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In the Avalanche ecosystem, users burned 439,000 AVAX (worth $16.7 million) last week, reducing the circulating supply. In the Avalanche network, like the Ethereum ecosystem, all transaction fees are burned. Transaction fees on the network are based on the EIP-1559 design, which introduces a mechanism to burn transaction fees. The difference between Ethereum and AVAX is that the Ethereum ecosystem pays part of the transaction fee to validators and burns the rest, while the Avalanche ecosystem burns both. The increase in transaction fees burned is notable; While only a few thousand AVAX were burned each week between May 2022 and October 2023, the ecosystem peaked in April 2023, burning 39,000 AVAX in one day. By the end of November, 85,000 AVAX were burned, followed by a jump of 40,000 AVAX two weeks later. However, this week's burn amount hit a record high. This significant increase is largely attributed to the craze for inscriptions, which started on the Bitcoin network and spread to Avalanche and other blockchain networks. According to the Dune Analytics data table created by researcher Hildobby of Dragonfly VC, more than 75% of transaction fees paid and burned on Avalanche last week Most of it was due to operations related to inscriptions. Avalanche ecosystem users paid $13.8 million in fees for these transactions. Inscription-based tokens are created by writing code into ordinary blockchain transactions and using the external chain numbering system. They were introduced as a temporary solution since there is no native token support on the Bitcoin network. This craze quickly spread to other blockchain ecosystems for various reasons, including their low cost and the fact that they are revolutionary in the blockchain space. A total of 3.4 million AVAX has been burned through transactions made on the Avalanche network so far, worth $129 million at current prices.

ADA, SOL, and DOT show bullish momentum as Bitcoin strengthens. Bitcoin faced a sharp correction on December 11, falling 8 percent to $40,150, its lowest level in the last four months. This decline in Bitcoin price has triggered a market-wide reassessment and led to a debate about the potential of altcoins to lead the cryptocurrency rally. Market analysts believe that the recent price collapse is part of the ongoing price cycle and that a correction is inevitable after two months of rally. He believes that.Analysts' views on Bitcoin's latest pullbackCrypto analyst and co-founder of Reflexivity Research Will Clemente interpreted the market correction as a tool to reduce the highly leveraged crypto market and eliminate weak positions. He pointed out that this volatility is necessary. Kaleo, the co-founder of the LedgArt NFT project, expressed his belief that the recent pullback "is nothing but a healthy correction after a tremendous parabolic expansion." According to Kaleo, the leading cryptocurrency has identified a “new range” where consolidation is likely over the next few months before scaling further. Santiment noted that there has been a significant increase in social media posts advocating buying the dip. "Although Bitcoin has rebounded from its lowest levels in the last few months, altcoins have experienced a high level of buy-the-dip calls, which generally means there is FOMO and overzeal for low-priced assets." Most of the coins outperformed BTC. Altcoins are on the riseAltcoins have outperformed Bitcoin in the last seven days, making significant gains. Some altcoins have performed better in the long term. According to data from CoinMarketCap, Bitcoin is down 1 percent in the last seven days, while ADA is up 49 percent. Similarly, AVAX, DOT, SOL, and BNB also outperformed BTC. More importantly, the leading cryptocurrency managed to surpass $44,000, increasing by 60 percent in the last 90 days. Many altcoins outperformed BTC during the same period. AVAX has entered into a fierce competition with BTC and has nearly tripled in the last three months. SOL and ADA increased by 267 percent and 150 percent, respectively. ADA led the largest cryptocurrencies in terms of market value, increasing by 12 percent in the last 24 hours. While SOL ranked second with an increase of 10 percent, DOT increased by 9.2 percent in the same period. Although Bitcoin regained the $42,000 level, it increased by only 3 percent on December 13. This shows that it still follows altcoins. So can we really talk about the beginning of another altcoin season? Is the altcoin season here? Crypto trader Remen noted in his X post that he believes the recent decline could push altcoins into another bull rally. As Bitcoin dominance has peaked, the leader noted that the crypto's continuation of its uptrend may face an interruption. While there are some signals, it may be too early to say altcoin season has arrived. The community considers the period when the top 50 cryptos outperform BTC for 90 days as the altcoin season. This has only been true for a few altcoins and time will tell if it continues. According to data from Blockchain Center, only 53 percent of the largest altcoins outperformed Bitcoin in the last three-month period. Although this is a positive sign, it is still not enough to declare an altcoin season. Additionally, Bitcoin dominance is still above 50 percent.BTC dominance dropped to 52 percent on December 11, and the crypto community claimed that the beginning of the altcoin season had arrived. You can follow our account CryptoMentor to be informed about the latest developments.#ADA #SOL #AVAX #DOT #BTC $BTC 85 738111027$ADA