Bittime - The world of cryptocurrency is once again enlivened by rising altcoin prices. This time, Avalanche (AVAX) managed to overtake Dogecoin (DOGE) and occupy the position as the 9th largest cryptocurrency in the world.
The price of the AVAX token soared sharply. In the last week the price rose 16.44% and in the last month it rose 40.36%. In fact, throughout 2024 (year-to-date), the price has increased by around 58%. This price increase indicates high demand for AVAX.
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After a while the price moved in the range of $35 to $39.50, the AVAX price jumped again at the beginning of the third quarter of 2024. This increase was driven by optimistic (bullish) market players. AVAX price rose 16.61%. However, after that the price moved flat for eleven days.
AVAX price fluctuates again. The buyers (bulls) returned to power and pushed the price of AVAX up 38.98%. However, gains were stuck around $55.52. Since then, the price of this coin has moved in the range of $49.95 to $61.25.
Interestingly, the AVAX price is currently approaching the resistance level at $61.25. If it manages to get past that point, AVAX price may continue to rise and try to pass the next resistance at $65, or even $70 if the bullish trend continues.
However, keep in mind that cryptocurrency prices can change quickly. If the trend reverses (bearish), the AVAX price could fall and return to the support level at $55.52. In fact, if the selling pressure continues, the price of AVAX could fall again to $49.95.
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Getting to Know Avalanche (AVAX)
Avalanche (AVAX) is a blockchain and cryptocurrency platform that is a competitor to Ethereum. Just like Ethereum, AVAX uses smart contracts to support various other blockchain projects.
Launched in 2020, Avalanche aims to be a fast, flexible, secure, affordable and accessible platform. Interestingly, Avalanche is an open-source project, meaning anyone can view and contribute to the platform's code.
The Avalanche blockchain can reportedly provide extremely fast transaction finalization. AVAX is used to pay transaction processing fees, secure the Avalanche network, and act as a basic unit of account between blockchains on the Avalanche network.
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Advantages and Disadvantages of Avalanche (AVAX)
Avalanche has its own advantages and disadvantages.
Excess:
- Fast transaction processing time: Transactions on Avalanche are processed very quickly.
- Attractive reward structure: The Avalanche Network rewards its users for participating, thereby encouraging greater participation.
- Supports many blockchain projects: The Avalanche platform is capable of supporting many other blockchain projects built on top of it.
Lack:
- Tough competition: Avalanche faces stiff competition from established platforms like Ethereum.
- High staking: To become a validator on the Avalanche network, high staking is required, namely 2,000 AVAX tokens. This amount is quite large and can be a barrier for some people.
- Lack of penalties for negligent validators: Negligent or malicious validators will not be punished by losing their AVAX tokens. This can have an impact on network security.
How to Buy Avalanche (AVAX) on Bittime
You can buy and sell Avalanche (AVAX) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Avalanche (AVAX) is available on Bittime with the market pair AVAX/IDR. To be able to buy AVAX IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Avalanche (AVAX) on Bittime.
Monitor the price chart movements of Avalanche (AVAX), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Avalanche (AVAX) Price Prediction in 2024
How to Stake Avalanche (AVAX), Follow the Tutorial!
Unlocking the Potential of AVAX and the Thriving Avalanche Ecosystem
Avalanche (AVAX) Comprehensive Review 2024: Complete Guide
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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