Since the beginning of bear markets, Avalanche has been very hard hit. The trading price for the digital asset that reached an all time high of $146 back on November 20, 2021 has fallen to $15. It has caused a drop in confidence in this digital asset. Protocols like Avalanche over the years have proven that they are sometimes underestimated. The latest announcement by the project shows this.
Avalanche Keeps Building
Normaly, when the market is in a bull market, many protocols do not tend to grow as fast as they would normally. Avalanche, however, has not stopped developing products and announced Core Web.
For users new to decentralized finance, the difficulty of navigating the DeFi space can be a significant barrier. Core Web was created by Avalanche to simplify the process of trading and getting things done in DeFi.
Core Web is a suite of new products that will enable DeFi users manage their tokens, NFTs, and other assets in one place. The Core Web will allow users to execute multiple actions at once without needing to switch between apps or sites.
Source: AVAXUSD on TradingView.com| Source: AVAXUSD on TradingView.com
The Avalanche network will allow users to connect to hundreds decentralized apps (DApps). They can also access subnets. Additionally, it doesn’t just work for Avalanche but also with the Bitcoin and Ethereum networks. Core Web allows users to exchange, trade, bridge, or switch between any EVM compatible network.
AVAX has experienced a decline in value from its high point over 2022. The current price of the cryptocurrency is 89% lower than its high point and no relief is in sight.
Avalanche TVL also follows the price trend. In December 2021, it reached an all-time record of $12.21 trillion. The TVL currently stands at $1.3 billion, a drop of 89%.
AVAX is still valuable despite all the changes. However, it is important to consider how whales see the digital asset. WhaleStats data shows that Avalanche whales currently hold approximately $27,000 of AVAX. If this is to be viewed as an indicator of investors’ sentiment towards the token, it is very bearish for AVAX. It is likely that the price of AVAX will fall below $13 over the next 30 days.
Featured image taken from Binance Academy. Chart by TradingView.com
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