The cryptocurrency market experienced a wave of declines following Israel's strike on Iran. Altcoins, including AVAX, showed significant decreases.
Sharp Decline of AVAX
On June 13, Avalanche (AVAX) dropped by over 14%, reaching a daily low of $18.53. The token later stabilized around $19, but still recorded a daily decline of 9.75%.
Factors Contributing to the Decline
The market reacted to rising oil prices and associated inflation concerns. This forced traders to seek safe-haven assets. However, AVAX's decline was more significant than most altcoins, with only 23 out of 100 top tokens seeing worse performance. Additionally, weak technicals, including a long-term bearish trend, contributed to the drop.
Future Prospects for AVAX
Despite the current bearish trend, Avalanche's network has shown positive developments. It has achieved records in gas usage, transaction numbers, and transactions per second, indicating an increase in adoption and the network's scalability.
Current market conditions for AVAX may be challenging, but positive news from the ecosystem could foster optimism for the future.
