Avalanche, Gala, and Snowfall Protocol have been on an uptrend.The three cryptos have registered strong growth on the back of positive developments in their ecosystem.So, why are these newer cryptocurrencies registering double-digit growth while the established blockchains keep the investors waiting? Here is what’s happening with Avalanche, Gala, and Snowfall Protocol (SNW).Avalanche (AVAX) Breaks New Ground Avalanche is a rival blockchain to Ethereum.Like Ethereum, Avalanche uses smart contracts that support the various projects on the blockchain.Avalanche has been primarily used to secure its native blockchain and pay the transaction fee on the network.
Avalanche saw a significant price jump after signing a collaboration deal with Amazon.Amazon Web Services (AWS) needed a platform to execute and manage smart contracts to perform ownership transfers and financial transactions based on live market data.
Ethereum is the current leader in smart contracts.However, AWS surprised everyone by picking a rather smaller player like Avalanche.Avalanche is not leaving any stone unturned to ensure that the AWS collaboration news reaches every crypto investor.Avalanche is publishing blogs that explain how Avalanche users can now access a wide spectrum of AWS features and assets.Avalanche may be the first formal blockchain partner for AWS, but it certainly won’t be the last.AWS will partner with other smart contract platforms to deliver blockchain-as-a-service to early-stage Web3 startups.Gala (GALA) Is Moving Up with the Market Gala’s crypto gaming system is powered by the GALA token.The recent gain in GALA’s price is in sync with the increase in prices of gaming-related NFTs in the crypto-verse.
2023 has been a good year for gaming NFTs, and the trickle-down effect can also be seen in the Gala prices.According to most experts, the increase in GALA’s prices is due to a rise in NFT trading volume over the past week.The NFT trading volumes have zoomed past 30%, surpassing the $200 million mark.Gala is experiencing a rise due to the high tide.So, the increase in prices may not be sustainable.However, if the market remains strong, Gala may continue posting positive gains for the next few weeks.Snowfall Protocol (SNW) Offers a Strong Use Case Snowfall Protocol (SNW) is an interoperability project that links multiple blockchains together.Although the crypto is scheduled to be launched in early February, Snowfall Protocol (SNW) has registered tremendous gains in its presale stages.
The token’s price appreciation is primarily on account of its use case.With Snowfall Protocol (SNW), crypto users can transfer their assets and holdings from one blockchain to another without hassle.So, Snowfall Protocol (SNW) is offering a solution to a common problem a crypto user faces, and investors believe in the Snowfall Protocol (SNW) solution.Since its presale, Snowfall Protocol (SNW) has continuously appreciated in value.
The demand for the coin was such that its stage 2 sale had to be closed a day early because the coin sold out.By stage 3, the coin had already shot up by 250%.Experts have predicted that the coin will continue to gain value after its launch.It is expected to offer an RoI of 1000% in the months following its launch.
Website: https://snowfallprotocol.io Telegram: https://t.me/snowfallcoin Presale: https://presale.snowfallprotocol.io Twitter: https://twitter.com/snowfallcoin Disclaimer: The information provided in this article is solely the author’s opinion and not investment advice – it is provided for educational purposes only.By using this, you agree that the information does not constitute any investment or financial instructions.Do conduct your own research and reach out to financial advisors before making any investment decisions.
– Avalanche’s daily activity was impacted by native projects.- The NFT market underperformed.According to a report provided by Messari, projects on Avalanche observed significant improvements in Q4 of the previous year.These improvements had a significant impact on the daily activity of Avalanche, leading to a rise in overall interest in the protocol.One of the major contributors to this increase in interest was the launch of projects such as Trader Joe and GMX.
Both of these projects leveraged Avalanche’s fast, secure, and decentralized infrastructure to provide their users with a range of innovative and highly demanded services.Realistic or not, here’s AVAX’s market cap in BTC’s terms NFTs provide some relief Despite the growth of these protocols, the number of active addresses on the Avalanche network showed a decrease.However, there were a few spikes observed during this time, which were attributed to increased interest in the NFT market.The spike in NFT interest was reflected in the growing number of NFT transactions on the Avalanche network.However, at press time, the state of Avalanche’s NFT market was not as strong as it had been previously.
Data provided by AVAX NFT stats showed that the NFT volume for blue-chip Avax NFTs had declined significantly over the past few weeks.The decline in activity on Avalanche has had a number of knock-on effects on the overall state of the protocol.For example, fees collected by Avalanche and the number of transactions on the network dwindled.
The declining fees and subsequent decline in the revenue generated by Avalanche could be a factor that affected the state of stakers on the Avalanche protocol.According to data provided by Staking Rewards, the number of stakers on the Avalanche protocol decreased materially over the last 30 days.At the time of writing, it was 54,267.Signs of hope Furthermore, over the last few days, the volume on Avalanche saw massive growth.
