The Avalanche price climbed close to its all-time high as investors cheered the resurgence of its DEFI ecosystem. The AVAX token jumped to $61, which was slightly below its all-time high of $64.97, bringing its total market capitalisation to more than $12.9 billion. This strength has propelled it to become the 14th biggest cryptocurrency in the world.
AVAX rebounds
Avalanche is one of the biggest Ethereum-killers in the world. The platform is beloved because of its blazingly fast speed, low cost of transactions, and eco-friendly nature.
Its network can process about 4,500 transactions per second, which is substantially higher than that of Ethereum, which transacts about 14 transactions. Its transactional finality is less than 2 seconds while that of Ethereum is about 6 minutes.
Still, Avalanche is a relatively smaller platform than Ethereum. For example, data by DeFi Llama shows that the network has 28 DeFi platforms with $2.5 billion in total value locked (TVL). In comparison, Ethereum has about 213 projects with a TVL of more than $123 billion. Some of the top Avalanche DeFi projects are Benqi, Trader Joe, Pangolin, and Yield Yak.
Still, going by the Avalanche price action, it seems like investors believe that the network stands a chance to compete with Ethereum.
Avalanche price prediction
The daily chart shows that the AVAX price has been in a strong bullish trend in the past few weeks. It has risen by more than 500% from its lowest level in July. The coin has also moved above the recently formed bullish flag pattern and is approaching its all-time high of $66.2. It is also being supported by the 25-day and 50-day moving averages.
Therefore, in this case, the trend is your friend, meaning that the coin will likely keep rising so long as it is above the two moving averages.
