Bitcoin's negative price action has continued over the past 24 hours, with the asset falling to a two-week low of $45,500. Most altcoins also suffered, with the exception of Avalanche, which rose about 10% on a daily scale.
AVAX is up another 9% and is trading around $110. Additionally, the asset has risen 40% since the blockchain platform behind it announced support for USDC earlier this week.
Ethereum (ETH) rival Avalanche (AVAX) was on the rise after Circle announced its support for USD Coin (USDC) on its smart contracts platform.
“As USDC is the leading dollar digital currency for the decentralized economy, this integration will be the tool for developers and communities looking to join one of the fastest growing ecosystems in the cryptocurrency market,” said Circle’s CEO and co-founder. made the statement.
Circle says support for USDC will be available on Avalanche's C-Chain, the default smart contract blockchain for building Ethereum-compatible apps and assets. Following the announcement, altcoin AVAX skyrocketed from $78.80 to $109.13 in two days.
Notable Avalanche (AVAX) Report from Bank of America
In a research report published by Bank of America (BofA), it was emphasized that the smart contract platform Avalanche (AVAX) would be a viable alternative to Ethereum. For its secure and decentralized scaling capability, DeFi projects, NFT projects, games, and other crypto assets, AVAX is reportedly a good alternative to Etherum. In the report by Bank Of America, it was reported that the best alternative to Ethereum is the altcoin Avalanche (AVAX). BofA states that with more than 380 projects built on the platform, the subnet feature of AVAX has increased adoption. Analysts led by Alkesh Shah wrote in the report published last week that, with approximately 4,500 transactions per second verified, “Subnets provide faster time to resolution (reconciliation) and lower costs than alternative blockchains.”
In its report, the bank reported that the total locked value of altcoin Avalanche (AVAX), or the value of tokens held in decentralized finance protocols, has increased by 21 percent monthly and by 6,255 percent since August.
“With around 4500 transaction verifications per second, it offers faster verification and lower cost than alternative blockchains. The total value locked in Avalanche (AVAX) and held in projects increased by 21 percent monthly. The increase since August has exceeded 6255 percent. "