Tuesday, January 31, 2023

Top Altcoin to Watch: With a 50x rally, this Layer-1 Token May Soon Outperform Bitcoin and Ethereum!

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As the markets are turning a little bullish some of the altcoins are gaining significant gains. Among them is Avalanche (AVAX) which is believed to explode in the coming days. Crypto Bull and CIO of Morgan Creek Capital, Mark Yusko says Avalance (AVAX) has the potential to skyrocket by 50x in the next bull market. 

In an interview, the veteran says that the popular smart contract platform may even outperform the entire crypto space. 

“The key to investing in this ecosystem is diversification. Don’t pull all your eggs in one basket. You want to have a big chunk in Bitcoin. But if you think about it, if Bitcoin is as successful as we all think it will be, it won’t be the best performing, full stop.

Just because it’s the largest. It’s just the law of large numbers. You’re not going to go from $400 billion today-even if you go to $4 trillion, that’s a 10-bagger. Ethereum is at almost $200 billion – if it gets to $4 trillion that’s almost twice as much.

But if Avalanche actually becomes that intermediate layer, or becomes a bridge to connect Ethereum..it could be maybe 50x.”

Avalanche (AVAX) price is currently trading at $17.30 with a massive drop of 6.89% in the past 24 hours. 

Trading View

The AVAX price which was trading within a rising wedge, dropped down slicing through the lower support of the wedge. However, after undergoing a minor bearish action, the price has ignited a notable correction phase. As a result, the bearish influence is expected to fade quickly, but it may remain valid until the price rises above $18. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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