract capabilities, allowing developers to build a wider array of decentralized applications (dApps) directly on XRPL.
With the integration of Hooks and sidechains, developers can customize transaction logic and create tailored solutions while maintaining XRP’s high efficiency and low cost. These updates further position XRPL as a powerful tool for DeFi, NFTs, and other use cases, fostering a more versatile and scalable ecosystem.
Stellar (XLM)
Stellar (XLM) leads our top coins to watch as it is the closest competitor to XRP’s goal for a cross-border payment system. The recent update from Brad Garlinhouse indicates Ripple’s dominance in this niche, which impacts Stellar’s user activity.
According to Coinglass data, XLM’s open interest has showcased a sluggish downward trend since late July, settling at $27.4 million. This consolation indicates less interest from market participants in opening new positions, which, if prolonged, creates a negative sentiment.
By the press time, the stellar price prediction shows a current trading price of $0.088, while the market cap holds at $2.6 Billion.
Solana (SOL)
Among the coins to watch, Solana holds its position firmly due to its low transition fees and speed. By press time, the SOL price had traded at $127, while the market was stable at $59.7 billion.
The asset has recently faced a notable correction to $120 following the vampire attack from Tron’s Sunpump platform. As the SOL price stabilized from mounting selling pressure, the network witnessed a sudden spike in new addresses, reaching its peak at 2.81 million, according to the block.
The growth indicates the rising user base and engagement in the Solana network, a core signal to drive natural demand for SOL. For a detailed analysis, check out our top crypto to buy.
Cardano (ADA)
Cardano (ADA) stands for a key player in decentralized applications and sustainability. Its native cryptocurrency, ADA, currently trades at $0.32, while the market cap boosts to $11.7 Billion.
According to Santiment data, the 30-day MVRV (Market Value to Realized Value) ratio stands at -5.83, indicating that short-term traders are in a loss position. MVRV ratio measures if an asset is overvalued or undervalued by comparing its current market cap to the price holders paid.
A negative MVRV value often suggests a heightened risk of panic selling, which can extend market corrections. However, such conditions historically signal a potential recovery, as the exit of speculative traders tends to attract long-term investors looking for value.
Avalanche (AVAX)
The layer-1 cryptocurrency Avalanche (AVAX) showcased a V-top reversal from $28 to $21.7 within two weeks, accounting for a 22% loss. Consecutively, the market cap plunged to $11.7.
Despite an active correction trend, the total address with AVAX balance records continue to grow to hit 8.8 Million addresses, according to Intotheblock analytics recently.
This on-chain growth indicates a growing user base and market participation for the AVAX protocol. With sustained buying, the Avalanche price prediction could target a tally past 25.
Polkadot (DOT)
Polkadot (DOT) is a multi-chain blockchain platform that enables different blockchains to interoperate. Under the influence of a downsloping trendline, the DOT price witnessed a steady downfall from $11.8 to $4.08— a 65% decrease in the past six months.
Among other coins to watch, DOT shows Open interest from $387.5 Million to $183 Million, accounting for a 52% drop. The decreasing OI highlights market participants’ disinterest in asset trading, often leading to a prolonged correction.
Frequently Asked Questions (FAQs)
Key coins to watch include Stellar (XLM), Solana (SOL), Cardano (ADA), Avalanche (AVAX), and Polkadot (DOT).
Solana’s price stability is supported by a growing user base, with new addresses peaking at 2.81 million, indicating rising demand for SOL
Cardano’s 30-day MVRV ratio stands at -5.83, indicating short-term traders are at a loss,
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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AVAX Price Shoots 10% As Avalanche Foundation Announces Token Repurchase from Luna
Published
1 month agoon
October 12, 2024By
adminThe AVAX price has surged by a staggering 10% in the last few hours after the recent announcement by the Avalanche Foundation of a repurchase agreement with the Luna Foundation Guard (LFG) – the entity associated with Terra blockchain – to buy back all tokens sold back in 2022. This has pushed AVAX closer to $30 taking its market cap above $11.5 billion.
Avalanche Agreement With Luna Foundation
As per the latest announcement, the Avalanche Foundation has reached an agreement to repurchase all AVAX tokens sold to the Luna Foundation Guard (LFG) in April 2022. However, the deal is currently pending approval from the Bankruptcy court. The announcement has led to huge bullish momentum for the AVAX price as bulls rush to fill their bags beforehand.
Ahead of its bankruptcy back in the summer of 2022, LFG held a total of 1.97 million AVAX tokens worth a staggering $60 million. The Luna Foundation purchased AVAX as part of its reserves to boost the strength of its UST stablecoin.
This strategic decision from the Avalanche Foundation will prevent LFG from breaching the original agreement and restricting AVAX token usage. Besides, this move from Avalanche will protect the assets from the complexities of bankruptcy trustee liquidation. Earlier this year, LFG started moving its token following the Terraform Labs settlement with the US SEC.
Upon completion, the Avalanche Foundation will reclaim 1.97 million AVAX tokens, bolstering its capacity to foster growth and development within the Avalanche ecosystem.
The Avalanche Foundation has negotiated an agreement to repurchase all AVAX tokens previously sold to the Luna Foundation Guard (LFG) in April 2022, which is now awaiting approval from the Bankruptcy Court.
