AVAX has demonstrated a bullish trend recently with significant developments in the crypto market. The price surge following BTC's stability since July 5th has positioned AVAX in the top 20 cryptocurrencies globally, ranking 11th in market cap. Market cap fluctuations have been observed, with an increase to $12.743 billion from $8.80 billion on July 5th, 2024.
According to Messari, AVAX holds a market dominance of 0.5% and boasts a substantial social media following on platforms like Reddit, Twitter, and Telegram. The 24-hour trading volume has seen a remarkable increase by 211.55% to $829.407 million.
Liquidity in AVAX seems favorable with a 24-hour volume-to-market cap ratio of 6.32%. However, investors are advised to exercise caution and conduct their research (DYOR) despite these positive indicators.
The circulation of AVAX coins amounts to 394.759 million, representing 55.15% of the max supply. The distribution among holders shows that the top 100 addresses hold a significant portion of the circulating supply.
AVAX's price history reveals an all-time low of $8.60 on September 25th, 2023, and an all-time high of $147 on November 16th, 2021. Currently, the price is approximately 77% down from its ATH.
Avalanche's project fundamentals highlight its role as an open, programmable smart contracts platform for decentralized applications. The platform has garnered attention for its strong global presence and development activity.
The project's key metrics, including social community engagement and online presence, received high scores. Backed by prominent investors and a robust security score, AVAX is seen as a promising project with positive market sentiment.
Financial data indicates that a significant percentage of AVAX holders are in profit, while a notable portion remains at a loss or breakeven. Price analysis suggests potential resistance levels at $37 and $50, with support levels at $27 and $16 if the price fails to surpass resistance.
In conclusion, AVAX's recent price surge, coupled with its market position and fundamental strengths, make it an intriguing asset in the evolving crypto landscape. The prospects of reaching $65 this year for AVAX depend on market dynamics and investor sentiment.
