The crypto market is showing signs of a return to form following its $1 trillion plummet. After finding its price bottom at around $35,000, Bitcoin (BTC-USD) has been sporadically shooting back in the direction of its near $70,000 all-time high. However, the price volatility between 2021 and 2022 is not the same. While last year, cryptos held on to steady growth patterns for weeks on end, the early months of the new year have been a rollercoaster of ups and downs that swing by the day. Investors are seeking out plays that resist this less predictable movement. Avalanche (AVAX-USD), then, is an inviting investment; the AVAX crypto stands out as the only coin gaining value among top projects during the ongoing corrective phase.
Of the top 25 crypto projects, AVAX is the only coin that’s posting any gains this week. Over the last seven days, the coin has posted a 3% increase on prices, while every other project has lost save for Binance (BNB-USD), which added a half of a percent to its value. Today, AVAX is the only coin in the green, ticking up by nearly 5%.
AVAX Crypto Withstands Bearish Market With eToro Listing, Network Growth
What has the AVAX crypto in a position to withstand the rapid ebbs and flows of the market? The answer is twofold: while it is benefiting from a major exchange listing this week, the layer-1 network is generally performing quite well as compared to other layer-1s.
The AVAX crypto has been on a steady upward climb for the better part of three weeks now; yesterday saw that steady climb turn into an upward swell thanks in large part to a listing of the coin on trading platform eToro. The listing, which brings AVAX to a large new demographic of investors, preceded a 13% gain for the coin in a single day.
The listing is great news, and the fast gains are welcome, but the Avalanche network has been no slouch on its own. Much of the coin’s growth in the new year has come from the network’s ability to draw new users and their capital from layer-1 rivals. January saw hundreds of millions of dollars bridged by users from Ethereum (ETH-USD) to Avalanche.
Moreover, it recently flipped Binance Smart Chain in terms of total value locked (TVL) to the respective protocols. For the first time ever, there is more money in Avalanche projects than in BNB projects. It appears the network is presenting a legitimate challenge to Ethereum and other layer-1s as the dominant blockchain dapp network.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
