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Gitumani Talukdar
Dec 18, 2021
by Gitumani Talukdar

Ethereum Substitute Avalanche Ascends Top 10 Coins as Price Rises 11%

Substitute Avalanche 10 Coins
Ethereum’s substitute Avalanche is among the few currencies making it to the top 10 coins as the price rises to 11 percent. AVAX is among the few cryptocurrencies which are experiencing a good week. With an 11 percent ascent throughout the most recent 24 hours, it has become the 9th biggest cryptocurrency by market capitalization.

Ethereum Substitute Avalanche Leads Top 10 Coins

In various ways, Solana has been the story of 2021. The "Ethereum killer" exaggerated faster speed and lower transaction cost as compared to its rival, knocking SOL's price to huge heights. Another Ethereum competitor, Avalanche, possesses a big second half of the year. AVAX coin – its inhabitant, valued between $10 and $11 less than six months ago; at present it's worth stood at $110. Credit goes to a 31 percent price rise this week and an 11% rise over just 24 hours ago. It is even the ninth-largest cryptocurrency as stated by market capitalization.

Avalanche influxes taste of the top 10 at the termination of November when it withal Dogecoin into the dog house. But a market rectification brought the price to initial from its peak of $144.96. Few reasons follow up for the price increase. The latest is the December 14 announcement on behalf of the financial services company Circle. It announced, "Our USDC stable coin would be accessible on Avalanche, which will elevate the liquidity for the upcoming network.

Initiating New Developments 

In a few months, Avalanche deviser Ava Labs assisted the protocol with many new developments. The Avalanche mainnet went live in September, bestowing the coin utility. Additionally, the mainnet contains smart contract functionality in a way that developers could design decentralized applications correctly.

It means Defi—the decentralized finance etiquette in which availed people borrow crypto, lend estates, or reverse tokens without a conciliator—and NFTs, the tokenized deeds of ownership to digital annals initiated on Ethereum. Defi and NFT together assisted in enhancing the petition of Ethereum over the past 18 months, but due to the unmatchable demand, crypto traders were forced to locate speedy alternatives such as SOL and AVAX.

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Ethereum Substitute Avalanche Ascends Top 10 Coins as Price Rises 11%
Gitumani Talukdar
Gitumani is a blockchain enthusiast as she keeps a tab on the recent happenings pertaining to the crypto industry. She aims to provide quality content in blockchain and crypto domain. She is a financial content writer too and has worked on several financial projects related to the stock market news, fundamental research, and technical analysis for several websites.