$93,147.00
5.54%$1,791.54
13.16%$2.23
6.85%$615.01
2.45%$149.36
7.38%$0.999934
0.00%$0.181563
12.68%$0.692455
10.78%$0.247559
0.62%$1,789.35
13.07%$93,124.00
5.62%$22.43
12.75%$14.40
9.66%$2.81
25.71%$9.07
-0.69%$0.267828
7.86%$0.00001377
10.76%$3.12
6.82%$0.182186
6.83%$2,146.80
13.22%$0.999957
0.01%$357.46
3.57%$84.62
7.27%$19.05
2.39%$4.09
9.05%$4.64
4.05%$1.001
-0.01%$1,786.28
13.03%$0.999612
0.05%$0.652259
3.04%$225.49
4.81%$28.43
0.46%$1,904.86
13.24%$0.00000912
13.95%$93,172.00
5.62%$5.94
12.65%$5.28
8.55%$52.53
3.20%$2.44
11.53%$23.95
3.79%$0.929829
8.11%$335.52
5.88%$5.19
9.30%$32.73
0.27%$16.89
8.77%$0.097389
9.14%$0.091356
11.47%$1.049
0.03%$1.00
0.00%$163.04
13.31%$0.701614
6.02%$4.54
3.47%$0.02583016
10.30%$1.17
0.10%$4.37
7.91%$0.22099
8.85%$93,075.00
5.73%$0.342472
19.16%$9.44
12.16%$0.214041
11.46%$4.23
-0.07%$2.73
5.69%$2.82
9.56%$0.639649
7.90%$0.523104
13.11%$0.330115
10.15%$0.999209
-0.08%$4.10
4.83%$92,887.00
5.43%$10.30
4.67%$0.449441
11.29%$0.759106
7.97%$0.00001616
28.03%$1,487.02
10.54%$156.10
7.36%$0.814209
6.22%$0.076808
6.89%$1.18
17.21%$0.631245
34.05%$0.864067
11.73%$1.093
5.61%$1,795.59
13.23%$0.01670108
3.41%$3.90
6.94%$1,861.24
13.04%$0.677966
6.53%$70.37
5.56%$0.193061
9.74%$9.45
10.32%$1.001
0.02%$0.689076
15.42%$15.74
8.39%$0.999867
0.06%$0.091036
9.37%$2,012.49
12.98%$1.001
0.00%$3,365.71
-4.15%$1.00
0.04%$615.68
2.51%$92,375.00
6.63%$3,366.50
-4.06%$2.69
15.73%$0.01581518
10.89%$0.01717145
7.67%$192.22
7.21%$93,171.00
5.80%$164.92
7.47%$0.298357
9.42%$0.807009
13.81%$0.19113
12.67%$1,905.38
13.17%$0.694326
10.95%$3.82
10.04%$0.118076
5.06%$0.676507
3.35%$0.997683
-0.04%$0.00006939
19.11%$0.00000064
5.52%$0.501494
21.57%$0.999667
0.06%$93,453.00
5.91%$0.01883393
10.70%$0.394572
5.69%$30.92
6.05%$2.07
4.84%$0.246091
8.19%$1.11
1.60%$1.87
10.00%$0.312476
2.52%$3.52
7.08%$0.543166
6.74%$1,868.99
13.07%$0.00613393
10.52%$16.93
13.26%$0.15479
9.93%$0.55615
29.45%$0.554742
6.48%$33.02
6.71%$0.558479
26.63%$0.206547
122.27%$0.771146
34.14%$0.00887187
4.72%$0.998837
0.06%$0.64373
9.14%$0.446405
8.27%$89,954.00
3.92%$0.067036
-2.59%$1.73
8.02%$93,203.00
5.56%$0.182177
12.65%$1.32
7.63%$0.999998
0.01%$0.0459602
31.89%$1.00
0.02%$88,321.00
0.00%$0.00700329
38.18%$0.00002211
6.84%$1,803.56
9.39%$15.40
9.64%$1,785.19
12.99%$2.04
2.98%$0.147529
8.50%$0.00000043
0.99%$110.78
0.01%$93,013.00
5.68%$5.96
8.54%$3.84
9.37%$6.36
13.28%$1.009
0.98%$0.350514
24.15%$1.084
0.00%$0.508275
9.07%$2.52
11.28%$0.077764
8.40%$1,791.76
13.19%$0.04076439
9.70%$43.42
9.49%$0.481167
20.63%$1,791.51
12.86%$0.221728
9.48%$0.083236
7.24%$1,903.38
13.27%$0.00711615
10.70%$1,792.51
13.02%$0.999817
0.04%$1.00
0.02%$0.578243
11.33%$21.79
-0.34%$0.359732
36.36%$0.844822
9.42%$1.00
0.14%$0.174271
2.35%$0.00414032
-2.08%$0.00006366
5.23%$0.01738955
1.34%$1,826.92
13.68%$0.12417
3.79%$1.001
0.07%$0.99981
0.00%$0.03179098
1.92%$0.328107
7.92%$3.77
9.79%$2.72
11.39%$0.00000148
16.44%$93,070.00
5.59%$115.21
10.72%$0.654081
18.95%$0.999274
-0.07%$0.141788
1.27%$0.23801
9.59%$1.17
4.68%$0.640482
11.12%$0.287994
26.26%$26.02
6.08%$1,766.66
12.96%$92,262.00
3.93%$0.99934
-0.19%$0.659773
-9.17%$0.2741
4.97%$22.41
6.62%$0.00044988
7.36%$3,187.04
-0.00%$1,895.11
13.80%$2.79
1.67%$0.188985
8.11%$1,793.79
13.15%$0.113398
6.10%$0.51419
7.61%$22.45
12.57%$0.0028705
11.81%$0.03685809
3.39%$1,871.79
5.68%$0.01278351
7.86%$0.445511
6.45%$0.02958138
6.33%$1.047
12.66%$0.956512
15.73%$15.11
8.42%$0.7313
9.29%$0.00349054
50.75%$1,965.76
13.52%$0.00
12.70%$0.999895
-0.03%$0.999892
-0.03%$1,942.63
