APT - Is Avalanche a Buy Now?
2023-07-29 06:58:00 ET
Despite a strong start to the year, Avalanche (CRYPTO: AVAX) continues to underperform the broader crypto market. While Avalanche is up 22% year to date, layer 1 blockchain rivals such as Ethereum (CRYPTO: ETH) , Aptos (CRYPTO: APT) , and Solana (CRYPTO: SOL) are up anywhere from 55% to 150% for the year.
Avalanche's underperformance is all the more concerning, given that it was once a high-flying crypto. Just 12 months ago, Avalanche was the next great "Ethereum killer" due to its incredibly fast speeds and unmatched scalability. But a lot has happened between now and then, and Avalanche is now down 90% from an all-time high of $146. So is there any reason for investors to be excited about Avalanche right now?
Avalanche's blockchain performance metrics for the second quarter of 2023 just came out, and the numbers are a mixed bag. If you're a glass-half-full type of person, you'll be impressed that the number of daily active addresses (the blockchain world's equivalent of daily active users) has more than doubled since the start of the year. That's a good sign that users are returning to the Avalanche ecosystem after a disastrous 2022.
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Is Avalanche a Buy Now?