Search interest for Avalanche ($AVAX) has exploded to a new all-time high after the price of the cryptocurrency surged over 2,700% year-to-date, even after enduring a correction from a new high above $145 hit earlier this month.
According to data from Google Trends, first shared Jay Kurahashi-Sofue, VP of Marketing at Ava Labs, search interest for the cryptocurrency has more than doubled when compared to August of this year, presumably thanks to the price rise.
It’s worth noting that Google Trends uses an index-like approach to represent search interest, but doesn’t show exact figures. Nevertheless, it shows interest in the cryptocurrency went from around 50 to 100 after its price moved to a new high.
Avalanche, according to its developer documentation, is an open-source platform for “launching decentralized applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Avalanche is the first decentralized smart contracts platform built for the scale of global finance, with near-instant transaction finality. Ethereum developers can quickly build on Avalanche as Solidity works out-of-the-box.”
Avalanche’s documentation notes that a key difference between it and other smart contract networks is the consensus protocol it uses. It adds the Avalanche protocol “employs a novel approach to consensus to achieve its strong safety guarantees, quick finality, and high-throughput without compromising decentralization.
AVAX is the network’s native token. It’s used to pay for fees on the Avalanche blockchain and can be staked to earn yield.
As CryptoGlobe reported, a pseudonymous cryptocurrency analyst who called 2018’s bear market bottom, has suggested that AVAX’s bull run still has “plenty of gas left in the tank.”
Earlier this month Grayscale Investments, a subsidiary of Digital Currency Group, announced it added $AVAX to its list of “assets under consideration,” meaning that in the future an AVAX investment product may be launched.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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