13.04%$2.23
4.72%$93,086.00
5.80%$0.232289
16.15%Reading
Ethereum competitor Avalanche has continued to soar in value after nabbing a spot at the weekend in the top 10 biggest cryptocurrencies by market value.
The native cryptocurrency of the high-speed, low-cost blockchain, AVAX, today spiked by 10%, according to CoinGecko data. Earlier today, the crypto asset hit a daily high of $142.34. It has since corrected somewhat and is currently trading at around $138.
In the past week alone, it’s up 44.3%, while pretty much every other major cryptocurrency is down. Its market cap stands at over $30 billion.
Avalanche is designed to provide a network where decentralized financedecentralized finance (DeFi) products can be built, just like EthereumEthereum. DeFi products are experimental apps that provide automated financial services but without an intermediary.
But building on Ethereum, the network behind the second biggest cryptocurrency by market cap, can be costly and slow when activity on the network ticks up. Ethereum can only process roughly 30 transactions per second, and it’s not uncommon for transaction fees on the network to reach hundreds of dollars.
This isn’t the case with Avalanche, which can process up to 4,500 transactions per second. Fees on the network can be lower than $1 for a simple transaction. Big transactions can be more costly, though. Ethereum developers are currently working towards a long-awaited ETH2.0 upgrade which aims to make the network faster and less expensive to use, and therefore more competitive with second and third generation blockchains such as Avalanche and Solana.
Avalanche (AVAX), one of the contenders for the “Ethereum killer” title, is among the top gainers over the last 24 hours. The network’s token is up 12.7%, having soared to an all-time above $102.04 on Tuesday night before sliding down to $99.11 at the time of writing. With a market capitalization of more than $21.3 billion, AVAX is currently the 12th most valued network in the crypto market, according to data from CoinGecko. Avalanche’s other notable achievement is that the total value of funds...
Investors eyeing up the “next Ethereum” could be part of the reason why Avalanche is soaring in value while Bitcoin and Ethereum continue to experience sell-offs.
Zhu Su, CEO of Singaporean crypto hedge fund Three Arrows Capital, said Sunday that he had “abandoned Ethereum despite supporting it in the past”—and that he is an AVAX investor.
Yes I have abandoned Ethereum despite supporting it in the past.
Yes Ethereum has abandoned its users despite supporting them in the past.
The idea of sitting around jerking off watching the burn and concocting purity tests, while zero newcomers can afford the chain, is gross.
— Zhu Su 🔺 (@zhusu) November 21, 2021
Su called the behavior of the Ethereum community “gross” and said that Ethereum users were “livid” at how expensive the blockchainblockchain had become. The price of the AVAX has continued to shoot up since he made those comments.
He may have a point, too: using Avalanche to make a DeFi transaction costs a fraction of what it does on Ethereum and is miles quicker—usually instant. Ethereum can take a long time, sometimes hours, while its miners prioritize to process larger, more expensive transactions.
And by looking at Avalanche’s recent ascent, it looks like investors and DeFi users are appreciating the blockchain’s benefits.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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