Avalanche (AVAX), the cryptocurrency behind the Avalanche blockchain, has fallen 13% in value over the last 7 days, despite numerous successful partnerships. The powerful scaling solution, known for its high speed and cheap transactions, aims to challenge Ethereum (ETH), but has faced challenges due to the ongoing RSI-infused crypto winter, leading to double-digit losses.
$AVAX is moving lower and trading under key moving averages, with RSI in a deeply oversold position. On the other hand, MACD is slowly rising, indicating that the bearish trend could end... pic.twitter.com/6ZZZeuQi1k
— Bitpanda Pro (@BitpandaPro) October 13, 2022
Avalanche (AVAX) Falling Behind in the NFT Market
Despite the breaking news that OpenSea, the top NFT marketplace, has added support for Avalanche (AVAX), statistics indicate that the ambitious blockchain is barely acknowledged in the NFT world.
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Illustrating this, Avalanche (AVAX) holds a total trading volume in NFTs of just over $2 million. To put this into perspective, the metrics of Solana (SOL), one of its main competitors, outshone Avalanche (AVAX), recording the sale of more than $130 million worth of non-fungible tokens (NFTs).
The network’s struggle to make a dent in the NFT world is made apparent by the fact that the top NFT projects on Avalanche include such lesser known projects as ‘Smol Lands‘, ‘Smol Joes’, and ‘Smol Creeps’. Despite lacking NFT heavy hitters, Avalanche (AVAX) was still able to generate $350 million with Web 3.0 games ‘Crabada’ย and ‘Yield Hunt Hunters’.
Ava Labs’ Head of Business Development Dominic Carbonaro remains unflustered by the situation, highlighting that โcreators here are still just scratching the surfaceโ. He went on to say that the blockchain provides users a unique identity and โpassion for experimenting with both the art and applications of NFTsโ, and therefore Avalanche (AVAX) might just be ready to snowball into an NFT mountain.
Coinbase Users on a Buying Spree
As the market price of Avalanche (AVAX) continues to slide, trading sentiment on Coinbase indicates that 9 out of 10 users are buying Avalanche (AVAX), rather than selling. Even though the Crypto Fear & Greed Index indicates “Extreme Fear“, users on America’s most popular crypto platform seem to believe the asset represents a great buying opportunity.
At press time, the #18 ranked Altcoin trades at $14.94, according to CoinGecko, representing a 6.7% downturn over the last 24 hours, and a 13.9% weekly deficit. Furthermore, the โEthereum (ETH) Killerโ is near full retraction from its all-time high of $144.96. The slumping stats come even despite AVAX’s listing on Gemini, one of the top retail crypto platforms on the market.
Trading pairs for $AVAX on @Gemini are live now! Join the Spaces to hear more from @SJohn_Nahas about the new listing and upcoming developments on #Avalanche. โฌ๏ธhttps://t.co/BkBhA6E5GF https://t.co/aGvOFmIYAp
— Avalanche ๐บ (@avalancheavax) October 12, 2022
On the Flipside
- Avalanche’s (AVAX) total market cap has tumbled by $1.5 billion in just 30 days, dropping from $5.9B to $4.4B.
- Avalanche (AVAX) is a Proof Of Stake network, which puts it at an advantage in terms of retail adoption.
Why You Should Care
Avalanche (AVAX) is one of Ethereumโs (ETH) main competitors, along with Solana (SOL). The successful implementation of Avalanche (AVAX) onto OpenSea, among other recent partnerships, could yet serve to significantly increase the total market capitalization of the crypto.
Find out what’s going on in the mercurial world of Altcoins:
Binance Now Supports TerraClassic USD (USTC) as a Borrowable Asset on Its Loans Platform
Shiba Inu (SHIB) Gets Accepted by Google Cloud via Coinbase Commerce
