Today, investors in Avalanche (CRYPTO:AVAX) are seeing some pretty consistent declines. Over the past 24 hours, the AVAX token had dropped more than 8% as of 1:30 p.m. ET on Wednesday.
Today’s move is a continuation of yesterday’s decline, which has seen AVAX drop from its high of more than $146 per token on Monday, to around $117 at the time of this writing.
This decline comes on the heels of a widespread crypto market sell-off that many are linking to today’s news that India is moving forward with a bill to officially ban cryptocurrencies in that key market.
Avalanche has been one of the fastest-rising cryptocurrencies of late. On Monday, this token took the No. 10 spot in the cryptocurrency rankings, before falling to 11th today after its latest declines.
The key catalyst for Avalanche in hitting new all-time highs earlier this week was a high-profile partnership with consulting firm Deloitte. It appears Deloitte is fond of Avalanche’s underlying blockchain technology, and has sought it out as its partner of choice to support its work with the Federal Emergency Management Agency (FEMA).
What Deloitte is looking to do is find a way to aggregate and validate FEMA’s claims. Using blockchain technology, this is the latest value-added vertical that investors have pointed to as validation that blockchain creates real-world utility outside of being a decentralized means of transferring money.
This is certainly a big-name partnership. Avalanche’s profile in the crypto community is rightly elevated by this deal. Accordingly, there’s a tremendous amount of excitement building around Avalanche and the AVAX token right now.
Today’s decline appears to be a more-technical, market-driven move. Thus, those looking for exposure to Avalanche have what appears to be a juicy dip to buy here.
Ultimately, time will tell if this dip was one worth buying. But it sure looks attractive to those who think they might have missed the boat on Avalanche this past week.
This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.