Last Updated on February 8, 2023 by Bitfinsider
2023 has been nothing short of ‘bullish’ for the cryptocurrencies market so far. The likelihood of an upward breakout is growing as Bitcoin and a few other altcoins continue to consolidate close to their most recent highs.
Although Bitcoin’s price has largely been flat this week, this comes after a spectacular climb that lasted for two weeks. This indicates that market players are not becoming anxious ahead of a flurry of central bank meetings that take place the following week, which is a very good indication. Next week, the US Federal Reserve, the European Central Bank, and the Bank of England are all expected to make policy announcements.
Meanwhile, the largest Altcoin in the market, Ethereum has seen its price increase by 16% between 14 Jan and 21 Jan. It reached a peak of $1680 before it started dipping again. That said, based on Ethereum derivatives data, It shows that the Ether futures premium exceeded the 4% mark for neutral markets, which demonstrates that traders in derivatives are no longer bearish. Bulls should therefore rejoice that the signal has changed to a slight premium, but traders should not anticipate favourable price movement to provide results right away.
AVAX, the latest altcoin to undergo a double digit price breakout
However, there is another altcoin you should definitely keep an eye on if there is another cryptocurrency you are looking to put your money somewhere. According to Mark Yusko, the CIO of Morgan Creek Capital, the altcoin known as Avalanche (AVAX) has the potential to beat the entire cryptocurrency market, including Bitcoin and Ethereum.
Although Bitcoin may be the most valuable cryptocurrency in terms of market capitalization, he doesn’t necessarily think it will be the best investment. This is because of the law of huge numbers, which states that the bigger something is, the more difficult it is to make major advances on a comparable scale.
Yusko explains that even though Bitcoin has the greatest market cap at $400 billion, reaching $4 trillion would only represent a 10-fold growth. Comparatively to Ethereum’s market size, which is currently close to $200 billion for its market cap, it would be roughly double the increase if it were to reach a similar market cap of $4 trillion.
In a YouTube video, Yusko said: “But if Avalanche actually becomes that intermediate layer, or becomes a bridge to connect Ethereum… it could be maybe 50x”.
According to Coinbase, the price of Avalanche has increased by 19.68% in the last week. Each AVAX currently costs $20.36 at the time of writing. The quantity of AVAX currently in circulation is 314,791,790.096.
If you wish to start trading AVAX, there is no better place than ProEX!
How to buy or trade AVAX on ProEX
You can buy or trade AVAX on ProEX. As ProEX frequently holds campaigns and events, you should check out its event page here to see if you can participate and win rewards as you trade.
On ProEX, you can trade AVAX as a spot pair (AVAX/USDT) in 3 simple steps:
- Sign up and register an account on ProEX
- Buy USDT via ProEX One-click Buy
- Trade AVAX/USDT at ProEX Spot
Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.