Avalanche: Is AVAX more profitable than BTC now?

By AMB Crypto - 2 months ago - Reading Time: 2 minutes

Avalanche: Is AVAX more profitable than BTC now?

AVAX was currently trading around $26.8. Over 71% of holders were currently holding at a profit.

The recent upward trend in Avalanche [AVAX] prices has resulted in many holders experiencing gains. Despite this increase in the percentage of holders in profit, the overall sentiment has remained positive.

Over half of Avalanche holders enter profit

Recent data from IntoTheBlock showed that over 50% of Avalanche holders held their investments at a profit. Specifically, the data showed that around 71% of holders have found themselves in a profitable position.

Also, this percentage may increase further as the price continues its upward trend.

AVAX uptrend in full steam

Avalanche has demonstrated more profitability recently than Bitcoin and other altcoins. The daily timeframe chart showed a significant increase in daily prices over the past few days.

Notably, AVAX has reached a price range not observed since around August 2022. As of this writing, it was trading at around $26.8, with a value increase of over 2%.

Source: TradingView

The current trend indicates a decoupling from the general market, suggesting a potential rise to the $30 price range soon.

The Relative Strength Index (RSI), standing at over 75 as of this writing, signals a robust bull trend. Also, it was hinting at a possible impending price correction.

As the price continues to rise, more holders are likely to find themselves in a profitable position.

Santiment’s trading volume data showed that Avalanche has consistently maintained a volume above $1 billion. Analysis of the volume trend showed a parallel increase with the price, reflecting a healthy and sustained movement.

Source: Santiment

As of this writing, the trading volume had reached around $1.1 billion. This was an indication of ongoing strong trading activity that could contribute to further price increases.

Avalanche traders go long

An examination of the funding rate on Coinglass showed that traders are expressing confidence in a sustained upward price movement. The chart showed a consistently positive Avalanche funding rate over the past few weeks.

Notably, a few days ago, the funding rate reached a level that had not been seen in months. While there has been a subsequent decrease in the funding rate as of the latest update, it remained at a noteworthy level.

Read Avalanche (AVAX) Price Prediction 2023-24

At the present price, the AVAX funding rate is 0.02%. This level suggests that traders are predominantly taking long positions, anticipating a continuous ascent in the price.

Despite a slight decline, the persistently positive funding rate showed ongoing optimism among traders regarding the potential for further price increases.

Original source: AMB Crypto