- Unlike the first quarter, AVAX’s network activity declined in the second quarter.
- The price of AVAX has risen by more than 2% over the past seven days and indicators have looked bullish.
Avalanche (AVAX) Blockchain performance in terms of value captured declined during the first quarter. However, checking the enlarged photo revealed a different story. Let’s take a closer look at AVAX’s health in the first quarter to better understand its overall performance.
The Avalanche’s first quarter revenue was down.
Data analysis platform Coin98 Analytics recently launched Twitter Mentioning the Avalanche’s first quarter statistics: According to the tweet, Blockchain’s fees and revenue together reached $7.5 million, an 86% decrease compared to the previous quarter.
Likewise, blockchain’s total revenue plummeted by more than 80% in the first quarter.
However, comparing Q1 2024 statistics to Q1 2023, we see a four-fold increase in capture value for the Avalanche. This was commendable year-on-year growth.
Artemis analysis by AMBCrypto data The company said its second quarter is off to a good start, with AVAX’s fees and revenue surging over the past seven days.
In addition to revenue, the blockchain’s network activity also increased sharply in the first quarter. According to the report, AVAX’s daily active addresses exceeded 54,700 in the first quarter, a 23% increase quarter-over-quarter.
Despite the increase in active addresses, Avalanche’s daily transactions fell nearly 35% over the past quarter. This trend continued in the second quarter, with both active addresses and transactions on AVAX declining following the rise on April 9.
Source: Artemis
Avalanche bulls dominated Q1.
The quarterly report also mentioned statistics related to the price action of the token. During the first quarter, AVAX’s market capitalization surged nearly 100%, exceeding $15 billion.
Although market capitalization increased, the P/F ratio fell by 16%. A decline in the indicator means the asset is undervalued, suggesting a bullish rally in the second quarter.
CoinMarketCap’s data It said that the price of AVAX has risen by more than 2% over the past seven days. At the time of this writing, the token was trading at $46.16, with a market capitalization of over $17.4 billion, making it the 11th largest cryptocurrency.
Thanks to the price rise, AVAX’s social volume has remained high, reflecting its popularity in the cryptocurrency space.
Source: Santiment
read Avalanche (AVAX) Price Prediction 2024-25
Additionally, investor confidence in AVAX has increased slightly, which is evident as weighted sentiment has improved.
The Avalanche’s derivatives market statistics also looked optimistic. Since AVAX’s price began to fall on April 9, open interest has also fallen. This means there is a high possibility of a trend reversal.
Source: Santiment