Avalanche may have had a solid Q1, but what promise does April hold

Avalanche may have had a solid Q1, but what promise does April hold

March 31, 2023

By Victor Olanrewaju

Realistic or not, here’s AVAX’s market cap in ETH’s terms

The AVAX bullish sentiment has decreased after an impressive all-round performance in March.

The Avalanche blockchain experienced a great deal of NFT volume and stablecoin supply.

Having dominated other cryptocurrencies in the market, price, and social activity, Avalanche [AVAX] was one of the best performers in March.

But this outmatch did not only begin in the third month. In terms of price, AVAX has been able to dominate the second-ranked asset in market cap Ethereum [ETH] in the last 90 days. While ETH boasted of a 50% hike, AVAX put up a 60.30% increase in the first quarter.

As the day goes by, the influence reduces

Although LunarCrush ranked listed the token of the layer one (L1) blockchain as one of the top assets with the best traction, its current condition may call for wariness as next month approaches.

First off, the social intelligence platform revealed that social contribution in relation to the asset has decreased by 79.9% in the last seven days as shown below.

The metric shows the tally of the number of unique people discussing an asset in real time. Since the value had secretly diminished, it implied that the velocity of AVAX social interaction was down and traction trended lower.

Another metric that has dwindled over the same period is the bullish sentiment. The metric specifically considers shared perception about an asset. Although the bullish sentiment rose over the last 24 hours, the seven-day performance was a 66.95% decline.