Avalanche (AVAX) Bucks Crypto Decline with Impressive Weekly Gain
Avalanche (AVAX) has emerged as one of the few major cryptocurrencies that have defied the recent decline in the crypto market. In the past week, AVAX has experienced a remarkable 79% increase, while other cryptocurrencies have seen declines.
Factors Behind AVAX’s Success
Analysts attribute AVAX’s success to several factors. Recent partnership announcements, an increase in trading volumes, and a rise in total value locked have all contributed to its positive performance. Additionally, there seems to be a shift in how altcoins are valued.
AVAX Outperforms Bitcoin and Ether
While Bitcoin (BTC) and Ether (ETH) experienced a 6% decline on December 11, AVAX gained 13.6% in the last 24 hours. This data from CoinGecko highlights AVAX’s strength compared to other leading cryptocurrencies.
Growth in Daily Transactions and Active Addresses
The recent surge in AVAX can be attributed to a significant increase in daily transactions and active addresses. Daily transactions have spiked from around $200,000 to $4.5 million, while active addresses have shown a consistent upward trend.
Increase in Total Value Locked and Trading Volume
The Avalanche network’s total value locked (TVL) has grown by 82% over the past three months, reaching $894 million from $490 million on September 12. Moreover, AVAX token trading volume has surged by an impressive 2436% during the same period, according to DefiLlama data.
Altcoins Expected to Outperform Bitcoin
Experts predict that altcoins will outperform Bitcoin in the future. They believe that by 2024, some altcoins will surpass Bitcoin in terms of performance. Tokens like Immutable (IMX) and Synethix (SNX) have already outperformed Bitcoin since 2022.
Avalanche and Solana Remain Popular Altcoins
In a recent crypto fund flows report, CoinShares head of research James Butterfill highlighted the popularity of Avalanche and Solana among investors. Despite the price declines of major cryptocurrencies like Bitcoin and Ether, Avalanche received $2 million in inflows, while Solana received $3 million.
Hot Take: AVAX’s Exceptional Performance Sets It Apart from Other Cryptocurrencies
Avalanche’s outstanding performance in the midst of a crypto market decline demonstrates its resilience and potential for growth. With recent partnerships, increased trading volumes, and a rise in total value locked, AVAX has solidified its position as a leading altcoin. As the market evolves, altcoins like AVAX are expected to outperform Bitcoin, making them attractive investment options for crypto enthusiasts.
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