Avalanche Crumbles More Than 16% As Crypto Landslide Continues
2022年5月20日 - 5:53PM
NEWSBTC
Avalanche (AVAX), dubbed the “Ethereum killer,” has plunged to more
than 16% following the disastrous crypto market scenario. Other
crypto tokens that are also competitors to Ethereum have had
massive double-digit losses in the last 24 hours. AVAX, considered
the 13th biggest cryptocurrency with a market cap of $7.6 billion,
has dramatically sloughed off over 16% of its TVL in the past few
hours, and is now trading at $27.94. AVAX Treading The Bearish Path
AVAX is leading the bearish action, which has placed the token down
by 80% compared to its all-time high, which registered an
impressive $146.22 in November 2021. The downward trend is
triggered by the sluggish growth of different DeFi projects hedged
on Avalanche. Suggested Reading | Ripple (XRP) Struggles To Breach
$0.45 Level, Down 16% In Last 7 Days Avalanche – Ethereum Rival
Ethereum is said to be slow and expensive in pricing, which paved
the way for the creation of Avalance, which is eco-friendly, fast,
and affordable. Avalance was created by Ava Labs, co-founded by
Kevin Sekniqi, Emin Gün Sirer, and Maofan “Ted” Yin. The
Ethereum-killer, Avalanche, is a blockchain that combines the
trailblazing speed in confirmation times plus scaling capabilities
using the Avalanche Consensus Protocol, which can process over
4,500 transactions per second (TPS). AVAX total market cap at $8.98
billion on the daily chart | Source: TradingView.com Avalanche went
live and was launched in September 2020 and is considered one of
the most reputable blockchains giants. Avalance now has a TVL of
$11 billion, ranking it as the fourth-largest DeFI-based
blockchain, following Terra and Binance Smart Chain. Avalanche has
derived some protocols from Ethereum that you can experience in
their DeFi ecosystem, including SushiSwap, decentralized exchange
protocol, and Aave, its lending protocol. DeFi Projects TVL Down by
8.57% The TVL of DeFi protocols on the Avalanche blockchain is
currently down by 8.57% in the last 24 hours or at $4.74 billion.
This is relatively low compared to its all-time-high TVL, which
went as high as $13.7 billion on December 2, 2021. The dip that
registered at 7.5% was pretty significant for AVAX. TraderJoe,
considered the most prominent decentralized exchange on Avalanche,
plunged to 12.84 % in terms of the user base. Liquidity also
decreased from $982 million to $577 million in barely a month.
Suggested Reading | Crypto Analyst Predicts 1 Altcoin Will Fall
Down Hard – Is It Cardano? Total active wallets found on the
Avalanche network escalated to over 2.8 million yesterday, which is
its all-time high. However, despite the increase in active wallets,
the token still was bearish. To make matters worse, Avalanche total
transactions have also dipped to only 358,474 from 800,000 last
week. The numbers have plummeted miserably, especially if you
compare the figures to its all-time high, which registered at 1.1
million daily on January 27, 2022. Featured image from Saanich
News, chart from TradingView.com
Ripple (COIN:XRPUSD)
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