Avalanche Update & AVAX Price Prediction!!
👨🏫 Avalanche Recap 👨🏫
Avalanche is the brainchild of computer scientist Dr. Emin Gun Sirer, a professor at Cornell University who has been previously accused of being Bitcoin’s creator, Satoshi Nakatmoto. In contrast to other cryptocurrency blockchains, Avalanche uses a DAG optimized proof of stake consensus protocol called… Avalanche. In the Avalanche consensus, validator nodes gossip with each other about transactions occurring on the network. This makes the Avalanche blockchain hard to corrupt and allows it to process 4500+ TPS.
💱 Avalanche Updates💱
In November, Avalanche announced plans for the first major upgrade to the network called ‘Apricot’. This will introduce governance, freezable assets, and wrapped Avalanche tokens for Ethereum. In December, Avalanche announce that True USD will be the first regulated stablecoin to launch on the Avalanche network. This is set to take place in the coming months. Avalanche also announced the first ever Initial Litigation Offering wherein AVAX token holders can crowdfund a lawsuit. If the lawsuit is won, token holders will earn a portion of the damages claimed.
📊AVAX Price Analysis📊
AVAX has gone parabolic over the last couple of weeks and is showing no signs of slowing down. This is for many reasons. Firstly, AVAX has some pretty robust tokenomics. AVAX is also deflationary since it is burned to pay for network fees. Avalanche has also seen an incredible amount of network participation when it comes to staking. Staked AVAX tokens are also subject to a 2 week lock up period for both delegators and validators. Another bullish indicator is the number of tokenized assets that have been created on Avalanche, which is now over 1000. Avalanche is also one of the few cryptocurrencies with a presence in Turkey.
🤑AVAX Price Prediction🤑
My short-term price projection is Avalanche at a market cap of roughly 22 billion dollars, which corresponds to price tag of around 275 dollars per AVAX. Assuming Bitcoin goes up to 100k during this cycle, that corresponds to a market cap of roughly 1.5 trillion dollars, which is about a 2x move from its current price. If AVAX pulls that same 2x move with a 22 billion dollar market cap, that works out to around 550$ per AVAX in the coming months.
As far development updates go, it seems that we are still waiting for a mobile wallet, a browser extension wallet, and a desktop client to be finished. Avalanche is also looking for developers to build a whole suite of DeFi applications and protocols.
⏲Avalanche Development Delays⏲
Despite all of Avalanche’s partnership announcements and the price action of the AVAX token, development on the network seems to have been relatively slow by comparison. A recent report by Outlier Ventures suggests crypto devs are ditching Ethereum competitors and choosing to BUIDL in DeFi instead. Even though the report mentions that Avalanche has actually seen an uptick in development in 2020, the overall trend continues downwards, and this is clearly visible on the Ava Labs Github.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.