Popular Ethereum competitor Avalanche has fallen more than 16% in the ongoing crypto market rout. Many tokens supporting so-called Ethereum Killers have suffered double-digit losses in the last 24 hours. The bearish action was led by Avalanche
According to CoinMarketCap data, Avalanche (AVAX), native token of smart-contracts platform headed by former Cornell professor Emin gun Sirer has lost nearly 16% of it’s value over the past 24 hours. It is currently trading at $27.94.
AVAX, the 13th largest cryptocurrency, has a market capitalization in excess of $7.6 million. Today’s bearish action has the token down 80% from its November 2021 record of $146.22
This drop could partly be due to slower growth in various DeFi projects that were built on Avalanche.
According to data from DeFi Llama, the total value locked (TVL), across all DeFi protocols on Avalanche blockchain is $4.74 billion. This represents a decrease of 8.57% over 24 hours. On December 2, 2021, the TVL reached an all-time record of $13.7 billion.
The drop in AVAX was almost as dramatic, with the data platform showing a 7.5% dip.
According to DappRadar, TraderJoe dropped 12.84% in its users during the week. According to analytics, the available liquidity on the exchange also fell to $577 million, down from $982 million in a matter of months.
Despite the huge growth in active wallets, the token ended in bearish action. According to SnowTrace data, the total active wallets on avalanche have reached 2.8million yesterday. This is an all-time high.
The total transactions in the avalanche network have also fallen by half, from around 800,000 last week, to just 358,474 yesterday.
According to SnowTrace data, transactions reached an all-time high at 1.1 million per hour on January 27, 2022.
The crypto crash and the avalanche
Avalanche is not the only one that has fallen, but many layer-1 crypto projects also have.
Polkadot is down 8.7% in the last 24 hours, Solana is down 9.7% and Celo (CELO is down 10%), the Near Protocol is down 13%, Kadena is down 18%, Fantom is down 9.6% during the same time period.
Bitcoin (BTC), is currently down 3.3% in the last 24 hours. According to CoinMarketCap, it trades at approximately $28,900.
Ethereum (ETH), is down 5.4% in the span and changing hands at $1920
