Avalanche Predicted to Surpass Bitcoin by 2029
Standard Chartered has made a bold prediction that Avalanche’s AVAX token could dramatically outperform Bitcoin by the end of 2029. According to an April report by the multinational bank, AVAX is projected to reach $250, marking an extraordinary increase of approximately 1,326% from its current price.
AVAX vs. Bitcoin Price Predictions
Currently priced at around $18, AVAX presents a considerable growth opportunity compared to Bitcoin, which is forecasted to rise nearly 500% to hit $500,000 in the same period. Bitcoin currently trades close to $82,650, according to CoinGecko data.
Factors Behind Avalanche’s Growth
Geoff Kendrick, global head of digital assets research at Standard Chartered, attributes Avalanche’s predicted surge to its innovative approach to scalability through dedicated Layer-1 (L1) app networks, previously known as subnets. Kendrick highlights that Avalanche’s smaller market capitalization means incremental improvements could yield substantial gains.
“Avalanche’s current small market cap means that incremental development improvements can have a big impact,” Kendrick stated. “As a result, we see AVAX outperforming both Bitcoin and Ethereum in terms of relative price gains.”
Recent Avalanche Network Upgrades
Avalanche recently enhanced its network through the Etna Upgrade, significantly reducing the cost of deploying new L1 app networks. This advancement has attracted an influx of developers to the Avalanche ecosystem, a trend Standard Chartered believes will persist, further boosting AVAX’s price.
Short-Term and Long-Term Price Targets
Standard Chartered’s optimistic outlook includes shorter-term predictions as well, estimating AVAX to reach $55 by the end of 2025, subsequently climbing to $100 by 2026, $150 by 2027, and $200 by 2028.
Avalanche, aiming to enhance transaction speed and reduce costs to compete effectively in the decentralized finance (DeFi) sector, appears poised for continued growth. With AVAX still nearly 88% below its all-time high of $145 reached in 2021, this projection signals substantial potential for investors.