It went from 98.4 million to 516.7 million during this period.This spike in trading volume coupled with growing gas usage could be a sign of optimism for AVAX token holders.Read Avalanche’s Price Prediction 2023-2024 Along with the growing volume, the amount of gas used by Avalanche also witnessed an increase over the last week.This could suggest that there may be a resurgence of interest in Avalanche that could happen soon.
Dogecoin rose to a six-week high on Saturday, as prices rose above a key resistance level to start the weekend.The meme coin climbed to its strongest point since December, as the global crypto market cap was mostly in the green in today’s session.Avalanche also surged today, hitting its strongest point since August.Dogecoin (DOGE) Dogecoin (DOGE) was one of Saturday’s most notable movers, as prices rose to their highest point in six weeks.Following a low of $0.08507 on Friday, DOGE/USD rallied to an intraday peak of $0.09297 earlier in the day.As a result of this, dogecoin moved to its strongest point since December 13, which is the last time prices were trading at a resistance level of $0.0930.Looking at the chart, the move took place as the 14-day relative strength index (RSI) edged closer to a ceiling at 61.00.
As of writing, the index is tracking at 59.96, with DOGE trading below earlier highs at a reading of $0.08808.Should DOGE bulls push price strength past the 61.00 mark, it is likely that prices will break out of today’s ceiling at $0.0930.Avalanche (AVAX) Avalanche (AVAX) surged by as much as 14% higher to start the weekend, as prices raced past a long-term point of resistance.AVAX/USD jumped to a high of $21.68 earlier in the day, which comes less than a day after falling to a low of $17.83.Today’s rally has seen avalanche rise to its highest level since August 26, cementing a five-month high in the process.Earlier gains have already begun to fade, with previous bulls seemingly opting to close positions and secure profits.This decline has resulted in the RSI finding its floor, with price strength now tracking at 70.35, which is marginally above its support at 70.00.
Should this decline continue, it is a strong possibility that AVAX could fall towards a floor at $18.50.Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story What has been behind today’s surge in dogecoin and avalanche? Let us know your thoughts in the comments.
Eliman Dambell Eliman brings an eclectic point of view to market analysis.He was previously a brokerage director and online trading educator.Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.
Bitcoin.com does not provide investment, tax, legal, or accounting advice.
Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.- Protocols under the Avalanche chain contributed to the TVL $800 million growth.
– AVAX would need to maintain several uptick on-chain to overcome a fall.According to information from DeFi Llama, protocols under the Avalanche [AVAX] ecosystem have contributed immensely to it in the last 30 days.At the time of writing, the AVAX Total Value Locked (TVL) was $890.3 million.However, it would have been impossible to reach the $800 million mark if not for the impact of Yield Yak, GMX, and Benqi.Read Avalanche’s [AVAX] Price Prediction 2023-2024 When do the reds end? In the past one month, all these protocols have donated double digits upticks to the AVAX TVL.
However, details from the DeFi aggregator showed that the last 24 hours have been the same trend as most of the contributors ended with reds.The condition above implies that many investors had deposited into the dApps under the AVAX network while indirectly contributing to the network’s health.But is there a chance that the decline does not last long? Based on the on-chain data, AVAX could have a chance.This was because it was not out of the discussions around the crypto community.According to Santiment, the AVAX social dominance was 0.527% — an improvement from the last few days.If sustained, combined with uptrends from other metrics, could be able to push investors to reconsider scaling the TVL.
However, its volume, which has repeatedly hit over 500 million, could not sustain the momentum.At press time, the AVAX volume was down to 395.02 million.This decrease implied that transactions passing through Avalanche were not at their peak.Hence, traders were also not looking in the area to take advantage of a price increase.Regarding its NFT volume, Santiment revealed that traders had been involved in buying and selling AVAX collectibles lately.
However, as of 25 January, the sales volume was only $108,000.This was far below what had been recorded two days before.Realistic or not, here’s AVAX’s market cap in BTC’s terms Need more from investors’ sentiment Per investor sentiment, the on-chain information platform showed that the positives outweighed the negatives.While the negative sentiment was down to 15.07, the positive took the other route to 25.923.This meant that the corresponding social volume had a more enthusiastic perception towards AVAX rather than disinterest.Additionally, the stablecoin whale supply into AVAX was impressive at 42.85.So, it was not just retail investors turning to AVAX, but deep pockets also did.Irrespective of the stance, there is no confirmation that AVAX would immediately turn to greens.
However, the chance of resisting a further decline seemed much higher.
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