Avalanche [AVAX] Price Jumps 15% in a Week – What’s Next?
• Avalanche (AVAX) experienced a surge in social mentions and dominance last week.
• Intain announced its tokenized marketplace for asset-backed securities, built on Avalanche.
• AVAX’s price rallied last week, registering double digit gains and topping the list of gainers in the Avalanche ecosystem.
Avalanche (AVAX) Experiences Surge in Social Mentions
Avalanche’s social dominance and mentions increased significantly over the past week. Metrics remained favorable for a potential price pump, while market indicators pointed towards a trend reversal. On 3 February, Ava Labs launched its new explorer for Avalanche P-Chain which came with several useful features. Additionally, Intain announced that it would open a tokenized marketplace for asset-backed securities built on Avalanche. OKXweb3 also partnered with Avalanche to allow users to easily buy NFTs on OKX.
Positive Sentiments Around AVAX Spike
AVAX Daily tweeted on 2 February that AVAX’s social mentions and social dominance had increased by over 5%. Though the token remained popular, its Galaxy Score and AltRank were not as promising as many expected. However, AVAX’s price still registered double digit growth and at press time was trading at $21.07 with a market capitalization of over $6.6 billion, making it one of the top gainers in the Avalanche ecosystem for the past 24 hours according to CoinMarketCap data.
Increased Demand In Derivatives Market
The recent surge in price was accompanied by an increase in AVAX’s DyDx funding rate indicating higher demand in the derivatives market. Similarly, Binance’s funding rate registered an uptick establishing more demand for futures contracts around AVAX tokens. Positive sentiments also grew within the crypto community reflecting their faith in AVAX tokens performance this week alone made it clear why investors are turning to this asset class as part of their portfolios diversification strategy moving forward into 2021 and beyond!
Fundamental analysis is an important part of evaluating any digital asset investment opportunity and should be taken into consideration when assessing whether or not to invest in any particular project or coin offering such as AVAX tokens from Avalanche network platform infrastructure project related investments like this one offers up some key advantages compared to other similar projects due to its strong background team members experience combined with their development achievements so far plus excellent track record when it comes to staying ahead innovation curve compared others field competitors & industry peers overall makes them stand out crowd being good choice take look into seriously if consider investing cryptocurrencies 2021 2022 ahead timescales!
In conclusion, AVAX has been experiencing strong growth lately due to positive news surrounding its network and partnerships which have further strengthened investor confidence in its potential future value appreciation prospects going forward into 2021 & 2022 timescales plus beyond too! This makes it ideal choice those looking diversify their portfolio addition cryptocurrencies & digital assets related investments during these exciting times revolution happening right now blockchain technology space rapidly expanding globally across world wide markets!