In the ever-evolving world of cryptocurrency, the Avalanche ecosystem stands out as a beacon of activity and innovation. A recent deep dive into its on-chain metrics reveals a story of resilience, growth, and emerging trends that are reshaping the landscape. This analysis, driven by comprehensive data from IntoTheBlock’s latest perspective, offers a window into the heartbeat of Avalanche’s network.
Explore the Avalanche ecosystem with our latest Perspective. This curated set of dashboards is key for understanding the on-chain heartbeat of the @avax ecosystem.
— IntoTheBlock (@intotheblock) November 30, 2023
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Let’s take a look at some of the indicators
Transaction Volume:
In the last year, there… pic.twitter.com/KiWUHKYGf1
Significantly, the transaction volume within this ecosystem has experienced remarkable volatility over the past year. Following a phase of dwindling volumes, a sharp uptick was observed in November, marking a peak not seen since May 2022. At the forefront of this surge is AVAX, the native token, leading in transaction volumes. Moreover, tokens like GMX and JOE also exhibit substantial and consistent volumes, suggesting a strong, loyal user base.
Address analysis presents another intriguing aspect of Avalanche’s ecosystem. AVAX triumphs with the highest number of addresses holding tokens. Trailing closely are prominent names like Trader Joe, GMX, Pangolin, Platypus, and Benqi, all vying closely in the race of holders. This metric not only signifies popularity but also indicates a diversified interest within the ecosystem.
Furthermore, holder analysis sheds light on the profitability aspect. Over 66% of AVAX holders are currently in profit, a noteworthy figure in the volatile crypto market. GMX and Joe, while showing a healthy profit ratio, indicate that most of their holders are still striving to reach their break-even point.
Interestingly, protocols with a higher percentage of profitable holders tend to attract more short-term investors. For instance, only 4.5% of GMX holders exceed the one-year mark, with AVAX and Joe slightly higher at just over 15%.
For those seeking a deeper understanding, IntoTheBlock’s Avalanche ecosystem dashboard offers a comprehensive view. It’s accessible through a free trial, providing an invaluable resource for anyone looking to navigate the complexities of this dynamic market.
The price of AVAX has recently witnessed a notable uptick. As of the latest data, it has reached $22.25. This marks a significant growth of 6.00% in just the last 24 hours. Additionally, over the past week, the price has seen a cumulative increase of 5.89%.
With a circulating supply of 370 million AVAX, its market cap has reached a staggering $8.13 billion. These figures not only reflect the current market status but also hint at the growing influence of the Avalanche ecosystem in the broader crypto landscape.
The Avalanche ecosystem embodies a vibrant and evolving segment of the cryptocurrency world. Its fluctuating transaction volumes, diverse holder base, and profitability ratios offer insights into the behaviors and preferences of its users. As the crypto market continues to mature, understanding these dynamics becomes crucial for both investors and enthusiasts alike.
