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The number of people who believe we are on the verge of a rally similar to 2021 is increasing as the crypto market experiences rapid gains. The performance of Bitcoin (BTC) is strengthening the expectations of a market upswing. BTC has recently started to reclaim its high levels from 2021 and is only 12% away from its all-time high of $69,000. This situation is creating an atmosphere of general optimism in the market because Bitcoin is considered one of the leading indicators of the crypto market.
AVAX Stands Strong
The rise of the cryptocurrency BTC is not limited to itself. Other crypto projects are also getting their share of this momentum. For instance, altcoins like Avalanche (AVAX) are also in a significant uptrend.
The cryptocurrency AVAX has shown an increase of 6% in daily charts, 11.4% in weekly charts, and 16.7% compared to the previous month. In fact, the asset’s price has recorded an increase of over 135% since the end of February 2023. This indicates that AVAX is demonstrating strong performance and capturing the interest of investors.
Two Different March Predictions for AVAX
Platforms like CoinCodex and Changelly are making predictions for the future of Avalanche. For example, according to CoinCodex, AVAX could reach $45.22 by March 5, 2024. This level represents an approximate 8.78% increase from current levels.
Changelly’s predictions paint a similar picture. The platform expects AVAX to reach $45.41 by March 5, 2024, and even predicts it could rise to a price of $46.09 by March 18, 2024. However, it should always be noted that these predictions are just forecasts for the future period. Real market conditions can vary.
Expectations of a 2x Increase
Beyond the above predictions, there are different approaches as well. For instance, platforms like Telegaon are making more ambitious predictions for AVAX, stating that the asset could reach a maximum price of $81.12 this year.
Lastly, price declines in cryptocurrencies like Avalanche (AVAX) should not be forgotten. The cryptocurrency AVAX is currently down over 71% from its all-time high of $144.96. This reminds us of the volatility and risks of the crypto market and that there is still a long way to go. AVAX continues to trade at $42.51, down 1.57% at the time of writing.
