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Avalanche’s 25% Surge to $47: Record-Breaking Stats Signal Bullish 2024

source-logo  crypto-news-flash.com 29 December 2023 12:27, UTC
  • Avalanche has ended the year by hitting new highs in its monthly active users, which hit 1.3 million for the first time, capping the crypto network’s impressive performance in 2023.
  • The network also recorded its highest validator numbers, which hit 1,708 as its price hit $49 for the first time since May last year.

It’s been Avalanche’s year. The cryptocurrency network, alongside Solana, has been the best performer on the price charts among the large-cap projects this year. Avalanche’s impressive form has extended beyond its price as the network recorded new highs in active users, validators, development activity, and other critical metrics, proving its price surge wasn’t a fluke.

At press time, AVAX is trading at $41.13, dipping by 7.2% in the past day. Despite the drop, the crypto still commands a market cap of $15 billion, the ninth-highest in the crypto market. Its trading volume has also slightly dipped to settle at $1.15 billion in the past 24 hours, with Binance leading the charts at $201 million.

Despite losing momentum over the past week, where it has dipped by 9%, AVAX has been one of the standout performing assets in crypto and beyond this year. Its price implosion kicked off in mid-October when it traded just below $9. It surged by 450% to trade just below $50 on December 26, cementing its position among the top ten cryptos.

But it’s not just the price that has set new heights. As the project shared on Twitter, it ended the year with a new all-time high number of monthly active users in December, hitting 1.314 million.

Closing out the year with another month of record growth on Avalanche 📈

✅ ATH # of Validators
✅ ATH Monthly Active Users

See more stats at https://t.co/S2OukIMIW7 pic.twitter.com/nTHBqW5ZWu

— Avalanche 🔺 (@avax) December 26, 2023

Validators on Avalanche have also been steadily increasing, and on December 26, they hit a new record at 1,708. On Avalanche, a validator must stake at least 2,000 AVAX tokens, which amount to $82,000 at press time. They can stake for a minimum of two weeks and a maximum of one year and receive a reward for contributing to secure the network.

At the time of publication, the number of validators had dipped slightly to 1,699, but it was still among the highest it had ever been. Collectively, they have staked 265 million AVAX tokens.

Avalanche Hits New Heights

Avalanche currently boasts 15.9 million addresses, rivaling some of the more mainstream networks. These addresses have conducted 46.9 million transactions in the past seven days, averaging 6.7 million transactions daily.

On December 20, the daily active addresses hit 250,000, the highest since June, when it spiked to a million active users. Avalanche’s profile as an alternative to Ethereum for smart contracts continues to gather pace, with the network now having over 626,000 deployed contracts.

Yet another metric where Avalanche has recorded consistent growth is the development activity. Santiment shows that the network hit 211 around Christmas, although it has dipped to around 120.

As CNF reported, these statistics are not just for show; the network has consistently ranked first over the past few months for network revenue, proving that retail users are jumping aboard the Avalanche bandwagon. As the year rolls to an end and we welcome 2024, the Avalanche community and the AVAX holders have every right to be excited about what lies ahead.