Why did AVAX drop? Crypto detective explained!

Avalanche (AVAX) surprised its investors by dropping nearly 10 percent in the last 24 hours. Investors are asking, “Why did AVAX drop?” He started asking the question.

The cryptocurrency market continues its negative outlook. The weak price structure of Bitcoin (BTC) also affected altcoins. Many altcoins have retreated to the price level of months ago. Although these declines were interpreted as a potential correction, anxiety began in some altcoins.

Avalanche (AVAX), the 13th largest cryptocurrency by market value, has dropped nearly 10 percent in the last 24 hours. AVAX, which experienced a steeper decline than other altcoins, left a question mark in mind. Crypto detective ZachXBT comments on the AVAX decline.

AVAX made its mark on the day: Why did it fall?

Avalanche (AVAX), which managed to rise above $ 60 in March, has been trading at $ 25 in recent days. The decline in the last 24 hours is particularly noteworthy.

Crypto detective ZachXBT commented on why AVAX fell in a note he shared on Telegram. According to the crypto detective, an anonymous crypto wallet moved 1.96 million AVAX ($54.2 million) via THORChain to Coinbase, Binance and Gate exchanges. ZachXBT claimed that these transfers, made for the purpose of a potential sale, reduced the price of AVAX by 10 percent.

The fact that AVAX is in a downward trend offers a buying opportunity, according to many analysts. Analysts think that AVAX, which forms a potential base point, could stand out in the possible recovery.

With the recent decline, the popular cryptocurrency has retreated to its price level in the last weeks of 2023.