 ▲ Avalanche (AVAX) © Coin Leaders |
AVAX, the native cryptocurrency of Avalanche, a layer 1 blockchain that has undergone a massive rally over the past week, has surged nearly 20% in the past 24 hours, soaring to the $42 level, and Dogecoin (DOGE), the 9th largest cryptocurrency by market capitalization. It surpassed and ranked 9th. With this move, Avalanche's weekly gain reached 85%, recording the highest gain among the top 10 cryptocurrencies.
On this day, Woo Blockchain, a media outlet specializing in cryptocurrency, said through “It recorded the second highest figure this year at $145,000. It was an increase of nearly 100% compared to the previous day (10th).” Trader Joe's is the largest DEX based on Avalanche.
Woo Blockchain explained, “AVAX rose more than 20% in the past 24 hours, exceeding $40, and regained its place in the top 10 cryptocurrencies by market capitalization. JOE also rose by more than 9% during the same period.”
Cointelegraph, a cryptocurrency media outlet, also reported that AVAX's weekly increase rate was 79% despite the recent decline in the cryptocurrency market. According to DeFiRama data, Avalanche Network TVL (locked deposits) increased 82% over the past three months, while AVAX trading volume surged 2,436% over the same period.
Regarding this, Ryan Mcmillin, Chief Investment Officer (CIO) of Merkle Tree Capital, said, "Along with the increase in TVL's trading volume, there was news that Avalanche was used in an asset tokenization test recently conducted by Onyx, a blockchain subsidiary of JP Morgan. AVAX “It seems like the price has been raised,” he analyzed.
CoinGape, another cryptocurrency media outlet, said, “Avalanche, a fourth-generation proof-of-stake blockchain, has generated significant interest by implementing strategic initiatives that provide large incentives to validators, resulting in a notable increase in market value.” “AVAX’s next major price resistance is $53, which could lead to a further 25% rise from current levels.”
Meanwhile, according to the weekly fund flow report from CoinShares, an asset management company specializing in European digital assets, about $42.8 million was net inflowed into digital asset investment products last week (December 4 to 10), continuing the 11th consecutive net inflow. Solana (SOL) and Avalanche (AVAX) products received $3 million and $2 million in inflows, respectively, making them solidly popular stocks in the altcoin sector.
According to data from CoinMarketCap, a global cryptocurrency market relay site, AVAX, the 10th largest coin by market cap, is trading at $41.11 as of 3:51 p.m. on the 12th (Korean time). This is an 18.17% increase from 24 hours ago and an 83.15% increase from a week ago. AVAX rose to a high of $42.75 on this day, breaking the highest price of the year.
