However, growth was noted in AVAX’s NFT ecosystem as sales increased.
performance on the price front was concerning for the investors, as it declined by more than 5% in the last 24 hours., AVAX’s price registered a decline of 3% last week, and at the time of writing, it was trading at $19.86 with a market capitalization of over $6.2 billion. This downtrend can be attributed to the current market conditions, which have restricted most of the cryptos from registering gains. However, a look at Avalanche’s on-chain metrics revealed that there was more to the story.Santiment’s chart pointed out that AVAX’s volume decreased substantially, which by and large was a negative signal. The demand from the derivatives market also took a blow as the DyDx funding rate went down.
The recent price decline was accompanied by an increase in AVAX’s 1-week price volatility, suggesting a further downtrend considering the rest of the metrics.revealed that Avalanche’s Total Value Locked registered a 24-hour decline of more than 2%.