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The post Avalanche Network Outage – AVAX Fails to Reach $40, ALGT Reaches 2,000 Unique Holders appeared first on Coinpedia Fintech News
On Friday, Avalanche faced a software issue that caused a network outage. However, the network started finalizing blocks again after four hours, per its status page and block explorer. During the outage, there was selling pressure on the AVAX token, but Algotech reported an increase in the number of holdings.
Block Production Suspended Due to Inscription Problem – Says Kevin Sekniqi
The Avalanche (AVAX) network reportedly stopped producing blocks on its C-chain this Friday. According to Sekniqi, cofounder of Ava Labs, the inscription problem most likely slipped detection until it reached the mainnet because of the huge volume of code shipped on Avalanche.
Avalanche stopped adding blocks at 11:13 UTC. The node software was updated at 15:59 by developers, reducing “excessive gossip” among validator nodes. Validator nodes maintain network security and transaction processing. The software patch fixed a problem that caused network overload and downtime due to excessive data transfer.
Can AVAX Break the $40 After the Outrage – Price Projection
Since the outage, the network’s native token (AVAX) has decreased by 3%, lagging the CoinDesk CD20 Index, which has been rising marginally over time. The way the trade is currently set up, it looks like the price will likely experience negative pressure for some time, which might force it to stay consolidated inside the triangle and achieve the peak.
AVAX is showing signs of recovery again, with its intraday surge of 6% to $39.1 at press time. The token is looking to stretch the rebound to reach the bullish region. While many analysts are speculative, some believe that the coin is attempting to extend the upswing to the bullish zone and break the $40 price point at the end of February.
Algotech (ALGT) Emerges as a Major Alternative After Outrage on Avalanche Network
With the speculative nature of AVAX in February, investors are looking toward other projects that promise huge profits and can displace legacy projects. Algotech (ALGT) is emerging as a great alternative to AVAX because of its lucrative rewards and user incentives.
The project has managed to raise over $1.1 million within two days and is poised to reach
even greater heights as the market looks toward emerging opportunities in February before major crypto events like Bitcoin Halving and ETH ETF approvals.
With the successful round of presale, ALGT is acquired by 2000 unique holders showing its adaptability and scalability. Community members of Algotech are entitled to governance rights, and profit shares, and have access to advanced trading strategies, including hedging, mean reversion, and algorithmic consolidation.
The project is perfectly positioned to become a major stakeholder in the market. With presale demand heating up, a surge from $0.04 to $1 is likely in the upcoming weeks. The deflationary ERC-20 coin is also backed by solid tokenomics that ensure continued reinvestment back into development to support the growth of the trading platform.
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