Avalanche (AVAX) Gains 1.8% in 24 Hours Amid 14.8% Weekly Decline
Avalanche Market Update: Small Gains Amid Weekly Slump
Looks like AVAX is trying to crawl back up! The token managed to inch up by 1.8% against the dollar in the last 24 hours as of November 5th morning. But don’t break out the champagne just yet – zoom out and you’ll see it’s actually taken a 14.8% dive over the past week. Ouch.
Right now, you can scoop up one AVAX for about $16.71 or 0.00016262 BTC on major exchanges. With a market cap holding steady at $7.13 billion, there’s still serious money flowing through this network – $802 million worth changed hands in just one day!
Crypto Cousins: How AVAX’s Peers Are Performing
Let’s see how AVAX stacks up against some other movers in the altcoin space:
- Cronos (CRO): Down 1.5% at $0.12
- Hedera (HBAR): Up 1.6% to $0.17
- Internet Computer (ICP): Took a 4.4% hit to $4.97
- NEAR Protocol: Gained 1.1% to $1.89
- Cosmos (ATOM): Jumped 2.2% to $2.64
- Fetch.ai (FET): The big winner with a 5.6% surge to $0.22
Kinda all over the place, right? While some like FET are popping, others like Akash Network (down 4.4%) are still struggling.
Why Avalanche Still Matters
Since launching in September 2020, AVAX has become the go-to platform for developers building lightning-fast DeFi apps. With transaction speeds that leave Ethereum eating dust (under 1 second confirmations!) and crazy throughput (4,500+ transactions per second), it’s no wonder projects keep flocking here.
The tokenomics are pretty slick too – only 460 million AVAX will ever exist, with about 427 million already circulating. Every time you use the network (paying fees in AVAX, naturally), some tokens get burned, making the remaining ones more valuable. But if you’re thinking about Trade strategies, remember it’s not all sunshine and rainbows – some analysts prefer to play the long game with assets like these.
Getting Your Hands on AVAX
Wanna jump in? Here’s the drill: You can’t directly buy AVAX with dollars on most platforms. First, grab Bitcoin or Ethereum through exchanges like Coinbase or Gemini, then swap for AVAX on supported exchanges. Pro tip: always compare fees across platforms – they can eat into your crypto stash faster than you’d think!
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Key Avalanche Links
- Website: avax.network
- Twitter: @avax
- Reddit: r/avax community
- Technical Docs: Github repository
- Medium Blog: Official updates
