Avalanche (AVAX), the native token of the Avalanche ecosystem, has made a notable mark in the crypto world with impressive gains. Despite a wider market downturn, AVAX broke through the $40 mark, reaching $43 at its peak, and currently trades around $38. This marks a significant 12% increase in the last 24 hours and a 123% surge over the last month .
Avalanche’s market value witnessed an extraordinary 341% growth in just two months, soaring from $3.25 billion in mid-October to $14.35 billion, even surpassing Dogecoin’s market cap . Over the past year, AVAX’s market capitalization has doubled, with other Avalanche ecosystem tokens like JOE and QI also experiencing considerable gains .
The technical analysis reveals that Avalanche trades above a crucial demand area between $15 and $20, indicating strong support. The relative strength index (RSI) at 89, suggests a bullish control over its price .
TVL (Total Value Locked) data, a key indicator of investor and developer interest, aligns with Avalanche’s price growth, increasing from $482.93 million to $911.12 million, a 90% rise. This upsurge in TVL, alongside a notable increase in development activity indicated by 284 GitHub commits as of mid-December, signals growing demand for AVAX .
Recent ecosystem developments, such as JP Morgan’s Onyx using an Avalanche subnet and Mirai Labs migrating from Polygon to Avalanche, further strengthen the network’s position. The Avalanche Evergreen subnet, tailored for institutional needs, highlights the platform’s adaptability and appeal .
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
