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AVAX coin has grown by more than 40% in the midst of the Ethereum and Bitcoin sell-off. Today, the token is in 9th place in top 10 cryptocurrencies.
AVAX has grown by 40, 4% for a short period – a week and at the time of this writing was $ 115, 36. Such a sharp rise in the value of the coin can be due to 2 factors: the addition of USDC (which is why it grew by 10, 5% on 14.12). USDC is a fairly stable coin that was issued by Circle. It will be used in the blockchain system for fast and inexpensive transactions. Avalanche is the seventh blockchain supported by USDC.
Avalanche has recently attracted the attention of institutions. BitGo recently made the announcement that they plan to list AVAX. It is as a result of this that on Thursday the token reached a 2-week high at a price of $ 106.11. BitGo provides institutional investors with liquidity, storage, and most importantly security services. The coin dropped shortly after the spike, but on Friday, as news emerged on Twitter that Avalanche would partner with the DeFi Alliance’s Web 3.0 Accelerator. Avalanche recently hit a record high of $ 144.96, according to CoinGecko, 23 November 2021. The token is compatible with Ethereum smart contracts.
Institutional interest
Institutional interest in the progressive Avalanche blockchain technology is growing. Consulting firm Deloitte has announced plans for the Avalanche 3-tier blockchain network, whose work is to create a cloud-based disaster management platform. The Bank Of America expert is of the opinion that the Avalanche coin can seriously compete with Ethereum. Ava Labs has been selected to participate in the Mastercard Start Path crypto initiative, which aims to increase the opportunities and reach of the blockchain system. Avalanche also received $ 230 million in institutional investments on September 16, 2021 from Polychain and Three Arrows Capital. This statement was made in early December this year. AVAX was still listed on FTX and CoInbase in England on December 15, 2021.
Avalanche’s value proposition has grown significantly
The 3-tier Avalanche blockchain seeks to simultaneously epitomize decentralization as well as security and speed. Avalanche is ranked as a hot spot for decentralized projects, with 364 projects activated in the last 15 months.
The market capitalization of the token in question is approximately $ 28 million. Earlier this year, Avalanche overtook Dogecoin and Shiba Inu to break into the top 10 cryptocurrencies by market cap. Avalanche’s validation engine is less power-hungry than other blockchains.
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