Avalanche (AVAX) pushed out Dogecoin (DOGE) from the top 10 crypto assets by market cap list on Sunday, November 21, and was the 10th largest asset by market cap in the early hours of Monday.
According to the data provided by CoinMarketCap, AVAX reached as high as $146.22 on Sunday, November 22, this posting a new all-time high (ATH). With this ATH, the market cap of AVAX crossed $30 billion for the first time in its life. The coin rose nearly 17% on Sunday, from $125 at the start of the day to its new ATH of 146.
In the recent two weeks, the flagship crypto assets Bitcoin (BTC) and Ethereum (ETH) have corrected themselves after registering new ATHs of nearly $69,000 and 49,000 respectively. Both these coins are now nearly 20% down from their ATHs. With this, the whole crypto market was in a downtrend.
However, this downside sentiment failed to impact AVAX over the past 7 days as it has risen almost 35%. On Sunday, November 21, it replaced Dogecoin (DOGE) on the 10th spot in the top 10 list as its market cap reached $30.60 billion compared to Dogecoin’s $30.30 billion. AVAX remained on the spot until 5:00 AM UTC, November 22. As the AVAX price corrected, DOGE was quick to take back its 10th position.
Even though the coin’s life in the top 10 was short-lived, it is an impressive performance by the coin whose host blockchain just launched its mainnet 13 months ago. AVAX started 2021 at around $4 per coin and the price at the time of press represents a staggering 3150% YTD increase. It is up more than 100% in November 2021.
As Crypto Economy explained previously, AVAX is the native coin of Avalanche Network, a layer-1 smart contract platform that allows the creation of application-specific blockchains, spanning permission and permissionless blockchains, highly scalable decentralized applications (Dapps), and complex digital assets with custom rules, covenants, and riders called Smart Assets.
The recent AVAX growth can be attributed to its decentralized finance (DeFi) and nonfungible token (NFT) ecosystem growth. Thanks to its low-fee nature, high TPS of 4,500, and near-instant transaction finality, it has been able to attract users and liquidity from Ethereum.
According to DeFi Llama, Avalanche is currently the fourth largest chain by TVL after Ethereum, Binance, and Solana. At the press time, DeFi protocols built on Avalanche locks more than $12 billion.