The native token of the smart contract platform Avalanche ($AVAX) has been surging so far this year, to the point it’s now the 11th most valuable cryptoasset by market capitalization after surpassing the meme-inspired cryptocurrency Shiba Inu ($SHIB).
According to a cryptocurrency analyst who called 2018’s bear market bottom, the price of the cryptocurrency may still have some room left to run as it still has “plenty of gas left in the tank.” The analyst shared a chart that implies $AVAX will surge to trade at $280.
The pseudonymous trader, who on social media goes by Smart Contracter, is famous in the cryptocurrency space for in June 2018 accurately predicting that the price of bitcoin would bottom at around $3,000 at the end of the bear market. By December 2018, the price of bitcoin bottomed at $3,178 according to CryptoCompare data.
Avalanche, according to its developer documentation, is an open-source platform for “launching decentralized applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Avalanche is the first decentralized smart contracts platform built for the scale of global finance, with near-instant transaction finality. Ethereum developers can quickly build on Avalanche as Solidity works out-of-the-box.”
Avalanche’s documentation notes that a key difference between it and other smart contract networks is the consensus protocol it uses. It adds the Avalanche protocol “employs a novel approach to consensus to achieve its strong safety guarantees, quick finality, and high-throughput without compromising decentralization.
AVAX is the network’s native token. It’s used to pay for fees on the Avalanche blockchain and can be staked to earn yield. The cryptocurrency’s price has notably surged over 3,000% so far this year.
On November 2 Grayscale Investments, a subsidiary of Digital Currency Group, announced it added $AVAX to its list of “assets under consideration,” meaning that in the future an AVAX investment product may be launched.
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