The crypto market is both famous and infamous for its volatility. In a matter of days or weeks, prices for the entire market can skyrocket or plummet. And even though the instances of this type of sporadic market behavior have gotten very less over the years, it can still be a factor today.
In fact, it is such an understood factor of the entire market that every company that comes into the market accepts the possibility of it happening to them eventually. And one of the companies that had to face this uncomfortable truth was Avalanche.
Since its debut, Avalanche has proven to be a worthy contender in the crypto space. Time and time again, they have made it in the top 10 biggest cryptocurrencies in the market. And as more and more investors started to flood the market, the possibility of a significant drop in prices is decreasing by the day. Unfortunately for Avalanche, however, they happened to be one of the few unlucky cryptocurrencies to take a hit in the past few days.
In just 24 hours, the price for one of the biggest cryptocurrencies in the space managed to drop down to a little over $83. That made for a drop of exactly 4%, which came as quite a shock to the company. Despite every company being willing to accept the possibility that they might be at the receiving end of this volatility, Avalanche was not expecting to see such a turn of events after such a successful past week.
Last week, they managed to rise by 11%, which took their prices from a little over $75 to their current price now. So after such a successful week, it really did come as a surprise to them that their prices would drop so much in as little as 24 hours.
The price drop of any cryptocurrency is usually the result of a drop in the trading volume. And looking at the days leading up to today, their volume managed to drop by 5%. But even after taking the hit to its prices and trading volume, Avalanche is still one of the biggest cryptocurrencies in the market. As of now, it ranks #13 in terms of its size, with a total market cap of over $18 billion.
While the market is very popular for stories about how cryptocurrencies have fallen as a result of market conditions, there have also been plenty of situations where companies jump back. They are usually able to do so in grand fashion as well, as they take off with skyrocketing prices. And when considered one of the biggest cryptocurrencies in the market; it is obvious that it will most definitely rise back, and be better than ever.