Avalanche’s (AVAX) price rose after the Amazon deal — will the token keep growing?

Avalanche a cryptocurrency and blockchain platform known for its speed and scalability (AVAX) rose 23% in 24 hours (from $12.44 on January 11 to $16.34 at its peak on January 12). Let’s discuss below what gave the token such a bullish boost. 

Why is AVAX going up? 

The coin’s growth followed the news that Amazon Web Services (AWS) had signed a contract with Avalanche blockchain developers (Ava Labs). Representatives of the project reported about it on its official Twitter page. 

According to the statement, the purpose of the collaboration will be to help scale the implementation of blockchain for enterprises, institutions, and government organizations.

It’s official! @Amazon #ChoseAvalanche to bring scalable blockchain solutions to enterprises and governments #AWS fully supports Avalanche’s infrastructure and dApp ecosystem, including one-click node deployment, offering the best tooling for these high compliance use cases. pic.twitter.com/syInSrU9XD

— Avalanche (@avalancheavax) January 11, 2023

Once the collaboration begins, it will be easier for private parties to run and manage nodes any computer on a blockchain network that must be connected to the internet at all times to process and make transactions on Avalanche, and the network will become more flexible for developers. 

“Looking forward, Web3 and blockchain are inevitable. No one can call the time, date, or quarter that it’s going to happen and it’ll be mainstream, but we’ve seen the cycles of growth before. The velocity of this one seems like it’s accelerating and we’re just excited to be a part of this,” said the VP and Global Head of startups at Amazon Web Services, Howard Wright, about the partnership with Avalanche. 

And here is a guide on how to create an Avalanche node on AWS.

This is a big deal!! #AWS x #Avalanche https://t.co/NmpZNyhZMJ
BTW this is how you can create an avalanche node on AWS pic.twitter.com/PfKRyjMEl9

— specialk (@knakamor) January 11, 2023

Current price of the asset 

At the time of writing, Avalanche is trading at $15.21 per coin, up 21,76% from the day before on January 11, and 27,8% higher than the week before.

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The token has a market capitalization of $4.74B, making AVAX the 17th largest token. Shiba Inu (current price of $0.000009156) is second, while Uniswap (current price of $98.611) is ahead. 

The coin reached its historical high on November 23, 2013. At that time, AVAX was trading at $134.87. The value dropped 8.8 times,  or 786%, compared to the current price. 

What’s next for the token? 

The avalanche goes down, but in the Web3 world, everything is possible, and the token of the same name $AVAX breaks the rules of physics and crawls upward. By the way, the coin already made a bullish run on December 12, 2022. 

At that time, experts attributed the token’s growth to the release of a mobile version of Ava Lab’s wallet called Core can be used to connect DeFi, NFT, and gaming ecosystems in Avalanche, Bitcoin, and Ethereum networks. Immediately after the news, the value of the asset rose from $12.71 to $14.05 (up 10.54%). 

However, the value of the token did not always go up after the loud news. For example, on January 5, Avalanche agreed to collaborate with Shopify a multinational e-commerce company to create Avalanche NFT. Following the news, AVAX dropped from $12.12 to $11.43 (down 6%) within 24 hours.

Avalanche aur @Shopify forces join kar rahe hai Shopify ke lakho merchants ko logo ke liye eco-friendly digital collectibles banane ke liye @Venly_io Shopify NFT App ke sath

Shopify merchants turant apne store se #Avalanche NFTs bechna shuru kar sakte haipic.twitter.com/MzX0k90WuN

— Avalanche India (@Avalanche_In) January 5, 2023

As for further major events that may affect the value of AVAX, they are not expected yet. However, Changelly analysts, based on the technical analysis, found out that in 2023 the value of the coin may rise to $21.24. 

What other coins are worth looking at? 

Founder and CEO of trading community AltCryptoTalk, Sjuul, suggests paying attention to other tokens besides AVAX, which showed good growth during the last five days: 

• NEAR a blockchain designed as a cloud computing platform. Grew by 10% in the last 24 hours, from $1.5927 to $1.7524.
• HNT a decentralized blockchain-powered network for the Internet of Things (IoT) devices. It grew by 5,46% over the last 24 hours, from $1.9649 to $2.07.
• FLOW blockchain, designed as the foundation for a new generation of games, apps, and the digital assets that power them. Grew by 5,15% over the last 24 hours — from $0.0784 to $0.8275.
• FTM blockchain, designed as the foundation for a new generation of games, apps, and the digital assets that power them. Grew by 4.6% over the last 24 hours — from $0.02399 to $0.252.

These are the top 5 daily #Crypto Gainers, according to @CoinMarketCap.#AVAX #NEAR #FLOW#FTM#HNT

Did you have an Avalanche bag like I’ve been saying for months? pic.twitter.com/PwKCZ2cg7p

— Sjuul | AltCryptoGems (@AltCryptoGems) January 12, 2023

What is Avalanche? 

Avalanche is an open-source platform for launching decentralized applications as well as deploying public and private blockchains in a single scalable ecosystem.

The first publication about Avalanche appeared on May 16, 2018. The Avalanche Platform Whitepaper describes a family of consensus protocols called Snow. It includes three consensus mechanisms: Avalanche, Snowman, and Frosty. 

Avalanche (AVAX) is a native platform token with an issue of 720 million. The protocol burns all transaction fees, making AVAX a deflationary asset. 

The token can be used:

• for staking with an annual return of 11% (for comparison, in Ethereum it is 4%);
• commission payments;
• settlement in Avalanche sub-networks.