Avalanche Network Launched a New Upgrade This Last Week

Avalanche (AVAX) released its latest network update yesterday. The new update, named Banff 4, introduced new network optimizations that should reduce a node’s bandwidth usage and prepare for the launch of cross-subnet messaging.

In addition, this version (v1.9.4) is backwards compatible with v1.9.0. Although optional, AVAX developers have recommended that users download it.

There were a few interesting points that were posted by AVAX Daily through the course of this last week. One such point is that AVAX registered double-digit growth in its volume over the past week. As per the tweet, the coin’s volume rose by more than 14%.

AVAX’s weekly price movement was not up to par, as the altcoin’s price dropped 1.85% over the last 7 days. This is according to CoinMarketCap, which also shows that the price of AVAX stands at $13.40 at press time following a 0.12% drop in price over the last 24 hours.

The price of AVAX has also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 0.17% and 0.69% respectively.

Social dominance and volume for AVAX (Source: Santiment)

Data from the blockchain analysis firm, Santiment, shows that despite the massive gains in the altcoin’s volume, AVAX’s volume consistently decreased over the last week. Furthermore, AVAX also dipped in popularity as its social dominance experienced a similar trend.

AVAX’s development activity did, however, increase, but this can mainly be attributed to the recent network update. The altcoin also received a notable amount of interest from the derivative market as its Binance funding rate picked up after it registered a decline on the 8th of December, 2022.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Source