Avalanche (AVAX) has recently reached another milestone despite the fall of Jerome Powell. The data points to the strength of Pos Blockchain against Bitcoin recently. In this article, let’s take a look at what the Avalanche ecosystem did in the crash from on-chain data.
Avalanche becomes altcoin assessing Bitcoin collapse
Avalanche (AVAX) has recently reached another milestone despite the fall of Jerome Powell. Ava Labs manager Patrick Sutton confirmed that Avalanche has reached the ATH level in monthly transactions. Sutton shared in his tweet that Avalanche completed 32.7 million transactions with seven days left in August.
A day later, transactions had increased to 33.2 million, as confirmed by Avaxholic. In just three months in 2022, monthly transactions hit two new all-time highs. This shows the extraordinary development of Avalanche despite the recent market conditions.
Avaxholic also posted a tweet showing the growth of AVAX since the bottom of June. The update shows Avalanche showing the biggest growth in transactions on the EVM Blockchain. Avalanche with 18.8%, the closest among these networks is Phantom with 12.6%.
The data also confirms other ATHs for Avalanche during the month of August and days are left. Efficiency is increasing in AVAX, which is also reflected in other data variables.
Avalanche NFT ecosystem
AVAX-based NFTs also managed to exceed 253k sales recently. Avalanche also completed the daily transaction record of 1.64 million transactions. Local supply of USDC on the network also peaked at 1.66 million on August 25. The latest data surrounding the GameFi industry has recently raised questions for Avalanche. According to DappRadar, GameFi addresses witnessed a significant increase to 1.5 million in the second half of 2021, then gradually declined to one million.
In retrospect, this is far better performance compared to DeFi address performance over the same period. It just means that the GameFi industry is mature and can keep users on a downtrend.
Avalanche’s native cryptocurrency, AVAX, has suffered a massive drop in the past 24 hours along with other cryptocurrencies. Yesterday’s 11% drop positioned AVAX just above the $20 support line. It is also currently showing weekly losses of up to 12% according to CoinMarketCap. The crypto market has reacted bitterly to Powell’s recent speech, and AVAX’s performance is another reaction to it.
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