This action ensures that LFG would not violate the original…
— Avalanche Foundation 🔺 (@AvalancheFDN) October 11, 2024
AVAX Price Rally to Continue?
The repurchase of AVAX tokens has provided a major catalyst to the AVAX price bolstering confidence among investors. This massive purchase of 1.97 million tokens by Avalanche Foundation will significantly reduce the AVAX circulating supply thereby putting upward price pressure on the altcoin.
At press time, the Avalanche price is up 9.33% trading at $28.49. On the technical chart, the AVAX price is also forming a flawless breakout from the falling wedge pattern formation over the past few months.
Also, the Relative Strength Index (RSI) for AVAX stands at around 49.8 while the Moving Average Convergence Divergence (MACD) is positive at 0.19, signaling bullish momentum. Crypto analyst ‘Crypto Winkle’ hinted at further AVAX price surge if the bulls manage to break the crucial resistance past $30. Market analysts are already predicting the Avalanche price rally to $50.
#AVAX Breaking Out! Avalanche showing incredible strength as wedge pattern executes flawlessly
The falling wedge we’ve been tracking for months has finally paid off! Strong money flow confirmed this textbook breakout, launching $AVAX into a beautiful ascending channel.
Current… pic.twitter.com/QRDU65ZbPD
— Crypto Winkle (@CryptoWinkle) October 10, 2024
Additionally, the Avalanche blockchain is turning out to be a preferred choice for traditional financial players to launch their products in the market. Earlier this week, Colombian neobank Littio shifted its base from the Ethereum to the Avalanche blockchain.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Will AVAX Price Jump As Littio Bank Chooses Avalanche Over ETH?
Published
1 month agoon
October 9, 2024By
adminLittio, a Colombian neobank, has announced that its Yield Pots platform will no longer operate on Ethereum (ETH) but Avalanche (AVAX) This move is to meet increasing appetite for U.S. Treasury bills and to enhance efficiency in its transactions with its customers. This could mean an upsurge in the AVAX price as more users and projects come on the blockchain.
Littio Moves to Avalanche for Yield Pots
In light of the increasing need of investors to gain access to U.S Treasury bills, Littio has decided to transfer its Yield Pots platform from Ethereum to Avalanche. Yield Pots gives its customers the opportunity to earn interest on their US Dollar deposits through stablecoin backed products.
In a statement, the company said that it had to expand and enhance the transaction processes due to increased users’ traffic, which necessitated the change.
🔺 Avalanche unlocks worldwide access to a diverse range of investment products and utilities 🔺
Colombian Neobank Littio is addressing currency devaluation for Latin Americans through its easy-to-use app, allowing users to convert pesos to $USDC that they can send, spend, and… pic.twitter.com/9v3IVBIGqw
— Avalanche9000 🔺 (@avax) October 9, 2024
Littio especially noted Avalanche’s low transaction fees and faster settlement times as the main reasons for choosing this platform. This transition will help Littio to continue providing its services more effectively and make it easier for clients to access the products that generate yield on real-world assets (RWAs), including U.S. Treasury bills.
Role of OpenTrade in the Transition
Littio’s link with OpenTrade, a London-based company, is a key factor in this change. OpenTrade’s offerings are yield-generation products that utilize stablecoins and other real-world assets such as U.S. Treasury bills.
These RWAs are tokenized which means that the investors can acquire the exposure to the off-chain assets through the use of a blockchain.
Jeff Handler, the Chief Commercial Officer of OpenTrade revealed that Littio is the only Latin American neobank using OpenTrade’s vaults at the moment. Nevertheless, there are plans to onboard more clients before the year ends. He pointed out that the need for the USD-linked services, like payments and bank accounts, is rising throughout Latin America, and that is why stablecoin-based fintech solutions like those provided by Littio are in demand.
Avalanche’s Growing RWA Ecosystem
With its low-cost and high-speed blockchain, Avalanche has therefore become one of the leading platforms in real-world asset tokenization. The Avalanche Foundation has backed this by launching a $50m initiative to support RWA creation on its network. The move of Littio’s Yield Pots to Avalanche is considered a positive for the platform as it demonstrates its capacity to host institutional-grade financial products.
Morgan Krupetsky, the Head of Institutions and Capital Markets at Ava Labs stated that Avalanche is enabling the unbanked population in Latin America to access efficient and secure financial services.
With moving to Avalanche, Littio wants to offer a better service to its customers especially those in countries with high inflation rates and devaluation of local currencies.
AVAX Price Outlook Amid Increased Adoption
With Colombian neobank Littio’s shift to Avalanche, AVAX could see a positive price movement due to growing demand for its blockchain. Since mid-2023, AVAX has shown a bullish pattern, with higher lows and a solid ascending support line. This pattern suggests that more buyers are entering the market after each pullback, increasing confidence in the asset. However, as of press time, AVAX price was trading at $26.16, a 0.30% decline from the intra-day high.
Source: X
Despite this, analysts have noted that if AVAX price can maintain its momentum above the key support line, it could see significant upside potential. Projections suggest it could experience gains of up to 138.74%, potentially reaching a price near $50 if the bullish trend continues.
This development comes at a time when Avalanche is gaining traction across several sectors. With more fintech platforms like Littio adopting Avalanche, AVAX could attract additional attention from investors, further boosting its price
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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