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Analyst says Ethereum’s ‘rival’ cryptocurrency could rise more than 1,000%
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A widely followed analyst believes that cryptocurrency Avalanche (AVAX), one of Ethereum’s (ETH) main competitors, is about to embark on a strong rally. Kaleo, known for his analysis of the cryptocurrency market, pointed out on his social networks that Avalanche’s price movement in the first four years resembles what Ethereum experienced in the same period.
“Avalanche could reach the $400 mark, which may seem bold, but it’s not impossible,” said the analyst.
At the time of writing this article, the AVAX cryptocurrency is costing US$26.49. In the last 24 hours, the price of the cryptoactive rose 2.1%, according to data from CoinGecko. AVAX’s current price means the token would need to rise 1,427% to reach Kaleo’s ambitious goal.
Despite the similarities between Avalanche and Ethereum cycles, Kaleo highlights that the two networks face different challenges. He explains that Ethereum, in its early days, did not have the same competition for capital that Avalanche currently faces.
Could Avalanche Cryptocurrency Reach $400?
Furthermore, the market scenario as a whole is more heated nowadays. In other words, there is more money circulating than there was in the previous cycle, when Ethereum began its rise.
Another point highlighted by the analyst is that Ethereum benefited from narratives that boosted its growth, such as the increased popularity of Decentralized Finance (DeFi) and non-fungible tokens (NFTs).
For Kaleo, Avalanche’s future will depend on its ability to create its own narratives and continue to form strategic partnerships. Recently, the network has stood out as a launching platform for new blockchain projects, which could become an important growth factor.
Still, Kaleo warns that there are no guarantees that the Avalanche cryptocurrency will follow the same path of success as Ethereum. However, if the development team executes the strategies correctly and market conditions are favorable, AVAX’s growth can be significant.
Avalanche has already closed important partnerships over the last year, but the analyst questions whether the network will be able to find a catalyst that really boosts its trajectory towards new levels of appreciation.
Another cryptocurrency with upside potential is the memecoin Flockerz, which is still in the pre-sale phase. In other words, the cryptocurrency is not yet available for trading on a cryptocurrency exchange. So far, the project has raised more than US$605,000. Each token costs US$0.0057469, which gives a huge margin of growth for the digital asset.
Analyst says Ethereum’s ‘rival’ cryptocurrency could rise more than 1,000%
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Analyst says Ethereum’s ‘rival’ cryptocurrency could rise more than 1,000%
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Analyst says Ethereum’s ‘rival’ cryptocurrency could rise more than 1,000%
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Analyst says Ethereum’s ‘rival’ cryptocurrency could rise more than 1,000%