✨Introduction

Several notable events in 2022 contributed to a slump in investor confidence in the cryptocurrency market. Many cryptocurrencies, however, have seen their values increase dramatically in recent months, signaling that the market may be recovering.

Avalanche's price has increased significantly since the beginning of the year, making it one of the best-performing cryptocurrencies. This expansion is attributed in part to the demand for Bitcoin that has resulted from the movement of Bitcoin holders to the Avalanche chain.

Even with the recent market fluctuations and bad press, many investors and companies are still optimistic about Avalanche's long-term prospects. It's likely that as the cryptocurrency market matures, we'll see new innovations that fuel its expansion and widespread use.

🛠️ Method

The price of Avalanche rose by nearly 100% in January, and BTC holders who have bridged to Avalanche have been gradually shifting their holdings there. Since that is the case, let's take a look at the history of AVAX's price and see how it stacks up against the King's of crypto, BTC. Furthermore, we discuss Avalanche and the effects that the migration of BTC holders to the Avalanche chain has had on it and the entire Avalanche chain ecosystem. The goal here is to search for any kind of regularity that might be related to the price's behavior.

So as to do that, I have looked at a number of indicators of AVAX's performance in the current multipages dashboard. Metrics examined include:

Charting the percentage increase or decrease in prices since 2023 Activity in AVAX swaps and transfers on a daily basis since 2023 Bitcoin (BTC) is transferred to the Avalanche blockchain and sold. Track the swaps and transfer activities

🌡️ Analysis

✍🏻 Conclusion

Based on the findings above, it seems that there has been significant growth in the Avalanche ecosystem since the start of 2023, with the price of AVAX increasing and the number of transactions and active users growing. The majority of users are transferring their tokens to DEXs and CEXs, with Trader Joe being the most popular destination for AVAX tokens. Additionally, there has been a significant amount of BTC bridged to Avalanche, although the volume of BTC swapped to AVAX has recently decreased. These metrics provide insight into the behavior and trends of users within the Avalanche ecosystem and can inform investment and trading strategies.

Hey there 👋!

Firstly, I appreciate you sticking with it until the conclusion.

I'm Hamed, a civil engineering Ph.D.

student interested in data analysis.

I've made many similar dashboards and visualizations since I started at Flipside in January.

Please take a look at my various contact details and let me know what you think.

About:

• Author: HaM☰d

• Discord: 0xHaM☰d#8391

• Twitter: @arjmandi_hamed

• Email: h_arjmandi2012@yahoo.com

🔎 Findings:

Comparing swaps and transfer metrics, such as daily transaction count, unique users, and volume, can provide insights into the activity and growth of the Avalanche network. Tracking these metrics over time can help identify trends and inform investment or trading decisions.

Based on the visuals in the current section, it can be observed that daily swap transactions, active swappers, and swap volume have been significantly higher than transfer metrics since 2023. Although the average transfer volume was higher than the swapped volume on most days, the total swapped volume was much higher than the transferred volume (1.31M compared to 7.61K).

🔥 The Following Section Dealt with Swaps & Transfer Metrics Since 2023

🔎 Findings:

The charts above display the daily average price of AVAX and BTC, as well as the percentage returns based on price changes since 2023. AVAX's return percentage reached a peak of 116% on February 2nd, and has since stabilized at 77%, while BTC has seen a 43.6% return since 2023. Although AVAX's return percentage is nearly double that of BTC, the price changes still exhibit a highly correlated relationship with BTC's price.

The charts below illustrate the position of the price relative to the 7, 100, and 200 day moving averages. The 7-day moving average can be used to track short-term momentum, while the 100 and 200 day moving averages are better indicators of long-term momentum. The momentum of the 100 and 200 day moving averages is currently close to zero for both assets, but the price tends to move away from these averages, which suggests the possibility of higher prices in the future. (NFA)

🔎 Findings:

As of Table right:

Total Sawap volume is about 25x higher than total Transfer volume.

Average transfer amount is much higher than the average swap amount (8x).

Swap transactions are a lot more frequent than simple transfers.

There are more swappers than AVAX senders (transfer addresses).