AVAX managed to fully recover from Monday’s market crash when the majority of cryptocurrencies found themselves in the red. Bulls took charge, propelling AVAX to new heights, and it currently hovers just beneath the crucial resistance level of $41. This remarkable performance translates to a 50% increase compared to its value seven days ago and an impressive 131.03% surge over the past month.
As AVAX approaches the $40 threshold, the cryptocurrency community is buzzing with speculation on whether this level will hold or if a breakthrough is on the horizon. The upcoming days are expected to provide insights into the sustainability of AVAX’s upward momentum and whether it will continue to redefine its price ceiling.
Analyzing the price fluctuations of Avalanche at the beginning of 2023, crypto experts are anticipating an average AVAX rate of $39.73 by December 2023. The projected minimum and maximum prices stand at $35.80 and $43.66, respectively.
AVAX Hits $40, Avalanche Open Interest Peaks at $413M
According to Coinglass, the open interest for Avalanche reached its highest level since its launch, riding the wave of AVAX’s surge to $40. This surge propelled the open interest to a substantial $413 million on December 12, marking continuous growth over the past month. The upward trajectory began in October, gathering momentum in November as traders strategically positioned themselves in the digital asset.
The period between November and December witnessed an astounding 400% surge in AVAX open interest, with a 19% increase on Tuesday alone. The total Avalanche open interest across all exchanges now stands at 11.43 million AVAX.
Interestingly, a significant portion of the total open interest, 73%, emanates from just two exchanges – Binance and ByBit. Binance leads the way with 44% of the total open interest, amounting to $184 million (4.54 million), while ByBit contributes 28.8% with $119.67 million (2.95 million). BingX, OKX, and Bitget round off the top 5 with $50.37 million, $43.7 million, and $41.8 million, respectively.
While the coin’s open interest has reached a new all-time high, the road to the cryptocurrency’s previous peak of $146 is still long. Nonetheless, the surge in open interest is considered highly bullish for the price, backed by historical data that indicates the coin has often risen in tandem with growing open interest.
As of now, the Avalanche price stands at $39.01, with a 24-hour trading volume of $2.86 billion, a market cap of $14.29 billion, and a market dominance of 0.87%. The coin price has experienced a slight decrease of -4.94% in the last 24 hours, highlighting the inherent volatility of the cryptocurrency market.
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