The Avalanche price has suffered a huge drop of 15 percent over the past seven days, but that does not cause fear among the whales. Investors with wallets of $1 to $10 million in Avalanche bought $2.1 billion worth of Avalanche (AVAX) in the first days of April.
At the time of purchase, that amount was worth approximately 52 million AVAX tokens.
Very low correlation with Bitcoin
What makes Avalanche special right now is that it has an extremely low correlation with Bitcoin. At the time of writing, the correlation is 0.17, which suggests that Avalanche’s price is not that dependent on Bitcoin at the moment.
According to BeInCrypto analysts, this could provide the important foundation for significant increases in the currency. A high correlation means that coins follow Bitcoin, while a low or even negative correlation indicates independence.
The above chart from IntoTheBlock shows the correlation with Bitcoin, which is currently falling rapidly. But what does this mean for the Avalanche price in the short term?
Rises on the horizon for Avalanche?
“Given these factors, the Avalanche price could rise 23.5 percent from the current price of $47.32 and potentially reach the $60 level. That is just below the 2024 high of $65,” BeInCrypto analysts say.
At the time of writing, Avalanche is already slightly below that level. The price is now clocking in at $46.
This means the project has a market cap of ~17 billion dollars and ranks 11th on CoinMarketCap. If the increase that BeInCrypto predicts occurs, it could easily storm into the top 10.
It does not take a huge increase to overtake Telegram’s Toncoin (TON). What do you think? Does Avalanche have the potential to surprise this bull run?
Trade €10,000 for free and get a 10 euro bonus
Do you want to enter the crypto world and perhaps buy Avalanche or another crypto? Then grab your chance now with this exclusive offer! Thanks to a special deal between Newsbit and Bitvavo, one of the most accessible and user-friendly crypto exchanges in Europe, our readers receive an exclusive offer.
Create an account with Bitvavo via the button below and receive a welcome gift of 10 euros completely free. And that’s not all – you also don’t pay trading fees on your first 10,000 euros in transactions. Register now!
Source: https://newsbit.nl/whales-kopen-52-miljoen-avalanche-tokens/
