Avalanche (AVAX), the native token of the high-performance blockchain platform, has risen by 7% in the past 24 hours, defying the market correction that has affected most other cryptocurrencies. AVAX is trading at $36.45 as of writing, up by nearly 10% in the last 24 hours and by 138% in the past month.
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. pic.twitter.com/PRGpsewWg2
— IntoTheBlock (@intotheblock) December 11, 2023
One of the main drivers of AVAX’s rally is the increasing adoption of its network, which offers fast, scalable, and low-cost transactions for various applications. According to data from IntoTheBlock, the number of large AVAX transactions (greater than $100,000) reached a new all-time high of 996 on Dec. 9, indicating a growing demand from institutional and retail investors.
In the current market scenario, AVAX stands out as a top performer, resisting the general market movements. The surge in its price can be attributed to a rise in on-chain activities. This week, there has been a slight increase in both new and active addresses. The total number of addresses holding a balance has escalated to 6.12 million. Additionally, the transaction count on the primary network layer has experienced a significant increase, reaching 1.93 million.
Avalanche Continues to Develop Cutting-Edge Features
Another factor that has boosted AVAX’s price is the launch of several innovative projects in its ecosystem, such as TG.Casino, a Telegram-based casino platform that uses AVAX as its native currency, and Ordinals, a unique NFT collection that allows users to mint their own ordinal numbers as digital art.
Avalanche has also attracted the attention of major financial institutions, such as JP Morgan and Citi, which have partnered with the Avalanche Foundation to explore the potential of real-world asset (RWA) tokenization using Avalanche’s technology. RWA tokenization is the process of converting traditional assets, such as gold, commodities, treasuries, and real estate, into digital tokens that can be traded on the blockchain.
Avalanche’s impressive performance has led some analysts to call it the “most hated rally” in the crypto market, as many traders have missed out on its gains or have been betting against it. However, as Avalanche continues to innovate and expand its network, it may prove its critics wrong and establish itself as one of the leading blockchain platforms in the industry.