- Avalanche’s AVAX token is poised for growth, says Standard Chartered analyst.
- Grayscale and VanEck have filed to launch spot Avalanche ETFs.
- Blockchain’s unique model provides a boost.
A crypto dark horse is emerging that could outpace Bitcoin and Ethereum’s gains by decade’s end.
That’s the view from Standard Chartered’s Geoff Kendrick, who said Avalanche’s AVAX token could surge to $250 by 2029 — more than 10 times its current price.
Kendrick, the bank’s Global Head of Digital Assets Research, pointed to Avalanche’s unique approach to scaling and recent developer traction as key differentiators in an increasingly crowded field of smart contract platforms.
“Avalanche’s small market cap means that incremental gains can have a big impact,” Kendrick wrote in a February 2 research note.
‘Right-sized’
He sees the project as “right-sized for growth” and potentially the strongest contender among Ethereum-compatible chains.
It’s an optimistic thesis at a time of mounting economic uncertainty. Trump’s sweeping new tariffs have rattled equities, spiked inflation bets, and triggered a risk-off retreat.
Avalanche’s edge
Avalanche’s edge lies in how it scales.
Unlike Ethereum, which depends on external layer 2 networks, Avalanche lets developers launch custom blockchains that plug directly into its mainnet.
A December 2024 upgrade known as Etna removed the steep AVAX staking cost previously required to launch these chains, making the process more accessible.
Since the Etna upgrade, Avalanche has seen a notable uptick in developer momentum.
“The number of core developers on Avalanche has increased by 40% since Etna, whereas those on layer 2s have decreased,” Kendrick wrote, suggesting some builders are migrating away from Ethereum.
Momentum
That momentum, combined with a lower barrier to entry for new chains, could amplify Avalanche’s long-term upside.
Standard Chartered sees AVAX hitting $55 by the end of this year, $100 by 2026, and $250 by 2029. “We see AVAX increasing 10x by end-2029, outpacing both Bitcoin and Ethereum gains,” Kendrick concluded.
Investor access to Avalanche ETFs could accelerate that growth. And an Ava Labs initial public offering, which PitchBook says has an 85% chance of happening, could make Avalanche more visible to institutional and retail investors.
Earlier this week, Ava Labs announced a stablecoin partnership with Japan’s SMBC and crypto infrastructure firm Fireblocks. That follows a $250 million raise in late 2024 from investors including Galaxy Digital and ParaFi Capital.
Bitcoin and Ethereum outlook
Bitcoin, for its part, remains the safest long-term bet, according to the bank.
Kendrick reiterated his $500,000 target for Bitcoin by 2029, citing improved investor access, declining volatility, and growing institutional acceptance under the Trump administration.
Ethereum, by contrast, may be entering what Kendrick called a “midlife crisis.”
The bank downgraded its 2025 Ethereum price target from $10,000 to $4,000, pointing to value leakage to layer 2s like Base, weakening tokenomics, and a lack of commercial strategy to retain market share.
Crypto market movers
- Bitcoin has lost 0.4% over the past 24 hours and is trading at $82,970.
- Ethereum is down 0.3% in the same period to $1,795.
What we’re reading
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.
