Avalanche experiences heightened activity as BTC interest grows, leading to increased demand for BTC.b and a positive impact on AVAX's price and ecosystem development.
BTC.b on Avalanche refers to a wrapped version of Bitcoin on the Avalanche blockchain. Wrapped tokens represent other assets, in this case, Bitcoin, on a different blockchain.
An increase in demand for BTC directly drives up the demand for BTC.b on Avalanche. This occurs because BTC.b provides users with easy accessibility to Bitcoin within the Avalanche blockchain, allowing them to transfer their assets and participate in the Avalanche ecosystem.In the latter half of May, AVAX traded sideways between $14.92 and $13.69 price levels before plummeting to $11.025 and declining by 24.22% on 5 June.
Since 20 June, AVAX’s price increased by 17.74%. At press time, AVAX was trading at $13.04. The Relative Strength Index and Chiakin Money Flow stood in high positions. This suggested that money flow and momentum were on the buyers’ side at press time. However, the larger trend of AVAX’s price continued to be bearish. However, if AVAX manages to test and surpass the 13.69 level in the coming days, it might give some legitimacy to AVAX’s current bullish momentum.Furthermore, traders were skeptical about AVAX’s surge in price as indicated by the dominance of short positions taken by traders against the token.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
![Optimism [OP] is up 20% – Are more gains likely?](https://i.headtopics.com/images/2023/6/22/cryptoamb/optimism-op-is-up-20-are-more-gains-likely-optimism-op-is-up-20-are-more-gains-likely-1671753634160209924.webp?w=640)
Optimism [OP] is up 20% – Are more gains likely?Optimism [OP] could reverse June losses if it retests previous range-high, provided BTC doesn't ....
Read more »
Can BTC’s recovery put a halt to this miner trend? Assessing…As of 21 June, BTC was experiencing a positive change as its price was witnessing some bullish action. However, what was alarming was that BTC miners were moving their BTC to exchanges.
Read more »
Colorado Avalanche not expected to re-sign UFA defenseman Erik JohnsonJohnson, 35, will go to market July 1.
Read more »
Reports: Erik Johnson to hit free agency after 13 seasons with Colorado Avalanche | TSNErik Johnson's 13-year stay with the Colorado Avalanche appears to be coming to an end. According to multiple reports, the veteran defenceman will hit the open market on July 1, with the Avalanche unlikely to bring him back.
Read more »
Former Canadiens captain Pierre Turgeon named to Hall of FameJoined by six others, including former Nordiques and Avalanche GM Pierre Lacroix and Caroline Ouellet, who won four Olympic gold medals.
Read more »
Former Canadiens captain Pierre Turgeon named to Hall of FameJoined by six others, including former Nordiques and Avalanche GM Pierre Lacroix and Caroline Ouellet, who won four Olympic gold medals.
Read more »