‘Standing still is not an option’: Avalanche gathers steam, hitting all-time high of $101
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Avalanche is on a roll.
The No. 13 cryptocurrency this afternoon hit an all-time high of US$101, as the smart contract platform continues to gain traction.
According to Defi Llama, Avalanche has gained $10.6 billion in total value locked (TVL). While that’s just 3.86 per cent share of the overall DeFi ecosystem, that’s up from 0.16 per cent share just three months ago.
Transaction-wise, Avalanche’s c-chain (the network’s Ethereum Virtual Machine-compatible blockchain) is showing signs of exponential growth, handling 519,000 transactions on Sunday — more than it did all July.
Ethereum dropped from a 74.3 per cent share to a 66.5 share during the same timeframe, with $182.8 billion TVL.
Binance Smart Chain and Polygon dropped as well, while Solana went from a 1.1 per cent share to 5.3 per cent. Terra edged higher, while Fantom was another big gainer.
After a big September, AVAX has had a quiet October, but seems set to resume its upward momentum.
Think Markets analyst Carl Capolingua posted that AVAX looked good on both the short and long-term charts.
🥳 #Avalanche aiming at 1st ever close > $100 🎉
✅ST & LT uptrend
✅Price action ⏫ peaks & troughs
✅White candles/lower shadows @ support
✅Low volume = lack of supply (=everyone #HODL!)
Support: 81-90 zone
Resistance: Just $100!?
Bias: Buy / #BTFD#crypto #AVAX pic.twitter.com/QB4eUkHibO
— Carl Capolingua (@CarlCapolingua) November 15, 2021
“The one certainty for anyone in the path of an avalanche is this: standing still is not an option,” Three Arrows Capital Zhu Su tweeted yesterday, quoted British historian Norman Davies.