Avalanche (AVAX) Skyrockets 115%: Is $50 on The Horizon?

• Outstanding Performance of Avalanche (AVAX) in the Crypto Market
• Avalanche's Struggles and Rise in 2023
• Partnerships and Token Releases Contributing to AVAX's Performance
• Predictions on Avalanche's (AVAX) Future Performance

Outstanding Performance of Avalanche (AVAX) in the Crypto Market

Avalanche (AVAX) is currently making headlines as the top-performing cryptocurrency among the top 10 projects. In the weekly charts, the token's value has seen a remarkable rise of over 50%, over an 82% surge in the last 14 days, and a staggering increase of more than 116% in the previous month. Since the start of 2023, AVAX's price has exceptionally augmented by over 270%, surpassing Bitcoin$42,260 -0.64%'s (BTC) growth of nearly 150% in the same period.

Avalanche's Struggles and Rise in 2023

In spite of the positive trend, it's important to remember that Avalanche (AVAX) had its fair share of challenges throughout most of 2023. It was only in mid-October that the asset's price began to rally and gained substantial momentum in the first week of December. This was despite a correction in the larger crypto market occurring at the same time.

Partnerships and Token Releases Contributing to AVAX's Performance

The impressive performance of AVAX in December could be attributed to several factors. Notably, major financial institutions JPMorgan and Citi partnered with the Avalanche Foundation for their real-world asset (RWA) tokenization plans. Additionally, the project introduced 3 million AVAX tokens into circulation within the month, contributing to staking rewards. This large-scale token unlock could have significantly boosted the asset's price.

Predictions on Avalanche's (AVAX) Future Performance

There are predictions that AVAX might encounter a correction within the next few weeks. The machine learning algorithm at PricePredictions anticipates that AVAX's price might drop below $40 by Dec. 20, 2023. The platform also foresees a bearish outlook for the token in early 2024.

Contrarily, CoinCodex predicts a continued bullish path for Avalanche (AVAX). Analysts from the platform expect AVAX to reach $44.36 on Dec. 21, 2023, which represents a growth of approximately 8% from present levels. However, they also predict AVAX's price to plunge below $40 in the early days of January 2024.

Lastly, Changelly anticipates AVAX to attain $41.98 on Dec. 21, 2023. Despite this, the platform predicts a decline in the token's price to $37.54 on Dec. 28, 2023, representing a drop of roughly 8.5% from current figures.

Edited by Jonathan Stoker