- Messari Crypto's Analysts reveal that active Avalanche addresses hit a new all-time high in Q4 2021.
- The DeFi boom that started in the last quarter of 2021 fueled a spike in on-chain activity in AVAX, MATIC and Uniswap.
- Liquidity providers on Uniswap earned 54% more fees than in Q3 2021, indicating network growth and rising utility.
- Analysts have a bullish outlook on Avalanche price, predict a continuation of the token’s uptrend.
Altcoins AVAX, MATIC and Uniswap witnessed a massive spike in adoption and on-chain activity in Q4 2022. Analysts at Messari Crypto have noted the rising activity and users on AVAX, MATIC and Uniswap networks.
Altcoins prepare for a comeback as on-chain activity increases
Messari Crypto, a leading cryptocurrency intelligence platform, published a report on the performance of AVAX, MATIC and Uniswap in Q4 2021. The number of active addresses on the Avalanche network hit a new all-time high, fueled by network partnerships and rising demand for the token.
A network-wide increase in the total value locked in DeFi projects has contributed to the increased adoption of Ethereum-killer altcoins. Active users in DeFi are looking for Ethereum alternatives to save transaction costs and faster transfers.
Transaction volume on Uniswap increased 61% since Q3 2021, indicating a bullish shift in trader sentiment. Interestingly, liquidity providers on Uniswap earned 54% higher fees in Q3 2021.
AVAX price has posted double-digit gains in response to rising adoption and utility. Analysts have a bullish outlook on AVAX, MATIC and Uniswap prices. AVAX trading volume is climbing consistently, fueling a bullish narrative for the token’s price.
AVAX recently flipped Binance’s native token Binance Coin (BNB) in total value locked on the network. Analysts believe that a drop below $78 could imply a drop in AVAX price and an end of the token’s uptrend.
@SmartContracter, a renowned cryptocurrency analyst and trader, believes that AVAX price could hit a new all-time high before Bitcoin and Ethereum. The analyst has evaluated the AVAX price trend and identified a break in the downtrend from the past few months.
multimonth downtrend break on that daily close for $avax.
— Bluntz (@SmartContracter) February 16, 2022
I reckon this will probably be the first top 20 coin to make a new ath, well before btc and eth do imo. pic.twitter.com/JxQ8mX5giK
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.