It was less than a year ago when we talked about emerging Ethereum competitors and introduced Avalanche as a serious altcoin. Well, if you’re looking for more reasons to buy Avalanche (AVAX), here’s some impressive news coming from a recent data. Avalanche network has hit a new record high in total value locked (TVL) and is now the 4th in the ranks by TVL.
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Smart Contracts
Basically, the total value locked is indicative of the amount of capital held in the smart contracts. It is essentially the result of multiplying the collateral locked into the market by the current value of the assets.
According to DeFi Llama the total value locked in AVAX smart contracts has had a sudden jump. Although, Avalanche TVL peaked in December by reaching $13.8 billion, it currently remains over $10 billion. Impressively, the Avalanche TVL has had an 18% growth in only the past seven days.
Should I Buy Avalanche (AVAX)?
In terms of TVL, Avalanche is now the fourth largest blockchain. Ethereum takes the first by a mile followed by Terra and Binance Smart Chain. Despite, Ethereum’s dominance, this rapid growth can be indicative of rising interest in Ethereum competitors.
For the time being, Ethereum has over $124 billion in total value locked.
On the other side, Fantom, Solana, Polygon and Tron are behind Avalanche.
On the other hand, AVAX has had a great week so far with over 20% growth. As of February 2022, Avalanche is the 12th cryptocurrency by market cap. Technically speaking, AVAX seems to be charging up for a rally as it’s been outperforming other altcoins for the past month.
As for the future, the crypto market at this point is predominantly “buy the rumor, sell the news” and honestly that’s it. In the altcoin sector, a majority of what determines the next rally is simply positive news. We have seen the case with ADA where despite excellent fundamentals, a lack of hype and aggressive marketing prevents any sort of growth.
That being said, AVAX is both fundamentally and Technically showing bullish signals for the investors. Another point to consider, is that Ethereum 2.0 keeps getting delayed and the investors are restless. With each day passing by, money will pour out of ETH network into thirsty competitors such as Terra, Avalanche and Solana.
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