Avalanche (AVAX) Surges 138% in a Month with Strong Ecosystem Growth
Avalanche (AVAX) has experienced a significant rally, outperforming the top 20 cryptocurrencies and witnessing a resurgence in its ecosystem. In December alone, AVAX has gained 81%, and since November 12, it has surged by 138%, crossing the $40 mark on Monday.
According to crypto analytics firm IntoTheBlock, the number of large AVAX transactions has also increased dramatically, which is considered a positive sign for bullish investors. Although it hasn’t reached the levels of the previous bull market, the rise in large transactions indicates growing interest in AVAX.
In addition, Trader Joe, Avalanche’s top decentralized exchange (DEX), has seen a surge in fees. Within the past 24 hours, the DEX collected $1.23 million in fees, as reported by DefiLlama.
CoinShares, a digital asset manager and research firm, recently highlighted Avalanche and Solana as popular choices among institutional investors. However, Solana leads AVAX and other altcoins in institutional inflows for the year, receiving $143 million compared to XRP’s $13 million.
As of now, AVAX has slightly dipped to $37.80.
Hot Take: AVAX Gains Momentum with Ecosystem Resurgence
Avalanche (AVAX) has experienced an impressive surge in value over the past month. With a strong ecosystem and growing interest from institutional investors, AVAX has outperformed other top cryptocurrencies. The rise in large AVAX transactions indicates positive market sentiment, while Trader Joe’s increased fees demonstrate the popularity of Avalanche’s decentralized exchange. Although Solana leads in institutional inflows, AVAX remains a promising option for investors looking to diversify their portfolios. With its current momentum, AVAX is worth keeping an eye on as it continues to make a comeback in the crypto market.
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