The cryptocurrency market has been witnessing significant price surges and minor corrections in recent weeks, setting the stage for increased decentralized finance (#DeFi) transactions as the market rebounds.
Among the various altcoins, #Avalanche (AVAX) has emerged as a top performer, experiencing a bullish momentum and becoming the biggest gainer in the last 24 hours, even amidst market corrections following the previous week's highs.
As of now, AVAX is trading at $40.73, reflecting a remarkable 16.96% increase in the past 24 hours and a 17% surge in its market capitalization, which now stands at $14.9 billion.
Over the past seven days, AVAX has witnessed an impressive surge of over 82%, and during the past 30 days, it has recorded a staggering 118% increase. These gains align with the broader market's upward trajectory, effectively erasing losses incurred during the bear market.
The number of large $AVAX transactions is on the rise, peaking at nearly 1000 transactions bigger than $100k last week. While this is still not close to levels of the last bull market, it is a positive sign for the bulls. pic.twitter.com/PRGpsewWg2
— IntoTheBlock (@intotheblock) December 11, 2023
Year-to-date (YTD), AVAX has experienced a remarkable increase of 275%, further bolstering positive sentiments among bullish investors. This sentiment has been reinforced by the recent token unlock event, which injected $213 million worth of assets into the market.
One of the key factors contributing to Avalanche's surge in recent weeks is the significant increase in the number of transactions, surpassing previous figures recorded earlier in the year.
Data from IntoTheBlock reveals that nearly 1000 AVAX transactions have exceeded $100,000, indicating a substantial upward movement and defying any price correction. While this figure may not match the levels seen during the last bull market, it is still a positive sign for the bulls.
Furthermore, on-chain metrics continue to point upwards for the layer 1 blockchain, with transactions peaking at 1.93 million in the last seven days, accompanied by a steady growth in total addresses, which now stand at 6.12 million.
As momentum builds on the Avalanche network, DeFi activity has also experienced a significant spike. #Trader Joe, a decentralized exchange on the network, recorded $1.23 million in fees on December 11. Additionally, the native token of the platform, #JOE, posted gains of 9%, while the platform's revenues reached $145,000.
Another major factor contributing to the surge of AVAX is the growing interest among major financial institutions in utilizing blockchain technology for real-world asset tokenization. Institutions like #J.P. Morgan have chosen Avalanche as their distributed ledger technology (#DLT) solution, further fueling the accumulation of AVAX by bullish investors in anticipation of a tokenization boom in the coming months.
In addition to Avalanche, other cryptocurrencies like #Solana (SOL) and #Cardano (ADA) have also experienced growth in the last 24 hours, as institutional investors continue to acquire more of these assets. SOL has seen an uptick of 3.26%, while ADA has recorded a 5.28% increase.
Overall, the surge of Avalanche in the cryptocurrency market showcases its strong performance, driven by price increases, market capitalization growth, and a surge in transaction volume. With the growing interest in DeFi and real-world asset tokenization, AVAX is poised to continue its upward trajectory in the coming months.
