Avalanche crypto is thriving with 183K daily transactions and 36K active addresses, processing at low fees of 0.005679 AVAX.
This high volume and growing user base signal strong engagement. This suggests that AVAX could be on track to hit $70 soon.
Avalanche’s Transaction Volume Reflects Strong User Engagement
Avalanche, a decentralized platform built for great scalability and providing ultra-low transaction fees, has seen heaps of activity across its network.
The 183,017 transactions over the past 24 hours show a comparable amount of use across its ecosystem.
With that high volume of transactions, it means Avalanche has high user engagement across its fast and low-cost blockchain.
Meanwhile, the total transaction amount of Avalanche went over 3.2 million AVAX coins, again showing its network activity.
A defining feature of Avalanche’s network is its ability to process lots of transaction volume efficiently.
Based on Avalanche crypto’s consensus mechanism, which is geared towards high throughput and low latency, it’s able to process impressive numbers of transactions.
At the moment, the network can process an average of 2.12 Transactions per Second (TPS). This suggests good dApps and user activity optimization.
One of the reasons that so many regard Avalanche as a leading blockchain platform for developers and users, is in its ability to process such a high volume of transactions with low latency.
On top of processing a massive throughput, Avalanche is also home to a healthy amount of active users. It had 36,704 active addresses in the last 24 hours.
The data indicates that Avalanche’s decentralized applications (dApps) are compelling regular use, helping the Avalanche ecosystem grow.
Avalanche’s popularity has not waned as other blockchain platforms come to compete. It still has a solid user base and frequent transactions.
Transaction Fees and Efficiency on Avalanche
And just like that, Avalanche’s transaction fees are still quite low compared to other major crypto blockchain networks.
The price for a fee for the average transaction over the last 24 hours was 0.005679 AVAX. This reflects the platform to be a cheap and affordable transaction platform.
One of Avalanche’s selling points is that they offer low fees. This makes joining enticing to both developers and potential users since their transactions won’t cost a premium amount. Which made small and more frequent transactions too expensive.
Even though the hourly transactional activity fluctuates, the fee structure remains constant. You can transact on the network without questioning the cost.
For example, hourly transaction fees occasionally spike. for example, to 68.4 AVAX on one occasion, but on average they prove to be affordable.
The stability also spurs continuous engagement from the network without the high attached costs to manipulative users.
Also, Avalanche enables its users through its efficient fee structure in decentralized finance (DeFi) applications on the platform and is a perfect option for developers seeking to lower the overhead expenses of their users.
Active Addresses & Transaction Distribution Across the Network
Additionally, Avalanche crypto’s network has a strong balance with unique addresses and transaction distribution. Both unique addresses and transactions per address, this network has remained steady over the past 24 hours.
Active addresses have some peak activity at key times, and their hourly breakdown is fluctuating.
These peaks in activity are often spurred by spikes in transaction volumes, especially those related to decentralized exchange (DEX), dApps, and other services hosted on Avalanche.
For example, on December 7th, we saw a spike in this activity, particularly around the times at which the transaction volumes peaked, 9 500 transactions in particular. Transaction fees hit 55.28 AVAX this time.
These spikes indicate that users are becoming more active when they carry out market events such as token releasing, a project launch, or any activity in the world of decentralized finance, where they are involved.
The fact that Avalanche can cope with these spikes in transaction volumes and still continue to operate smoothly without disrupting user interaction shows that the network is ready to operate on a higher level of demand.
Another feature worth noting is the breakdown of transaction amounts among the various fee brackets.
The number of transactions by the hourly amount reveals that the majority of transactions are within the low fee range (32.1 AVAX – 35.76 AVAX).
As some of the bigger transactions are happening, most of the activities happening on the network are still smaller in scale, which fits in with the appeal that Avalanche has for microtransactions and decentralized application usage.
AVAX Price Prediction
The Avax price is seen showing strong bullish momentum throughout and happens to be nearby a major resistance level of $65.50, which represents a potential upside of 26.46% from the current price of $51.57.
The coin after a good price rally has found support near the $40.00 level and provided a solid base to move upwards.
From October 2023, the price also shows consistent upward movement, marked with higher highs and lows, which means that the trend is healthy and bullish.
The $65.50 level is a key breakout point, and if able to break out above here, a further surge higher could be seen with $70 a target.
