Avalanche (AVAX) Crypto Sees Sudden Selling Pressure On Broader Weakness
After having gone through a remarkable rally not too long ago, the cryptocurrency sector has run into a decline yet again and widespread selloffs are the norm once again.
Amidst all the chaos, the Avalanche Avalanche’s (AVAX)token, Avax also ended up with losses but not to a huge degree. In a period spanning 24 hours that ended at 2-30 pm eastern time yesterday, the cryptocurrency token had ended up with a decline of as much as 8%. Some of the biggest crypto tokens in the market like Ethereum and Bitcoin also suffered declines during the same period and the losses suffered by Avax appear to be part of a broader market trend.
However, in this context, it is necessary for investors to keep in mind that the Avalanche network has managed to strike up major partnerships in recent times to go along with significant investments. Such things are important to keep in mind since they often lead to bullish sentiment about a token. At this point in time, Avax commands a market cap of $22 billion and is ranked at 12th position in the list of the world’s biggest cryptocurrencies by market cap.