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Avalanche: USDC launch boosts price despite hangover



The market is still in a shaky phase with Bitcoin still trading at $ 48,000. Most crypto assets could not resist the downward trend, but went on a downward slide together with BTC. However, it is completely different with Avalanche.

The day before yesterday it was announced together with Circle that USDC would be brought onto the Avalanche blockchain. And that is extremely positive news for the project and its DeFi cosmos. With a market capitalization of almost 42 billion US dollars, USDC is the largest stablecoin after USDT from Tether.

Better availability of stablecoins is generally considered to be a good prerequisite for achieving higher growth in the DeFi sector. With a "Total Value Locked" of over 11 billion US dollars, Avalanche is in a head-to-head race with Solana and Terra.

AVAX course performs great

In the last 24 hours, Avalanche was able to gain at least 15% and thus even exceed the mark of 100 US dollars. Nevertheless, it remains to be seen whether Avalanche can continue to defy the bearish hustle and bustle.

Because Bitcoin currently remains in a range and thus holds the market captive. Should BTC break out south, it is not unlikely that many other assets would also suffer losses. Bitcoin has not yet sent a strong signal as to the direction in which the journey will ultimately go and so the current uncertainty in the market is very reminiscent of the "range market" in summer 2021.

However, should AVAX manage to continue the upward trend, it would be important for the price to establish itself above 110 US dollars. In the $ 100-110 area, there is initial resistance that the bulls will have to overcome before anyone can think about tying up to the December 1st high.

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