Hosts of the popular crypto channel Coin Bureau have stated that one Ethereum (ETH) competitor could surge into the top five crypto assets by market capitalization.
In the new video, a pseudonyst analyst known as Guy, 1.9 million YouTube subscribers will see Layer 1 smart contract platform Avalanche (AVAX) compete with the larger crypto assets above it in terms of market capitalization. It says that it is set to.
“Especially, some of the cryptocurrencies along the way are small in caliber, so it’s unlikely that Avalanche will be able to break the top five, but to put it mildly, it’s possible.”
Guy said that despite recent crypto market revisions, AVAX prices have risen macro due to rising consumer demand and accessibility to C-Chain, Avalanche’s default smart contract blockchain. They say they are staying on the trend. Analysts say this is a bullish sign of AVAX.
“”[Avalanche] Despite the significant decline in the crypto market that has been seen over the past few months, a clear upward trend continues. This is one simple reason, and that’s the requirement.
According to DappRadar, Avalanche’s C-chain has about 500,000 monthly active users, which isn’t too bad. The number of daily transactions on the C chain is also constantly increasing.
In addition to C-chain EVM (Ethereum Virtual Machine) support, Avalanche’s amazing adoption is probably [of] Binance and Coinbase support direct withdrawals and deposits with and from the C chain. This makes Avalanche very accessible to the average crypto holder. “
According to Guy, the avalanche, which has grown large enough to challenge Ethereum, is still on the table.
“Currently, AVAX seems to be focusing on DeFi (Decentralized Finance). It’s all working, but it’s a very crowded area…
That said, the trend is in favor of avalanches, and if it continues as it is now, it could be big enough to challenge Ethereum. “
Avalanche changed trading at $70.20 at the time of writing, down 19.5% from its seven-day high of $87.37.
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Featured images: Shutterstock / Tithi Luadthong / Natalia Siiatovskaia