Avalanche Network Outage – AVAX failed to reach $40 and ALGT reached 2,000 unique holders.
On Friday, the Avalanche faced a software issue that caused a network outage. However, the network started finalizing blocks again after 4 hours, according to the status page and block explorer. There was selling pressure on AVAX tokens during the outage, but Algotech reported an increase in holdings.
Block production was halted due to inscription issues – said Kevin Sekniqi.
The Avalanche (AVAX) network reportedly stopped block production on the C-chain this Friday. According to Ava Labs co-founder Sekniqi, the inscription issue likely went undetected until it hit mainnet due to the sheer volume of code shipped to Avalanche.
Avalanche stopped adding blocks at 11:13 UTC. The node software was updated by the developers at 15:59 to reduce “excessive buzz” among validator nodes. Validator nodes maintain network security and transaction processing. The software patch fixed an issue that caused network overload and downtime due to excessive data transfer.
Can AVAX Break $40 After Fury – Price Prediction
Following the outage, the network’s native token (AVAX) fell 3%, lagging the CoinDesk CD20 index, which has been rising slightly over time. The way the trade is currently set up, the price is likely to experience negative pressure for some time, which could lead to consolidation inside the triangle and hitting a new high.
AVAX is showing signs of recovery again, rising 6% intraday to $39.1 as of press time. The token is looking to extend the bounce to reach bullish territory. Although many analysts are speculating, some believe the coin is attempting to extend its uptrend into bullish territory and break the $40 price range in late February.
Algotech (ALGT) Emerges as a Major Alternative After Avalanche Network’s Outrage
Due to the speculative nature of AVAX in February, investors are looking for other projects that promise huge profits and can replace the existing ones. Algotech (ALGT) is emerging as a great alternative to AVAX due to its lucrative rewards and user incentives.
The project raised more than $1.1 million in two days, with a goal of:
The gains are further fueled by the market’s anticipation of new opportunities in February ahead of major cryptocurrency events such as the Bitcoin halving and the approval of the ETH ETF.
Following a successful pre-sale, ALGT was acquired by 2000 unique holders demonstrating its adaptability and scalability. Algotech’s community members are entitled to governance rights and profit shares and have access to advanced trading strategies including hedging, mean reversion, and algorithmic integration.
The project is perfectly positioned to become a key stakeholder in the market. It is likely to surge from $0.04 to $1 in the coming weeks as pre-sale demand heats up. The deflationary ERC-20 coin is also backed by robust token economics that ensures continuous reinvestment in development to support the growth of the trading platform.
Learn more:
Visit Algotech Presale
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