NAIROBI (Coinchapter.com) – Avalanche (AVAX) is making gains in the booming crypto environment with a 12.67% price increase over the last 24 hours. Currently priced at $55.05, AVAX shows bullish sentiment, analyst targets if the bullish winds prevail $70 target if the altcoin rally continues. Overall, the market has been bullish this year since the launch of the spot Bitcoin ETFs, pushing Bitcoin to a new all-time high. The total market cap is trading close to $3 trillion. BTC halving is just around the corner and paints a green picture.
Source. X
The surge in altcoin prices coincides with the approaching $3 trillion market cap for cryptocurrencies. This milestone reflects increasing interest in and adoption of currencies among the public, fostering a positive outlook that fuels altcoin performance. Avalanche’s swift transaction speeds and smart contract features position it favorably in the flourishing altcoin landscape.
What’s Driving the Avalanche (AVAX) Price Surge?
The broader altcoin rally, fueled by the growth of the overall crypto market, acts as a powerful tailwind. Additionally, recent partnerships and strategic integrations are boosting confidence in Avalanche (AVAX) as a valuable layer-1 blockchain solution.
Source: X.
One key partnership that has been drawing attention is Rainbow’s adoption of Avalanche as a first-class network on its mobile app and extension. Rainbow, the self-custodial Ethereum wallet noted for its sleek design and functionality, has broadened its horizons by welcoming the Avalanche network. Both the mobile app and the browser extension now seamlessly support the Avalanche blockchain.
To celebrate this milestone, Rainbow is offering bonus Points within the app for existing AVAX users and anyone who interacts with Avalanche on Rainbow until March 20th.
Can it Reach the $70 Target?
Crypto analyst Rager watches AVAX closely, believing that the $70 mark is a realistic target if the current bullish trend continues. Technical analysis suggests that once AVAX breaks above a key resistance level, there could be an acceleration toward higher price levels.
AVAX/USD 1-day price chart.
Avalanche (AVAX) is experiencing a significant surge, with its price increasing by an impressive 12.67% over the past 24 hours to reach $55.04. This bullish momentum has propelled AVAX’s market capitalization to $20.77 billion, cementing its position as the 10th largest cryptocurrency by market cap.
Notably, the 24-hour trading volume for AVAX stands at a staggering $2.69 billion, ranking it 9th in terms of trading activity. The volume-to-market-cap ratio of 12.95% suggests a healthy level of liquidity and trading activity relative to its market capitalization.
It’s important to note that cryptocurrency markets are highly volatile, and past performance does not guarantee future results. Investors should always conduct thorough research and consider their risk tolerance before investing in any cryptocurrency.
