Why these developments could push Avalanche to $100 sooner rather than later

Saif Naqvi
Source: Pixabay

The Avalanche ecosystem has been making strides and top exchanges are taking notice.

Source: Twitter

Recently, Binance handpicked native token AVAX to add to its list of borrowable assets. The development sees AVAX join a curated list of tokens that can be borrowed on the world’s largest trading exchange, further expanding its utility.

However, when it comes to Avalanche’s macro outlook, the latest announcement is just the tip of the iceberg

Avalanche Summit & New Announcements

The Avalanche summit kicked off on 22 March in Barcelona, Spain, and the project lifted the curtain on some of the latest advancements in the ecosystem. Most notably, Ava Labs, the builders behind the Avalanche blockchain, announced working on a non-custodial wallet made specifically for Avalanche applications. Known as “Core”, the wallet would be integrated with subnets and web3 applications, and would “harness the speed of Avalanche”.

Additionally, the team revealed plans to add support Bitcoin on its Avalanche Bridge. Once integrated with the network, users would be able to directly transfer their Bitcoin onto the Avalanche blockchain and use it within the DeFi ecosystem. The statement read, “By expanding support to Bitcoin, the Avalanche Bridge will unlock a trillion-dollar asset that has yet to fully join DeFi and Web3 culture applications at the scale of user demand”.

Coinbase Cloud Support

Source: Twitter

Taking note of the recent developments, the popular crypto exchange Coinbase launched a suite of blockchain infrastructure solutions and services for AVAX. Under the collaboration, Avalanche users can stake their AVAX tokens with Coinbase Cloud and delegate power for validating transactions on the blockchain.

Furthermore, AVAX has been integrated with Coinbase Wallet, providing developers with the appropriate documentation required to create dApps on the Avalanche network. 

AVAX Daily Chart – $100 A Formality?

Source: TradingView

AVAX’s price has reaped the benefits of a bullish broader market. Over the past 10 days, AVAX’s price has climbed by 40% on the charts and the $100-psychological mark is just around the corner.

While AVAX’s pace has slowed down over the past 48 hours amidst a risk-off broader market, it’s not too late for the abovementioned developments to factor in the price. Once the next Bitcoin rally comes around, AVAX bulls would be in the driving seat and $100 could be realized sooner rather than later.