Avalanche (AVAX) is currently the best-performing cryptocurrency among the top 10 projects. The token has surged by over 50% in the weekly charts, over 82% in the last 14 days, and more than 116% over the previous month. Since January 2023, AVAX’s price has surged by over 270%, far outshining Bitcin’s (BTC) almost 150% growth in the same time frame.
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However, Avalanche (AVAX) was struggling for most of 2023. The asset’s price only began to rally in mid-October and gained significant traction in the first week of December. One should note that the larger crypto market faced a correction in early December while AVAX was pumping.
One reason for AVAX’s stellar performance in December could be JPMorgan and Citi partnering with the Avalanche Foundation for their real-world asset (RWA) tokenization plans. Moreover, the project released 3 million AVAX tokens into circulation this month. The tokens went towards staking rewards. The massive token unlock may have also helped the asset’s price appreciate.
Will Avalanche (AVAX) hit $50 next?
There is a chance that AVAX will face a correction in the next few weeks. According to the machine learning algorithm at PricePredictions, AVAX’s price may fall below $40 by Dec. 20, 2023. Moreover, the platform anticipates a bearish outlook for the token in early 2024.
CoinCodex, on the other hand, predicts Avalanche (AVAX) to continue on its bullish path. Analysts at the platform expect AVAX to hit $44.36 on Dec. 21, 2023, a growth of about 8% from current levels. However, the platform anticipates AVAX’s price to dip below $40 in the first week of January 2024.
Also Read: What is Avalanche (AVAX)?
Changelly expects AVAX to hit $41.98 on Dec. 21, 2023. However, the firm predicts the token’s price to fall to $37.54 on Dec. 28, 2023, a drop of about 8.5% from current levels.
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