Is It Too Late to Buy Avalanche? AVAX Price Soars 22% Amid $6 Million Raise by Eco-Friendly Protocol
Avalanche (AVAX) is up 22% from where it was this time seven days ago as it holds onto more gains than any other top fifty cryptocurrency in the midst of a market-wide pullback today.
AVAX currently changes hands at $57.73, a marked decline of about 5.2% from its price 24 hours ago, according to CoinGecko.
However, AVAX’s depreciation is more or less in line with market leader Bitcoin (BTC), which fell 5.3% overnight and currently trades for $64,097, nearly 15% short of its all-time high of $73,737.94, set last Thursday, March 14, 2024.
AVAX is crypto’s most exceptional coin this morning, however, because most leading cryptocurrencies declined over the last seven days.
Bitcoin fell by 11.9% over the week, while its closest contender, Ethereum (ETH), dropped 19%, making it one of the heaviest losers among the largest market cap coins. Cardano (ADA), Dogecoin (DOGE), Shiba Inu (SHIB) Polygon (MATIC) and Uniswap (UNI) posted similar losses to Ethereum.
AVAX’s trading chart tells a fairly typical story for any leading cryptocurrency over the last three months. There is relative stability throughout most of February and then what looks like a mini bull-run in March.
Source: TradingView
Holders of AVAX differed to other crypto fans in that their March bull run had a delayed onset. While most leading cryptocurrencies began rallying sharply at the turn of the month, AVAX holders didn’t see any momentum until March 11. This could be why AVAX has held onto more of its gains than most leading cryptocurrencies today.
With a Relative Strength Index (RSI) of 48.5, AVAX’s losses are likely to cool off as recent selling activity winds down.
Avalanche’s AVAX Holds Gains As GBTC Raises $6 Million
While AVAX held the fort, another altcoin just raised a tidy $6 million over a two-week long presale: enter Green Bitcoin (GBTC), an ERC-20 token that comes with an innovative new predict-to-earn staking model.
GBTC has a hardcap of 21 million, so it’s as scarce as its inspiration, Bitcoin BTC.
To celebrate $6M we’re launching our GBTC GIVEAWAYS!
To enter, simply: Like + RT + Tag a friend!
The first prize is a $200 GBTC Airdrop. THERE WILL BE MANY MORE! Winner will be announced in replies in 24hrs. pic.twitter.com/k0sxIFOMnQ
— GreenBitcoin (@GreenBTCtoken) March 18, 2024
However, the similarities end there. GBTC’s use of Ethereum’s proof-of-stake (PoS) blockchain above Bitcoin’s more energy consumptive proof-of-work mechanism makes it more environmentally friendly than its namesake.
It also offers users abundant rewards if they can correctly predict Bitcoin’s future price.
Users can make daily predictions and they can also stake their tokens for up to six months to earn even bigger rewards.
The staking system is a fundamental part of Green Bitcoin’s tokenomics design. Staking reduces GBTC’s circulating supply, helping drive the price in the long-term.
Anyone can get involved by simply visiting the official Green Bitcoin website and connecting a crypto wallet.
1 GBTC presently costs $1.0682, with the price due to rise in four days. However, there are still a few weeks left of the presale, and the token could rally sharply by the time it’s listed on exchanges.
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