The cryptocurrency market has been displaying a volatile yet promising trend in recent weeks, with rapid price surges followed by slight corrections. This sets the stage for increased transactions in decentralized finance (DeFi) as the market rebounds. Among alternative coins (altcoins), Avalanche (AVAX) has emerged as a top performer, garnering significant bullish momentum. Notably, AVAX experienced the highest gains in the past 24 hours, even amidst market corrections after reaching its peak the previous week.
Currently, AVAX is trading at $40.73, reflecting a substantial 16.96% surge over the past 24 hours. Its market capitalization has also witnessed a commendable 17% increase, standing at $14.9 billion. The asset has demonstrated remarkable growth in the last seven days, surging by over 82%, and an impressive 118% over the past 30 days. These positive developments align with the wider market’s upward trajectory, effectively eliminating previous losses suffered during the bear market. Year-to-date (YTD), AVAX has phenomenally increased by 275%, fueling even greater optimism among bullish sentiments.
A significant driving force behind Avalanche’s recent surge lies in the surge of transactions, surpassing figures recorded earlier this year. Data from IntoTheBlock reveals that the number of AVAX transactions exceeding $100,000 nears 1000, marking a significant increase. While still not reaching the levels witnessed during the previous bull market, this upward trend strongly indicates positive momentum, making AVAX impervious to price corrections. In fact, the on-chain analysis firm recently stated on X (formerly Twitter): “The number of large $AVAX transactions is on the rise, peaking at nearly 1000 transactions bigger than $100k last week. While this is still not close to levels of the last bull market, it is a positive sign for the bulls.”
More on-chain metrics reinforce Avalanche’s positive trajectory as transactions in the last seven days reached 1.93 million, with total addresses growing to 6.12 million. This growing network activity indicates an increasing level of confidence and participation within the Avalanche community.
As momentum builds within the network, DeFi activity on Avalanche has soared. Trader Joe, a decentralized exchange on the Avalanche network, recorded fees amounting to $1.23 million on December 11, 2021. Furthermore, the native token of the platform, JOE, witnessed a gain of 9% as the platform generated revenues totaling $145,000.
Another key factor driving the surge of AVAX is the rising interest among major financial institutions in exploring real-world asset tokenization using blockchain technology. Notably, institutions like JP Morgan have chosen Avalanche as their preferred distributed ledger technology (DLT) solution. Consequently, bullish investors continue to accumulate AVAX in anticipation of an imminent tokenization boom in the coming months.
It is worth noting that AVAX is not the only altcoin experiencing growth in the past 24 hours. Solana (SOL) and Cardano (ADA) have also demonstrated upward movement, with institutional investors increasingly acquiring these assets. Solana experienced an upswing of 3.26%, while Cardano witnessed a gain of 5.28%.
