The Avalanche Layer-1 smart contract platform could be poised to break into the top 10 crypto tokens list to give ETH a run for its money. Currently price is moving down for the short-term but a long-term rise is possible.
The host of popular crypto channel Coin Bureau says that one Ethereum (ETH) competitor could surge into the top five crypto assets by market cap.
In a new video, the pseudonymous analyst known as Guy tells his 1.9 million YouTube subscribers that layer-1 smart contract platform Avalanche (AVAX) is set to compete with bigger crypto assets that sit above it in terms of market cap.
“It’s possible if not likely that Avalanche could crack the top five, especially since some of the cryptocurrencies in its way are of a lesser caliber, to put it mildly.”
Guy says that despite the recent crypto market correction, AVAX’s price remains in a macro uptrend due to rising consumer demand and ease of accessibility of its C-Chain, which is the default smart contract blockchain on Avalanche. The analyst says it’s a bullish sign for AVAX.
“[Avalanche] remains in a clear uptrend despite the massive crypto market dip we’ve seen over the last few months. This is for one simple reason, and that’s demand.
According to DappRadar, Avalanche’s C-chain has around half a million monthly active users which is not too shabby at all. The number of daily transactions on the C-chain has also been on a relentless rise.
Besides the C-chain’s EVM (Ethereum Virtual Machine) support, Avalanche’s amazing adoption is likely because [of] Binance and Coinbase support withdrawals and deposits directly from and to the C-chain. This makes Avalanche very accessible to the average crypto holder.”
According to Guy, Avalanche growing large enough to challenge Ethereum is not off the table.
“Right now, AVAX seems to be focused on DeFi (decentralized finance), and that’s all well and good, but that’s a very crowded neighborhood…
That said, the trends are in Avalanche’s favor and if it continues the way it has, it could become big enough to challenge Ethereum.”
Avalanche is changing hands at $70.20 at time of writing, a 19.5% decrease from its seven-day high of $87.37.
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