Avalanche (AVAX) Continues to Outperform
Currently, the layer-1 blockchain Avalanche (AVAX) is one of the best-performing crypto assets on the market, consistently outperforming other high-cap tokens. The latest rally has seen AVAX prices rise by almost 10% in the last 12 hours, reaching the $23 price level.
Avalanche Hype Driven by RWA Tokenization
The surge in AVAX prices is due to the narrative surrounding the layer-1 high-throughput blockchain. AVAX prices have surged by 80% over the past two weeks and over 140% in the last month, driven by recent partnerships with institutions and a surge in GameFi and NFTs. Notably, the pivot to real-world asset tokenization has been a key narrative, with partnerships announced with JP Morgan and Citi experimenting with RWA tokenization using Avalanche technology.
Emperor Osmo, a DeFi researcher has mentioned that the surge is causing excitement across the ecosystem as both retail and institutions are looking to gain exposure.
RWA Tokenization in Crypto
RWA tokenization, which involves putting traditional assets such as gold, commodities, treasuries, and real estate on the blockchain, has been hyped as the next big thing in crypto. It is estimated that around $3 trillion in global money supply could be tokenized over the next five years. Private wealth management firm Bernstein had earlier made this prediction earlier this year. The big banks are likely to turn to existing technology like Avalanche rather than building systems from scratch, as they look to capitalize on the tokenization trend.
On July, the Avalanche Foundation announced the launch of Avalanche Vista, a $50 million initiative to invest in RWA tokenization, showcasing the platform’s commitment to real-world asset tokenization.
Blockworks researcher Dan Smith reported that Avalanche has its own ordinals standard called ASC-20. Over the past day, ASC-20 minting has surged, with 96% of transactions accounting for over 170,000 wallets minting ordinals.
@smyyguy”class=”lazy wp-image-428003″ style=”aspect-ratio:1.7262931034482758;width:937px;height:auto”>Avalanche AVAX Price Outlook
The recent positive rally pushed AVAX prices to an intraday high of $23.18 during the Monday morning Asian trading session. It is currently trading up 7% on the day at $22.58 – up almost 25% over the past week. However, the asset is still down 84% from its all-time high two years ago of $145, showing great potential for further gains.
Hot Take: Avalanche on the Rise
The recent surge in AVAX prices is being driven by a valuable pivot to real-world asset tokenization, drawing attention from both retail and institutions. As RWA tokenization looks to become the next big thing in crypto, Avalanche’s partnerships with major institutions and the surge in GameFi and NFTs are propelling its growth. With a $50 million initiative to invest in RWA tokenization, Avalanche is asserting its commitment to this new and exciting trend in the industry.
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