Avalanche Crumbles More Than 16% As Crypto Landslide Continues

avalanche-crumbles-more-than-16-as-crypto-landslide-continues Published 1 month ago Views (12) Blockchain

Avalanche (AVAX), dubbed the “Ethereum killer,” has plunged to more than 16% following the disastrous crypto market scenario. Other crypto tokens that are also competitors to Ethereum have had massive double-digit losses in the last 24 hours.

AVAX, considered the 13th biggest cryptocurrency with a market cap of $7.6 billion, has dramatically sloughed off over 16% of its TVL in the past few hours, and is now trading at $27.94.

AVAX Treading The Bearish Path

AVAX is leading the bearish action, which has placed the token down by 80% compared to its all-time high, which registered an impressive $146.22 in November 2021.

The downward trend is triggered by the sluggish growth of different DeFi projects hedged on Avalanche.

Suggested Reading | Ripple (XRP) Struggles To Breach $0.45 Level, Down 16% In Last 7 Days

Avalanche – Ethereum Rival

Ethereum is said to be slow and expensive in pricing, which paved the way for the creation of Avalance, which is eco-friendly, fast, and affordable.

Avalance was created by Ava Labs, co-founded by Kevin Sekniqi, Emin Gün Sirer, and Maofan “Ted” Yin.

The Ethereum-killer, Avalanche, is a blockchain that combines the trailblazing speed in confirmation times plus scaling capabilities using...

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Angie Fox writes sweet, fun, action-packed mysteries. Her characters are clever and fearless, but in real life, Angie is afraid of basements, bees, and going up stairs when it is dark behind her. Let’s face it. Angie wouldn’t last five minutes in one of her books.

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