Ethereum Challenger Avalanche Enters Top Ten List of Valuable Cryptocurrencies
On Sunday, the cryptocurrency coin Avalanche (also known as $AVAX) reached a historical high of $144.96 per token, placing it in the list of top ten most valuable cryptocurrencies in the world with a peak market capitalization of $31.5 billion. Avalanche is one of the most valuable cryptocurrencies in the world.
With the new record, the cryptocurrency token has completed a meteoric surge that has seen its value more than double in the previous month and increase by more than 3,000 percent compared to a year ago. As per CoinGecko, the value of Avalanche has declined around 2.6 percent to trade at $134 as of Monday, but it still the tenth most expensive crypto token, barely ahead of Dogecoin, with a market capitalization of $29.8 billion, as of Monday.
A new partnership between Avalanche and consulting company Deloitte is thought to have contributed to the resurgence of interest in the currency and its underlying technology. Following the announcement of a partnership with Ava Labs, the company that developed Avalanche and launched the coin in September 2020, last week, Deloitte announced that it would use the blockchain technology of Avalanche to support Deloitte’s work with the United States’ Federal Emergency Management Agency (FEMA).
Deployment of the new Close As You Go platform by Deloitte and Avalanche will assist expedite the Federal Emergency Management Agency’s procedures for compiling and confirming federal disaster claims.
In a statement released this week, John Wu, president of Ava Labs, stated, “Close As You Go includes a user-friendly platform supported by the state-of-the-art blockchain, allowing state and local governments to concentrate on their recuperation rather than on lengthy claims procedures.”
As with rivals such as Ethereum, Avalanche’s currency is supported by its own blockchain technology, which claims quicker speeds, cheaper costs, and less ecological harm than rivals. An estimated $230 million was raised by Avalanche in September from investors such as the US-based venture capital firm Polychain and the Singapore-based hedge fund Three Arrows Capital. The company also rolled out a $220 million fund named Blizzard to back ventures built on the Avalanche platform.
In its own words, Avalanche claims to be the “quickest smart contract platform in the blockchain market.” In the context of blockchain technology, smart contracts are self-executing contracts that enable buyers and sellers to automatically feed the details of an accord into self-executing contracts. Ethereum was the first smart contract platform in the cryptocurrency world.
With a market capitalization of about $500 billion, its currency is presently the world’s second-most valuable token, after only Bitcoin. Some investors, however, are persuaded that Avalanche’s recent increase indicates that rivals are mounting more significant threats to Ethereum’s supremacy.
According to a tweet sent on Sunday by Zhu Su, CEO of Three Arrows Capital, after years of promoting the Ethereum cryptocurrency, he has “abandoned” the cryptocurrency. Zhu, an AVAX investor, said that Ethereum platform users have been complaining about high gas prices, which refer to the expenses of transactions, and that if Ethereum does not change fast enough, users may go to alternative platforms such as Avalanche or Solana to conduct their transactions.
It is claimed that Avalanche’s gas costs are cheaper than those charged by Ethereum because it is able to execute transactions at a quicker rate than its competition. It claims that their blockchain can handle 4,500 transactions per second, compared to the 15 transactions per second that Ethereum is capable of processing.
However, several users pointed out that recent changes to Ethereum’s technology—Ethereum 2.0 is slated to be completely implemented by the end of next year—will enhance user experience while making it more difficult for smaller rivals to stay up with the times.
It is possible that Ethereum will not be crushed in an Avalanche at this time.
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