New Crypto That Will Make You Rich
Hello there and welcome to HotNaija, your one-stop destination for the latest entertainment news, celebrity gossips and stories, lifestyle content, and cryptocurrency news. Today we're going to be sharing with you one of the newest cryptocurrencies in the DeFi space – Avalanche.
Avalanche is a proof of stake crypto very similar to Cardano and ETH 2.0, but there are a couple of key things that set Avalanche apart from many of their competitors – such as;
• Security
• Performance
• Decentralization
• Customisability
• Tokenomics etc.
Like we previously mentioned – Avalanche is a proof of stake cryptocurrency, and the interesting thing about this project is that – it was just recently launched in September of 2020, making it one of the newest DeFi projects in the entire crypto space.
For weeks now, many have been speculative about Avalanche being the next Cardano and since then, the price of Avalanche has done extremely well and has led to the crypto gaining more mainstream on Twitter.
Over the last 90 days, Avalanche is up over 4000% and currently it's ranked #13 on the crypto market in terms of market capitalization. A couple of basics about Avalanche is that – it labels and advertises itself as a blazingly fast, low-cost, and eco-friendly DeFi platform.
Right now, Avalanche claims to be the fastest smart contracts platform in the blockchain industry and they have thousands of validators to help make it even more decentralized than some of their competitors. One thing I want to point out with Avalanche before we dive in a bit deeper is that – they've been growing rapidly as of lately.
According to “DeFi Llama” (a popular site that helps to track DeFi ecosystems), Avalanche has risen dramatically in the rankings. As of writing this article, Avalanche is #5 with over $8.7 billion in total value locked on their ecosystem. This is just a way to rank which DeFi ecosystem is the biggest Ethereum is the largest by far, but we're seeing Avalanche rise up the rankings very quickly, only behind Ethereum, Binance, Solana, and Terra
Note: Avalanche is up 33% in the last week and is now the 10th most valuable cryptocurrency.
The second thing is that right now is that – the overall market is doing incredibly well. If you go ahead to your crypto market price tracker and chart, you'll see that right now – we're gearing up for a bull market, into the beginning of 2022 and the end of 2021. Why?
Well, if you look at Plan B – the creator of the “Stock to Flow Model” on Twitter said; “If we look at the model, we look at Bitcoin's RSI, historically, we see that – the peak for Bitcoin's price (the peak for the crypto market) happens when the RSI gets to around that 85 to 90 range (at least at 85).”
Right now, we're nowhere near that and we're working our way back up. This shows us that we are still in the midst of a bull market and we're about to see everything go significantly higher than where it currently is.
So, why are people switching over to Avalanche? Why are we seeing Avalanche's price do so well recent? Right now, a couple of reasons causes this;
1). When we look at all of the DeFi coins out there, we can see that there's Ethereum, Solana, Cardano, Polkadot and then we begin to see Luna and Avalanche. But, the key thing is that Solana's price has been doing extremely well. It's reaching all-time record highs and everyone is loving it.
2). It also has several NFT collections that are doing perfectly fine as well. For some time now, people have been gaining interest in Solana, but with Cardano, some people have been a little bit unsure about it lately (probably because the price hasn't moved in a while).
So because of this, a lot of people have been looking for what's the next Solana? What's the next Ethereum? And what's the coin that's going to have a lot of movement in the market? Many people have been losing a bit of faith in Cardano moving significantly higher short-term (but nothing's changed long-term), so they've been looking towards other platforms like Avalanche.
Also, one of the main reasons why I wrote this article is because Avalanche just recently launched a fresh $220 million investment fund. Oh yes! The Avalanche Foundation has announced another mammoth scheme to help bring more developers to the Avalanche blockchain.
The organization unveiled the new multi-hundred million dollar investment fund with contributions coming from the Avalanche Foundation itself, as well as Ava Labs (an Avalanche focused incubator) and investors such as – Polychain Capital, Three Arrows Capital, Dragonfly Capital, CMS Holdings, Republic Capital, R/Crypto Fund, Collab+Currency, Lvna Capital and Finality Capital Partners.
Avalanche foundation hopes the new investment program, named “Blizzard”, will attract developers focused on DeFi, enterprise applications, NFTs, and culture. The program will assist promising projects with equity investments, token purchases, and other kinds of operational support.
Fun fact: This news comes just a few months after Avalanche began touting a $180 million incentive program – a fund that targeted DeFi developers.
Avalanche doing this is very exciting, as we've not seen any other DeFi projects like Cardano, Solana, Polkadot, etc. do this. Although, many projects have launched funds in the past, but never have any put this significant amount of money into developing their crypto to stand out and get to the next level.
Another thing is that, if you visit the Avalanche website, on their Ecosystem page, you'll find numerous projects such as;
• DeFi
• Digital Securities
• Ecosystem
• Exchange
• Explorer
• Identity
• Infrastructure
• NFT
• Nodes
• Oracle
• Payments
• Play to Earn
• Security
• Stablecoin
• Tooling
• Trading Bot
• Wallet and
• Wealth Management
All this alone has made myself and many other crypto experts very excited about Avalanche and also, they already have NFT games and they're currently building NFT marketplaces.
Lastly, everyone's been talking about Avalanche's current price, which in my opinion isn't that important. As of writing this, it's ranked #13 on the market in terms of market cap (about $16Bn). Personally, the important part to me is the underlying data of the project.
Right now, Avalanche has about 1200 active validators in their ecosystem, which is pretty much similar to Solana's. But the interesting thing about this is that – Avalanche is a much newer project than Solana, so having that many validators are a very promising sign because they're still new and it's going to keep growing exponentially.
So with all these statistics and analysis, it's helping to show how much people really like Avalanche and how interested they are in it. They like how fast it is, how efficient it is, how it doesn't have the same fees as other cryptos etc. All this has made me very bullish on Avalanche and I see the price going up in the future.
I believe by the end of this bull market, Avalanche would be worth $300+ per coin, which would be around a $65–70 billion market cap.
Disclaimer: None of these is meant to be construed as investment or financial advice. They're just opinions and we urge everyone to do more deep personal research before investing their money anywhere.
Well, there you have it. Make sure you check out our other blog posts for more information about the crypto market and trending entertainment headlines. Thanks for reading!
Tags:
Cryptocurrency news