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Avalanche (AVAX) is the 17th largest cryptocurrency in the world by market cap, valued at $7,516,975,892. The current price of Avalanche is $17.89, which is -2.772% lower than yesterday. Prices have ranged between $18.67 and $17.24 over the past 24 hours. All prices are listed in US dollars and accurate as of January 27, 2023 12:01 UTC.
Avalanche is a decentralized network that introduces a unique consensus protocol in order to host a network of high-speed blockchains, smart contracts and applications.
Avalanche’s focus on smart contracts, efficient transactions and hosting decentralized applications has seen it dubbed as one of the potential ‘Ethereum killers’. It offers many of the same functions as the Ethereum blockchain, but with faster transaction times.
Avalanche’s price surged in September 2021 on the back of $230 million of private funding from Polychain and Three Arrows Capital.
Avalanche’s Mainnet is EVM compatible, meaning that dApps on the Ethereum layer 1 network can be ported over to Avalanche without duress. They’ve also developed an Avalanche–Ethereum bridge that improves interoperability further, providing blockchain users and dApp developers the ability to transfer ETH and AVAX tokens between their respective networks.
AVAX is the native token of Avalanche. The AVAX token is primarily used for transactions, staking and network fees. It can also be used as the major economic token for various decentralized projects built on the protocol.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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