As large-cap cryptocurrencies rally appeared to be stagnated, altcoins such as Avalanche [AVAX] have managed to rake in tremendous gains. With the third-quarter kicking off, the collective crypto market recovered from the September losses with the total market capitalization standing above a handsome $2.77 trillion.
The AVAX token, for one, climbed to the 13th rank after fetching significant gains. As a matter of fact, AVAX has soared by more than 17% in less than 24 hours and charted a new high of $85.42 today, while the weekly gains were found to be above 35%. Avalanche’s native token is steadily closing the gap with its Terra [LUNA] and is a little below $2 billion with regard to market capitalization. The former’s upward price trajectory has raised new hopes of the token entering into a triple-digit figure, much faster than anticipated.
While echoing a bullish outlook, prominent crypto proponent Lark Davis tweeted,
Interestingly, the latest peak comes after the digital asset management firm, Grayscale Investments announced the addition of AVAX and LUNA on its list of assets under consideration, just three days ago.
Grayscale cited factors such as internal controls, custody arrangements, and regulations that play a crucial role in determining an asset’s eligibility to the portfolio. Although the entire process of allocating an investment product for Avalanche might look complex and multifaceted, AVAX has benefitted from the announcement, leading up to its all-time high. Its tweet regarding the same read,
“As the digital asset ecosystem continues to grow, so too does our list of assets under consideration. This week, Avalanche [AVAX] and Terra [LUNA] joined that list.”
Nevertheless, Grayscale’s latest move transpires from the demand as well as the competition of Layer 1 blockchains with smart contracts capabilities such as Avalanche.
Avalanche’s [AVAX] scores ATH in Total value locked [TVL]
Avalanche continued its rapid strides in terms of total value locked [TVL] with $9.24 billion tapping a fresh high in the process. Over the last month, the figures increased by more than 100% according to on-chain data provider, DefiLlama. Earlier this week, the Avalanche Foundation announced a new $200 million fund dubbed ‘Blizzard’ aimed at facilitating liquidity support for startup projects with its ecosystem, while focusing on decentralized finance [DeFI], nonfungible tokens [NFT], Institutions, and other cultural applications.