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Market Cap: $ 3 787 132 962 593 / 24h Vol: $ 200 392 171 953 / BTC Dominance: 58.653467328398%

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Avalanche [AVAX]: Despite these developments, bulls face resistance

The Avalanche [AVAX] network has maintained robust development activity in the last seven days even as the market volatility slowed down. Here’s a look at how the network has performed this week in terms of development activity.

Is your portfolio green? Check out the Avalanche Profit Calculator

Avalanche’s social dominance just achieved a new weekly high in the last 24 hours, confirming that the network is receiving a lot of attention. Its development activity metric also registered sharp growth in the last seven days, confirming that developers have been busy.

Avalanche development activity and social dominance

Source: Santiment

But what has been driving a surge in this development activity and social volume? There have been multiple announcements so far this week that are likely behind the above outcomes. Among those factors is a recap of how demand for native Bitcoin [BTC] grew on the Avalanche network in June 2022.

1/ @avalancheavax enabled native $BTC via the Avalanche bridge June 2022 🔺

Since then $BTC growth on $AVAX has been unimpeded.

An exploration. 🧵👇 pic.twitter.com/yw1Luw4vq2

— Emperor Osmo🧪 (@Flowslikeosmo) February 21, 2023

Reports reveal that the demand for native BTC on Avalanche has enjoyed positive growth since it was launched, starting from roughly 21 BTC to more than 7,000 BTC in less than a year, even during the bear market.

Additionally, Avalanche teamed up with Chinese internet giant Tencent to pursue WEB3 opportunities. According to the announcement, Avalanche will provide Tencent developers with access to subnets and rapid node development.

Avalanche also deployed its new developer framework called HyperSDK this week. It will reportedly make it easier for developers to rapidly develop custom virtual machines while trimming down on complexities in development processes.

Introducing HyperSDK, the first framework for developers to build high performance Virtual Machines on Avalanche, out-of-the-box.

HyperSDK is designed to accelerate custom VM development, creating the foundation to build the fastest blockchains.

So what is HyperSDK? pic.twitter.com/Din3ZlcJht

— Avalanche 🔺 (@avalancheavax) February 21, 2023

AVAX held up quite well in light of these advances. However, the bulls had a hard time pushing above the $21 price level after encountering resistance.

AVAX price action

Source: TradingView

AVAX’s price action at press time was characterized by lower volatility. Despite this, its trend demonstrated relative strength above the 50% RSI level. Its MFI dipped slightly from this week’s high, confirming some outflows.

How much are 1,10,100 AVAXs worth today?

Nevertheless, it remained firmly above the 60 range, confirming a weak bearish outcome so far. This outcome also reflects the bearish sentiment since mid-February.

Avalanche AVAX weighted sentiment

Source: Santiment

The bearish expectations, as seen in the weighted sentiment, failed to yield a sizable move. Instead, the same metric has pivoted and now indicates that a bullish sentiment is building up.

Source

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    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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