What’s behind Avalanche’s rocketing adoption?
- The total number of non-zero addresses on Avalanche climbed above 6 million.
- AVAX recorded gains of 4.1% in the 24-hour period.
Avalanche [AVAX] was one of the best-performing cryptocurrencies over the last month, having doubled its market price to $21.04 at press time, AMBCrypto gleaned from CoinMarketCap’s data.
The asset also brushed aside developing FUD over Binance’s CEO resignation and recorded gains of 4.1% in the 24-hour period.
The price rally boosted trading activity for the asset on exchanges, as per AMBCrypto’s observation of Santiment’s data. In fact, daily trading volume spiked to a six-month high of nearly $2 billion on the 16th of November.
Investors also became more optimistic about AVAX’s prospects, as reflected by the positive weighted sentiment indicator.
AVAX’s adoption grows
As sentiment around AVAX shifted, the underlying network began to benefit. The total number of non-zero addresses on Avalanche climbed above 6 million as of this writing, according to IntoTheBlock.
The steady increase in the count indicated an influx of new users to the network. It could also be interpreted as an accumulation by previously inactive wallets.
While the non-zero wallets increased, so did the count of those actively engaged in AVAX transfers. As analyzed by AMBCrypto through Avalanche Explorer, active addresses on the blockchain increased sharply in the last 24 hours.
Transactions spike on Avalanche
Moreover, transactions on the network lifted dramatically over the last two weeks. On the 22nd of November, the network logged 7,124,679 transactions, the highest ever in Avalanche’s history.
Higher network traffic resulted in a jump in Avalanche’s transaction throughput. The transactions per second (TPS) hit 82.46 on the 22nd of November, up from 12.44 recorded a week ago.
Read Avalanche’s [AVAX] Price Prediction 2023-24
Developers slog away
AMBCrypto spotted a steady increase in Avalanche’s development activity. High value was a sign that work was continuously being done to add new features and fix the existing issues on the blockchain.
Moreover, investors pay special attention to development activity before pumping money into crypto projects. They view higher activity as an indication of the project’s seriousness.