Numerous aspects, primarily the crypto crash gloom, have led to a deteriorating situation within the crypto market. Similarly, the price of Avalanche (AVAX) has plunged 83% from the highest value of the token.
Emin Gün Sirer, the co-founder of Avalanche, spoke in an interview published on May 31. In that interview, he discussed how the bear market significantly impacted all the cryptocurrencies, and AVAX was no different. However, he pointed out “macro conditions” and stated that the prices of all the assets dropped significantly and not just the crypto assets. Similarly, even equities have declined in their value.
During such hard times within the crypto industry, numerous cryptocurrencies lost between 40% to 80% in value against the U.S. dollar. To illustrate, bitcoin reached an all-time high of $69K around seven months ago. However, the current value is around 57% less than the peak value. On the other hand, LUNA and terrausd faced a significant failure as the coin’s value plunged to zero.
There has been a decrease of almost 84% in the price of Avalanche since the crypto crash. The co-founder of Avalanche recently discussed the state of Avalanche in an interview with Steven Ehrlich, an author at Forbes.
Gün Sirer is highly optimistic as far as the future of AVAX is concerned. Despite the severe downturn, the co-founder believes AVAX to be the best blockchain technology in the crypto market, terming it the most innovative blockchain platform.
Ava Labs created Avalanche, and Gün Sirer considers the firm a thriving company. In the same interview, he spoke about the employees within the firm, stating that the company plans to increase staff to 250 people from 180 people. He adds that Athey has numerous sources of revenue and are well-capitalized for many years to come. Hence, the company is growing at a fast pace.
When asked about the downturn of AVAX, Gün Sirer replied that the macro conditions are responsible for such situations. Countries worldwide have printed a lot of money, and now prices of all the assets alongside the digital assets are decreasing.
Moreover, the co-founder believes that uncertainty is always looming over the world’s financial sector. There is a possibility that the central banks will change their policies if the recession persists. However, Gün SIrer has mentioned that he does not care about the fiat values of cryptocurrencies. Moreover, he also believed that the LUNA and terrausd fiasco has led to a rattled faith in the decentralized finance.
