Standard Chartered Believes Avalanche’s AVAX Is Well-Positioned For Massive Rally To $250 By 2029

British multinational bank Standard Chartered says one particular altcoin could substantially outperform Bitcoin in the coming years. According to the bank’s analysts, layer-1 blockchain Avalanche’s utility token AVAX could jump more than 10X by the end of 2029.

AVAX Will Skyrocket And Outpace Bitcoin, Ether 

AVAX could hit $250 by the end of the decade — representing a 1,324% spike as of press time — according to a Wednesday report from Standard Chartered. 

Avalanche’s unique approach to scaling its network through sets of dedicated L1 networks (previously called subnets) will likely catalyze the forecasted price boom,” the bank’s global head of digital assets research, Geoff Kendrick, wrote. 

AVAX is currently changing hands for $17.75. With a market cap of $7 billion, Avalanche is currently the 19th largest crypto, positioning it to profit from a huge impact through incremental improvements, according to Kendrick.

He also noted the network’s growing developer count since the recent Etna upgrade, which slashed the costs of establishing an L1 from around $450,000 to nearly zero. More developers have flocked to Avalanche since then, and that migration to the network is likely to continue.

“We think the current development momentum is likely to continue, supporting activity growth on Avalanche and driving AVAX price gains,” Kendrick postulated.

AVAX to $55 in 2025?

Standard Chartered also pointed out that Avalanche is gaining significant ground in the real-world asset (RWA) tokenization sector. BlackRock’s nearly $2 billion tokenized USD Institutional Digital Liquidity Fund (BUIDL) recently launched on the Avalanche blockchain. Kendrick said over $50 million is now on Avalanche, suggesting the network could onboard more tokenized assets over time.

The Standard Chartered strategist expects a bull surge for AVAX as soon as this year, forecasting that the token will hit $55 by the end of 2025, per the report. He set a price target of $100 for 2026, $150 for 2027, $200 for 2028, and $250 by the completion of 2029.

“As a result, we see AVAX outperforming both Bitcoin and Ethereum in terms of relative price gains in the coming years. We note that Avalanche is highly volatile; its historical 3-month volatility is close to 100, around double that of Bitcoin.”

AVAX set an all-time high of $144.96 in November 2021 and sits roughly 87.5% below that price milestone, as of press time.