The Avalanche network endured severe suffering following the June cryptocurrency crash. Nevertheless, the alternative token has been recording massive strides by June 25. Moreover, the native coin, AVAX, also presented impressive actions according to its current outlook.
AVAX prices saw an impressive response, surging 10% within the last day to explore $21.26 at this publication. Moreover, the alt gained 42% in the past week, following the market recovery. Meanwhile, what about the recent development on the Avalanche blockchain.
Recently, Avalanche revealed supporting Bitcoin – Avalanche connection with the Avalanche bridge. That would allow Avalanche access asses worth over $500 billion on the BTC network.
Moreover, the addition welcomes the AVAX DeFi, which stayed far from its December 2021 all-time high. That comes after launching the cross-chain transactions between Avalanche and Ethereum.
The latest BTC bridging features will unlock more than $500B of value on the BTC platform for use in the AVAX decentralized finance ecosystem.
The new Bitcoin bridge comprises SGX (Intel Software Guard Extension) app to back cross-chain Bitcoin transfers. Avalanche also launched four Wardens to existing partners –
- Ava Labs
- Bware Labs
The volume stayed stagnant in the latest days with no massive shifts regardless of the announcement. The network volume hovered between $350M and $650M within the previous week.
Nevertheless, the development activity index recorded one upswing over the week, maintaining southbound actions throughout the ongoing crash.
The announcement saw the social dominance index hiking to 4% but has declined to 1% weekly average during this publication. AVAX should build on that as volume has faded recently.
Meanwhile, the broad crypto market saw improved sentiment within 24 hours. Most top cryptos recorded impressive gains within the prevailing market conditions. For instance, Bitcoin remained beyond $21K following brief overnight gains. BTC traded at $21,397.4 at this publication.
Moreover, the global cryptocurrency market capitalization gained 0.24% over the previous day to $966.22 billion. Though that represents an improvement following the latest downside spiral, bears remain in control.
The coming hours might see most crypto assets retracing. Bulls need massive volumes to reclaim crucial price levels and invalidate bearish tendencies.
Editorial credit: Vladimka production / shutterstock.com