Is Avalanche Worth the Hype in 2024?
Avalanche is known for being in the top ten blockchains on coinmarketcap, usually fluctuating in the 8th and 9th positions. It gained a good rhythm in 2023, whose aftereffects are visible in 2024 as well. Avalanche has seen a 22% weekly increase and is expected to reach the $71 mark by the last quarter of this year. So, is Avalanche worth the hype? Let’s get into it.
Avalanche Marked Remarkable Deals During 2023
Based on the statistics, the Avalanche price is on a bull run regardless of the market situation. Even in the past week, Avalanche has hiked by 19.60%, where the price soared from up to $42, highlighting the stable growth. This stability will be maintained, as many analytics (including Chainlink) have predicted that the number will rise to $50 soon.
These continuous gains are related to their recent partnerships with companies like JP Morgan, Citi, etc. Another reason is because of the way altcoins are valued these days. Before discussing the value and characteristics of Avalanche, have a look at the top partnerships Avalanche had in 2023. Avalanche was the most preferred altcoin in 2023 because everyone saw the benefits it brings to the table.
In October 2023, Avalanche also launched a blockchain database system called Firewood. Avalanche’s developer explained that this upgrade would solve the scaling issues of the blockchain network. It helps in information filing more efficiently and provides management help to solve scaling issues.
Should You Buy Avalanche Token?
Avalanche was launched in 2020 and is known as a competitor of Ethereum. It has a token called AVAX and uses smart contracts to work on projects. As AVAX’s prices continuously increased for some time now, it is understandable to get interested in buying it. Here’s a list of the pros and cons of Avalanche that will help you understand whether you should invest and whether it’s worth the hype.
Pros of Avalanche Blockchain
- Architecture of Network : Avalanche is an open-source project known as fast, versatile, secure, affordable, and accessible. It can transact 45000 transactions per second, faster than any of its competitors, including Ethereum. Its distinguished architecture makes it resilient to attacks.
- Adoption Rate : Avalanche has completed 1,254,253,300 transactions till now and has deployed around 14,405,104 Smart Contracts. It is capable of supporting many blockchain-based projects at the same time without compromising on any part.
- Tokeonomics : Avalanche has a fixed maximum supply similar to Bitcoin and burns total transaction or gas fees for network stability.
Cons of Avalanche Blockchain
- Questionable Network Design : Avalache’s network supernets are known for their flexibility but hurt composability due to specific equipment requirements.
- Compromised Security : Avalanche has not set any slashing penalties for nodes which compromises security.
- Confusing Interface : Because Avalanche has three blockchains, it’s confusing for people especially newbies.
- Tough Competition : Avalanche has many competitors like Ethereum which offer better features.
Conclusion
Avalanche is one of the best blockchain networks that can offer many features. It has a low price yet high features are an attractive deal other than Ethereum-like features. Based on many analytics, its price will grow even more in future.
As a crypto investor you should analyze before making investment decisions.
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