Coin Bureau Predicts Avalanche (AVAX) Rise To Top 5 Crypto By Market Cap

According to Coin Bureau, Ethereum (ETH) rival Avalanche (AVAX) could make its way into the top five cryptocurrency by market capitalization.

In a recent video update, crypto analyst, known as Guy, shared with 1.9 million subscribers to Coin Bureau’s YouTube channel that layer 1 smart contract platform Avalanche (AVAX) is geared to challenge larger digital asset, that currently are ahead of it in terms of market cap.

“It’s possible if not likely that Avalanche could crack the top five, especially since some of the cryptocurrencies in its way are of a lesser caliber, to put it mildly.”

While the crypto market is going through a large scale correction, the analyst believes that AVAX’s price remains in a macro uptrend, mainly because of rising consumer demand and ease of accessibility of its C-Chain – the default smart contract blockchain on Avalanche.

“[AVAX] remains in a clear uptrend despite the massive crypto market dip we’ve seen over the last few months. This is for one simple reason, and that’s demand.

According to DappRadar, Avalanche’s C-chain has around half a million monthly active users which is not too shabby at all. The number of daily transactions on the C-chain has also been on a relentless rise.

Besides the C-chain’s EVM (Ethereum Virtual Machine) support, Avalanche’s amazing adoption is likely because Binance and Coinbase support withdrawals and deposits directly from and to the C-chain. This makes Avalanche very accessible to the average crypto holder.”

Could Avalanche grow enough to challenge Ethereum? Guy seems to believe so:

“Right now, AVAX seems to be focused on DeFi (decentralized finance), and that’s all well and good, but that’s a very crowded neighborhood…

That said, the trends are in Avalanche’s favor and if it continues the way it has, it could become big enough to challenge Ethereum.”

At the time of writing, AVAX is trading at $62.84, down 7.7% on the daily window.