Avalanche (AVAX) fell by 47% over the past month

In 2021, Avalanche was among the best-performing major altcoins

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Avalanche (AVAX) has dropped by 47% over the past month – Photo: Getty Images
                                

Avalanche (AVAX) has dropped by 47% over the past 30 days, amid an ongoing crypto bear market.   

According to CoinMarketCap, Avalanche “is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality. Avalanche is blazingly fast, low cost and eco-friendly. Any smart contract-enabled application can outperform its competition by deploying on Avalanche.”

AVAX is the native token of Avalanche.

Ether is also down 47%

When looking at the same period, Ether (ETH) also saw a drop of 47%, while the leading crypto Bitcoin (BTC) decreased by 32%.

Other notable cryptos in the top 10 also decreased but again not by as much as AVAX and ETH, with Solana (SOL) down by 34% and Dogecoin (DOGE) down by 28%.    

AVAX was one of 2021’s best-performing altcoins

Avalanche was among the best-performing major altcoins in 2021. It rose almost 40-fold over the course of the year to hit an all-time high of $134 on 22 November 2021.

The AVAX token picked up momentum after the announcement, in November 2021, of a partnership between Ava Labs – the team supporting the development of the Avalanche blockchain – and one of the big four accounting firms, Deloitte. The stated partnership plan is “to build more efficient disaster relief platforms using the Avalanche blockchain”.

WalletInvestor is optimistic for AVAX in 2022, as the site’s AVAX price prediction forecasts a maximum value of $66.40 by the end of the year, while it says the coin will hit $221.38 in five years’ time.

The price of AVAX now is $16.86.

DigitalCoinPrice gives an Avalanche price prediction for 2022 of $22.07, and thinks the coin should hit $25.50 in 2023 before dipping to $23.01 in 2024. The site’s AVAX price prediction for 2025 says it should rebound to stand at $33.60, then drop to $30.07 the following year.

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