Avalanche Price Prediction as Durango Upgrade Proposal Goes Live – Here’s the Latest
Ava Labs started testing a new Avalanche upgrade proposal yesterday. Dubbed “Durango”, the upgrade went live on the Fuji testnet at 4PM UTC.
Durango largely focuses on improving Avalanche’s developer experience, although the news has had no impact on the underlying token’s price.
A key feature of the proposal is that it maintains smart contract compatibility with Ethereum’s “Shanghai” upgrade, which was implemented on Ethereum last April when the network transitioned from an energy-intensive Proof-of-Work (PoW) consensus mechanism to the greener Proof-of-Stake (PoS) mechanism.
Durango introduces Avalanche Warp Messaging (AWM) to Avalanche’s Contract Chain (C-chain).
C-Chain is a component of Avalanche’s blockchain that runs smart contracts compatible with the Ethereum Virtual Machine (EVM), enabling the Avalanche ecosystem to be highly interoperable and scalable for the development of cross-chain dApps. AWM establishes a new standard for cross-chain communication on Avalanche.
Durango’s Negligible Impact on Avalanche’s price
In spite of the network upgrade, Avalanche’s (AVAX) is failing to even capitalize on a broader market-wide rally.
AVAX is up 0.9% in the last 24 hours to trade at $41.34 as of this writing. Market leaders Bitcoin and Ethereum both grew 3% over the same period.
Over the last three months, Avalanche’s price performance has mirrored that of other major cryptocurrencies. They began the year rallying on hype that the US SEC was going to approve Bitcoin ETFs.
There was a downturn immediately after approval on January 11, reflecting market-wide “buy the news sell the rumour” sentiment.
Then, barely a fortnight later, there was a major dip after JP Morgan chief Jamie Dimon warned that Bitcoin’s pseudonymous creator “Satoshi Nakamoto” could one day return and “erase” Bitcoin.
In spite of today’s relatively underwhelming price performance, Avalanche is currently trading at more than a dollar above its 30-day moving average, represented by the blue line. Its Relative Strength Index (RSI) is also at 65. Both indicators reflect healthy buying and value.
An Altcoin That Offers Bitcoin
Avalanche has been struggling to break ahead of altcoin titans like XRP, Solana and Cardano.
That said, it’s always prudent to look beyond the Layer-1’s and so-called “Ethereum killers” for portfolio diversifiers.
There is one day left to buy Ethereum-based token Bitcoin Minetrix (BTCMTX) before its presale ends. The promising token could be more expensive tomorrow due to its alluring premise and the fact that it has raised over $10.5 million so far.
@MarathonDH faces hurdles as a power outage hits a major #Bitcoin mining site at Applied Digital's Ellendale facility, impacting 7.8 EH/s of hash rate.💡🔌🛠️
How can the industry mitigate risks posed by infrastructure disruptions like this?#BitcoinMinetrix has also raised over… pic.twitter.com/FisfOLTjck
— Bitcoinminetrix (@bitcoinminetrix) February 12, 2024
BTCMTX taps Ethereum smart contracts to help investors get greater yields by providing an easy onramp into Bitcoin cloud mining. Token holders can mine the biggest crypto without needing to purchase specialist mining rigs.
It does this through a simple mechanism that requires users to purchase and stake BTCMTX via the website. There’s no minimum buy and token withdrawal is simple, making for a low-stakes entry into mining.
Investors can lock up their BTCMTX and get rewarded with cloud mining credits that represent hash power. The greater the hash power obtained, the more guesses that Bitcoin cloud mining software can make to break the network’s cryptographic puzzles and validate blocks of transactions (aka mine) to receive rewards in Bitcoin.
The platform rewards staking with more BTCMTX, further fuelling the staking/mining cycle and generating a double stream of revenue.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
