Avalanche Value Updates: AVAX Soars in a Bearish Crypto Market
Whereas the crypto market experiences one of many sharpest corrections of 2021, one cryptocurrency, (AVAX), has stood out, setting a brand new all-time excessive within the course of.
Avalanche (AVAX) Units New All-Time Excessive
Avalanche (AVAX) has defied the bearish development that has engulfed the crypto market, gaining by greater than 87% within the final 30 days.
The 30 day worth chart for Avalanche (AVAX). Supply: Tradingview
Over the past week, Avalanche has gained by greater than 33%, making AVAX the third largest gainer out of the highest 50 cryptocurrencies, ranked by market cap.
The seven day worth chart for Avalanche (AVAX). Supply: Tradingview
The huge 30-day push helped Avalanche set a brand new all-time excessive of $110.31 on November 18th. The ATH got here simply hours after the smart-contracts platform introduced a partnership take care of the ‘massive 4’ accounting agency, Deloitte.
On The Flipside
- Regardless of being one of many high DeFi platforms, Avalanche has been hit with two main hacks, together with the $35 million Vee Finance hack,
How Is Avalanche Performing Now?
Whereas it is not uncommon to retrace after hitting an ATH, particularly in a bearish market such because the one forex faces, AVAX has continued to indicate indicators of robust bullish momentum.
Over the past 24 hours, AVAX has gained greater than 7%, and is now buying and selling at $109.410 as of this writing, lower than 1% wanting its ATH from November eighth.
The 24 hour worth chart for Avalanche (AVAX). Supply: Tradingview
Regardless of solely being launched in 2020, Avalanche (AVAX) has a market capitalization of $24.11 billion, overtaking (LUNA) to turn out to be the 12th largest crypto, and the fifth-biggest competitor.
Why You Ought to Care?
Avalanche’s hovering worth confirms that the crypto business has grown previous the interval through which Bitcoin’s efficiency would set the development for your complete market.
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