Avalanche blockchain went live at OpenSea, could this boost AVAX?

The largest peer-to-peer marketplace for NFTs on Ethereum (ETH/USD), OpenSea, made an official announcement that the Avalanche (AVAX/USD) blockchain went live on their store.

Avalanche is essentially a cryptocurrency and a blockchain platform that aims to compete with competing networks and is a fast platform that supports smart contracts, where the main focus is on transaction speed, low costs and environmental friendliness.

Looking for fast news, hot tips and market analysis? Sign up for the Invezz newsletter today.

The OpenSea launch as a catalyst for growth

OpenSea made one official announcement October 11, 2022, where the NFT marketplace announced the arrival of Avalanche (AVAX).

The marketplace now supports seven different blockchains, including Ethereum, Polygon (MATIC/USD), Klaytn (KLAY/USD), Solana (SOL/USD), Optimism, Arbitrum, and Avalanche.

Avalanche as a network is open source and has its own native cryptocurrency in the form of the AVAX coin. The network has three different blockchains including X-Chain, C-Chain and P-Chain.

However, the C chain is optimized for Ethereum compatibility and smart contract support.

NFTs use these technologies; however, they can exist on the C chain or the X chain.

While OpenSea’s announcement may increase the general appeal of the NFT economy in the Avalanche ecosystem, let’s go over how it may affect the value of the native cryptocurrency.

Should You Buy Avalanche (AVAX)?

On October 12, 2022, Avalanche (AVAX) had a value of $16.09.

AVAX/USD chart by Tradingview.

The all-time high for Avalanche (AVAX) cryptocurrency was on November 21, 2021, at a value of $144.96. Here we can see that at its ATH the coin traded $128.87 higher in value, or by 801%.

Going over the weekly performance, Avalanche (AVAX) had its 7-day low at $15.89, while the high was at $17.62. This indicates a difference in value of $1.73 or by 11%.

However, taking a look at the 24-hour performance, Avalanche (AVAX) had a 24-hour low of $15.90, while the high was $16.27. Here we can see a price change of $0.37 or by 2%.

With this in mind, AVAX may see a bullish trend as a result of the addition of OpenSea, and we may see the cryptocurrency reach a value of $20 by the end of October 2022.

Buying AVAX could be a solid long-term investment opportunity for many investors as, based on the current growth rate, it could climb to $30 by the end of 2022.