By the end of 2029, Standard Chartered will surpass and rise Bitcoin.

The multinational bank claims that there is an altcoin that could significantly outstrip Bitcoin’s forecast for the end of 2029, while Standard Chartered anticipates the price to be about quintuple by then.

According to an April report from the bank, Avalanche’s utility token AVAX could increase to$ 250 by the end of the decade, or a 1, 326 % increase as of this writing.

By contrast, Standard Chartered projects that Bitcoin’s price will increase by nearly 500 % to$ 500, 000 by the year 2029. &nbsp,

According to CoinGecko data, AVAX is currently trading at$ 18 while Bitcoin is hovering near$ 82, 650.

The anticipated price increase is likely to be attributed to Avalanche’s unique strategy of scaling its network using sets of dedicated L1 app networks ( previously known as subnets ), according to Geoff Kendrick, Standard Chartered’s global head of digital assets research. &nbsp,

According to Kendrick,” Avalanche’s recent small market cap means that progressive development improvements can have a significant impact.” In consequence, we see AVAX outperforming both Bitcoin and Ethereum in terms of comparative rate increases.

In an effort to draw in more users and developers, Avalanche is one of several cryptocurrencies that has violently aimed to increase purchase speeds and expenses on its network.

Distributed finance or DeFi has long been viewed as the “wild west” of the crypto industry, with much fewer users on fewer decentralized platforms than consolidated platforms, which causes fierce competition between protocols.

Avalanche completed its Etna Upgrade last December, increasing support for its expanding answer and lowering the cost of network engagement. The cost of establishing an L1 on Avalanche significantly decreased following the switch. More designers have since moved to Avalanche, and that movement to the system may remain, according to Kendrick.

According to Kendrick,” we believe that the current development momentum will probably continue, promoting Avalanche activity growth and boosting AVAX price increases.”

The fact that one-quarter of active L1s are now Etna-compatible is encouraging, he continued, “while it is still too early to tell whether the new]L1] strategy will work.”

AVAX will experience positive cost action from Standard Chartered as soon as this season, with the company forecasting that the gift will reach$ 55 by the year’s end, according to the report. The bank’s forecast predicts the token’s price will hit$ 100 in 2026,$ 150 in 2027 and$ 200 in 2028.

AVAX hit its peak in 2021, peaking at practically$ 145, and is currently roughly 88 % below.

edited by James Rubin