The Bullish Momentum of Avalanche (AVAX)
The cryptocurrency market is experiencing rapid price surges and slight corrections, setting the stage for more decentralized finance (DeFi) transactions as the market rebounds. Among altcoins, Avalanche (AVAX) is maintaining its bullish momentum and has become the biggest gainer in the last 24 hours, despite market corrections after last week’s highs.
Currently trading at $40.73, AVAX has seen a 16.96% increase in the past 24 hours and a 17% increase in its market capitalization, reaching $14.9 billion. Over the last seven days, the asset has surged over 82%, and over 118% in the past 30 days, following the wider market gains that have wiped out losses from the bear market.
This year, AVAX has seen a year-to-date (YTD) increase of 275%, with positive sentiments from bulls after a recent token unlock event that released $213 million worth of assets to the market.
Skyrocketing Transactions Fueling the Surge
A significant factor behind Avalanche’s surge in recent weeks is the increase in the number of transactions, surpassing figures recorded earlier this year. Data from IntoTheBlock shows that almost 1000 AVAX transactions have exceeded $100,000. While it may not reach levels seen during the bull run of 2021, this upward movement is a positive sign for bulls.
On-chain metrics also indicate further growth for Avalanche, with transactions peaking at 1.93 million in the last seven days and total addresses growing to 6.12 million.
DeFi Volume and Tokenization
As momentum builds on the network, DeFi activity has spiked on Avalanche. Trader Joe, a decentralized exchange on the network, recorded $1.23 million in fees on December 11. The native token of the platform, JOE, also saw gains of 9% as platform revenues reached $145,000.
Another driving force behind AVAX’s surge is the growing interest among major financial institutions in testing real-world asset tokenization using blockchain technology. Institutions like JP Morgan are utilizing Avalanche as their distributed ledger technology (DLT) solution, leading to increased accumulation of the asset in anticipation of a tokenization boom in the coming months.
Solana and Cardano Also Show Growth
In addition to Avalanche, other altcoins such as Solana (SOL) and Cardano (ADA) have also seen growth in the last 24 hours. Institutional investors are acquiring more of these assets, resulting in an uptick of 3.26% for SOL and 5.28% for ADA.
Hot Take: AVAX Growth Continues Amidst Market Corrections
Avalanche (AVAX) continues to defy market corrections and maintain its bullish momentum. With significant increases in transactions and growing interest from major financial institutions for real-world asset tokenization, AVAX has seen impressive growth of over 82% in just seven days. As the wider cryptocurrency market rebounds, AVAX stands out as one of the top gainers among altcoins. With positive sentiments from bulls and increasing adoption on the network, AVAX’s upward movement shows promising signs for future growth and potential tokenization opportunities.
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