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Stablecoin USDC launch on Avalanche affects AVAX price

Stablecoin USDC launch on Avalanche affects AVAX price

Avalanche's price has seen a pretty decent rally in 2021, rising more than 3,000% in one year. In fact, in the first half of November, Avalanche showed a 130% increase from $62 to ATH $147. After that, however, the 12th-ranked alt spent more time consolidating or correcting. On Dec. 14, despite the state of the broader market, the AVAX rally seemed to gain momentum amid news of Circle launching its stablecoin USDC on Avalanche. The arrival of USDC on the smart contract killing Ethereum platform is expected to give a boost to the DeFi network ecosystem, Ambcrypto reports.

The total blockchain value (TVL) in Avalanche has increased more than thirty times in the last year. The DeFi ecosystem on blockchain got a nice boost after the network held a $180 million incentive program – the “Avalanche Rush” initiative. TVL's growth is also indicative of the growing institutional interest in blockchain. Interestingly, LUNA, the 11th-ranked coin, saw a rally in the first week of December, and Terra's rise in the stablecoin sector contributed to its growth over the past month. Now that the same is happening with AVAX, the altcoin stands a good chance of rallying for the rest of the year. Fiat-backed stackcoins are often credited for sparking a surge in online activity and spurring developers to build their projects on the blockchain. In addition to the dominance of altcoin in the DeFi space and its growth in TVL, the growth of active AVAX addresses also signaled an increase in blockchain participation. Avalanche's daily active addresses reached a record high on December 14 amid rising prices. In addition, recent activity on the network has also been quite high. For example, the daily number of transactions on Avalanche's C-Chain showed healthy growth. This meant that more and more people were using the AVAX network to make their transactions.

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