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- Avalanche (AVAX), now the fourth largest network in terms of TVL, hit the mark of $10 million after a significant dip earlier this year during the crypto market sell-off.
- In 2021, the Ethereum rival, Avalanche (AVAX), saw its price explode, after which it even got listed on the major cryptocurrency exchange, Kraken, and is continuing its rapid growth till now.
- As per the latest reports, Bank of America analysts stated that Avalanche has all the potential to become a viable alternative to Ethereum as far as DeFi (Decentralized Finance), NFTs (non-fungible tokens), and gaming are concerned.
During the cryptocurrency market sell-off earlier this year, Ethereum Rival, Avalanche ($AVAX) experienced its TVL, or total value locked, hitting the milestone of $10 billion after a significant dip.
Avalanche Network’s TVL Increased By 18% In The Past 7 Days
After it rose to 18% in the past seven days, the Avalanche (AVAX) network currently holds around $10.57 billion in total value locked on it as per the data from DeFiLlama, the decentralized finance tracker.
Avalanche (AVAX) Now The Fourth-Largest Network
Its growth has led Avalanche (AVAX) to become the fourth-largest network in terms of TVL. Ethereum, Terra, and the Binance Smart Chain are above it, having $124 billion, $14.5 billion, and $13.1 billion in TVL, respectively.
However, its rise has successfully outperformed Fantom that currently holds $8.6 billion.
Following its price explosion in 2021, late last year, AVAX even got listed on Kraken, the primary cryptocurrency exchange, and it is still growing rapidly.
During that period, Kraken defined Avalanche as a distributed system that achieves scalability via a Proof-of-Stake consensus mechanism and also through leveraging the three interoperable blockchains. Avalanche’s goal is to serve as a growing decentralized exchange ecosystem (dApps).
Soon after BitGo, a cryptocurrency custody firm, disclosed that it would be backing $AVAX, the native token of the Avalanche network, the announcement of the listing came.
Now, after the announcement, BitGo customers can provide AVAX to their users, including exchange Bitbuy and Bitstamp.
Smart Contractor, a famous cryptocurrency analyst, shared on social media that the price of AVAX might be bracing itself for a price rise. Smart Contractor is famous in the space for correctly calling out the bear market low in 2018.
Bank of America analysts believe Avalanche can be a perfect alternative to Ethereum ($ETH) in relation to DeFi (Decentralized Finance), NFTs (non-fungible tokens), and gaming, as per the latest reports.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
