The Brutal Bear Market and Its Impact on AVAX
The recent bear market in the crypto industry has taken a toll on AVAX, pushing its price to a multi-year low of $10.14. As a result, the number of AVAX holders in profit has reached an all-time low, with nearly 99.5% of investors currently at a loss.
Main Breakdowns:
- The latest downturn extended AVAX’s weekly losses beyond 17%.
- Previous lows were recorded in June and December due to external events.
- This is the first time that nearly all AVAX holders are holding at a loss.
- The AVAX ecosystem has seen significant developments, including partnerships with Alibaba Cloud and MasterCard.
- The recent unveiling of the $50 million Avalanche Vista initiative aimed at real-world asset tokenization.
Despite these developments, AVAX continues to face significant selling pressure. The upcoming token unlock of $99 million on August 26th is expected to further increase this pressure.
Hot Take:
The brutal bear market has had a profound impact on AVAX, causing a sharp decline in its price and leaving the majority of investors at a loss. While the AVAX ecosystem has seen impressive developments, they have had little effect on the asset’s price. With the upcoming token unlock, AVAX may face even more challenges in the near future.