Avalanche (AVAX) has been on a recovery path, like the rest of the market, following the Bitcoin boom. With digital assets already experiencing double-digit gains in the past week, crypto analyst Michael van de Poppe believes there is still more room for AVAX to grow.
In a recent post on Twitter, van de Poppe, with more than 658,000 followers, estimates that AVAX could reach around $65 before the rally ends. While analysts set high price targets for various cryptocurrencies this year, AVAX stands out for its significant potential.
If van de Poppe’s analysis proves to be correct, AVAX has the potential to experience around 500% growth during the current rally. Despite its ambitious price target, this will put it ahead of established cryptocurrencies like Bitcoin and Ethereum.
Van de Poppe’s tweet highlighted other price predictions, such as Bitcoin at $42,000, Ethereum at $3,000, Litecoin at $260, Chainlink at $22, and Cosmos at $35. According to analysts, only when these digital assets reach their respective price levels will the rally end and a market correction begin.
While van de Poppe’s post mainly focuses on the general market rally driving AVAX’s price, important developments on the Avalanche network may contribute to the altcoin’s achievement of the predicted milestone.
One such development is the Avalanche HyperSDK, which allows developers to create virtual machines on a network. This feature allows developers to customize their virtual machines, increasing their performance using a software development kit (SDK).
Additionally, Avalanche Warp Messaging (AWM) innovation facilitates sending of messages on the blockchain over subnets. This eliminates the need for third-party software or bridges to support the messaging platform, ensuring its seamless integration with the blockchain.
The recent progress highlights Avalanche’s commitment to staying abreast of the latest developments in the blockchain industry. As a result, this upgrade could drive demand for AVAX, Avalanche’s native token, and help it reach its projected $65 target.
AVAX is priced at $12.81 after a minor 2.30% correction in the last 24 hours. However, it boasts a market capitalization of $4.42 billion, securing its position as the 18th largest cryptocurrency in the industry.