Should I buy Avalanche right now at $11?

Avalanche AVAX/USD is a blockchain ecosystem specifically designed to function as a secure and global decentralized network. Recent developments in June make the case for buying Avalanche in July.

Avalanche developments and future assessment 

On June 17, Avalanche released its new roadmap for 2021. 

The main upgrades they have in mind include the user experience, the platform features, and performance as well as the liquidity and ecosystem growth. Here, AVAX was $14.

On June 23, we saw DeFi Yield Protocol (DYP) reach another landmark, where the project announced its expansion to Avalanche. This expansion to avalanche is set for completion in July and will initially launch with three products including DYP Farming, DYP Tools, and DYP NFTs.

Due to this integration and expansion, we can see an increase in the usage of AVAX tokens and realistically can see its demand go higher. Since the price is measured by the demand of the token, we can expect it to go even higher. Here, AVAX held a value of $11.

On June 29, Ankr’s StakeFi launched Avalanche (AVAX) staking and bonds. StakeFi is Ankr’s Internet Bond launchpad, where the Avalanche Bond (aVAXb) will be launched, wrapped under an ERC-20 token. This in turn will enable any user that holds AVAX tokens on the Avalanche network to stake as well as receive the AVAX Internet Bond (aAVAXb) in exchange. Here, we saw the price of AVAX at $12.

This can occur on the Binance Smart Chain or on the Ethereum Network. Due to this, we can see an increase in the demand and usage of the AVAX token which can drive the price higher as a result.

Should you buy Avalanche (AVAX)?

On July 1, the price of AVAX was $11.

This is a project that aims to allow anyone to launch or trade any form of asset and have control over it in a decentralized way through the usage of smart contracts.

In other words, the projects built upon it define its value, and there are quite many that are starting to implement it or expand to it, such as the case with the DeFi Yield Protocol (DYP).

Throughout the entirety of June, we saw the price of AVAX go up to $20 on June 3, and as low as $9.59 on June 22.

This in turn gives us a perspective on the recent growth potential of the token, and what we can realistically expect going forward.

Assuming the developers live up to their roadmap, and the Ankr StakeFi launch of Avalanche Bond (aVAXb) brings in new users and heightened interest, we can realistically expect the price to rise to the $15 mark by the end of July.

This means that, at the $11 mark, AVAX is a worthwhile investment if it manages to hold this value and increases its trading volume.

The post Should I buy Avalanche right now at $11? appeared first on Invezz.

Publication date: 
07/01/2021 - 17:33
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.