July 23, 2024
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Blockchain News

Crypto Analyst Predicts 500% Meteoric Rise For AVAX Before Rally Is Over

Avalanche (AVAX) has been on a recovery path, just like the rest of the market, following Bitcoin’s surge. With the digital asset already experiencing double-digit gains in the past week, crypto analyst Michael van de Poppe believes there is still more room for AVAX to grow.

In a recent post on Twitter, van de Poppe, with over 658,000 followers, predicted that AVAX could reach approximately $65 before the rally concludes. While the analyst set high price targets for various cryptocurrencies this year, AVAX stood out due to its significant potential.

If van de Poppe’s analysis proves correct, AVAX could potentially witness a growth of around 500% during the current rally. Despite the ambitious price targets, this would position it ahead of well-established cryptocurrencies like Bitcoin and Ethereum.

Van de Poppe’s tweet highlighted other price predictions, such as Bitcoin at $42,000, Ethereum at $3,000, Litecoin at $260, Chainlink at $22, and Cosmos at $35. According to the analyst, only when these digital assets reach their respective price levels will the rally conclude and the market correction begins.

While van de Poppe’s post mainly focused on the general market rally propelling AVAX’s price, noteworthy developments on the Avalanche network could contribute to the altcoin’s achievement of the predicted milestone.

One such development is the Avalanche HyperSDK, which allows developers to create virtual machines on the network. This feature enables developers to customize their virtual machines, enhancing their performance using a software development kit (SDK).

Additionally, the Avalanche Warp Messaging (AWM) innovation facilitates messaging on the blockchain through subnets. This eliminates the need for third-party software or bridges to support the messaging platform, ensuring its seamless integration with the blockchain.

These recent advancements highlight Avalanche’s commitment to staying up-to-date with the latest developments in the blockchain industry. Consequently, these improvements could drive the demand for AVAX, the native token of Avalanche, and help it reach the projected $65 mark.

AVAX is priced at $12.81 after a minor 2.30% correction within the last 24 hours. However, it boasts a market capitalization of $4.42 billion, securing its position as the 18th largest cryptocurrency in the industry.