Is Climbing Development Activity Contributing To Momentum In Ethereum Rival Avalanche?

Avalanche AVAX/USD has shot up 13.43% over a seven-day trailing period leading up to Thursday night.

What’s Moving? The coin associated with the layer one blockchain traded 2.29% lower over 24 hours at $102.37 at press time.

AVAX gained 1.78% and 0.8% against Bitcoin BTC/USD and Ethereum ETH/USD respectively over 24 hours.

Over a period of 30 days, AVAX has risen 8.93% and it has soared 42.37% over a 90-day time frame. The coin’s year-to-date gains stand at 2686.66%.

The Ethereum-rival touched an all-time high of $146.22 in late November. AVAX traded 29.61% below that level at press time.

See Also: How To Buy Avalanche (AVAX)

Why Is It Moving? The decline in 24-hour Avalanche prices was in tandem with other major cryptocurrencies as the global cryptocurrency market cap fell 2.07% to $2.21 trillion at press time.

AVAX was included in the “Top 10 Mentions” on Twitter compiled by Cointrendz and also was seen trending on the price-tracking website Coingecko. 

AVAX attracted 1,535 tweets at press time. The most mentioned coins Bitcoin, Ethereum, and Shiba Inu attracted 11,810, 5,537, and 3,244 tweets, respectively. 

The Contract Chain or C-chain has been buzzing with development activity, according to a note authored by Delphi Digital.

Chart Showing Development Activity On Avalanche — Courtesy Delphi Digital

The research firm noted that over 400 developers and 70,000 unique contracts are deployed on the default smart contract blockchain on Avalanche. Delphi Digital expects the trend to continue.

“In the past month alone, unique C-Chain developers have doubled from 200 to 400. With the recent launch of AvaLabs’ Subnet-[Ethereum Virtual Machine or EVM], it seems reasonable to expect the number of developers to continue multiplying,” as per a note seen by Benzinga.

Delphi Digital pointed out that the Subnet-EVM makes it easy to deploy EVM-compatible blockchains using a single JSON file, which only takes just 90 seconds.

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