AVAX

Avalanche [AVAX] charted a new milestone when it scored a million total wallets on its Contract chain [C-Chain] for the first time since its inception back in 2018. Reading along the same line, Marketing Exec of Avalabs Jay Kurahashi-Sofue illustrated a gradual increase in the cumulative address count of AVAX, starting from 2021.

It is noteworthy to mention that the network comprises of three individual blockchains: the X-Chain, C-Chain and P-Chain. Each chain serves a unique purpose and is entirely different from Bitcoin and Ethereum. The important chain, for the time being, is the Contract or C-Chain which is the EVM compatible chain and operates on Proof of Stake protocol, adding a layer of extra security.

With regards to its on-chain activity, the layer one blockchain is going through a phase of hyper-growth, with Total Value Locked [TVL] increasing 88x since July 2021, tapping a new high of $13.18 billion on 26th November, according to multichain stats provider DefiLlama. Even though, TVL has retraced to $12.43 billion at the time of writing, it is still hovering close to its ATH.

Previously Tronweekly reported on Avalanche’s [AVAX] entry into the coveted list of the Top 10 cryptocurrencies. AVAX hit an all-time high of $146.22 on 21st November this year, soaring by more than 200% in a span of just three months. Following that, the digital asset surpassed both Elon Musk’s favorite Dogecoin [DOGE] and its rival Shiba Inu [SHIB] to secure the 10th rank for a brief period of time.

Recent partnership in the Avalanche ecosystem

Notably, AVAX succeeded in raking new gains following the announcement of building a disaster recovery platform with prominent accounting firm Deloitte on 17th November. According to the blog post, ”The Close as You Go service simplifies disaster reimbursement applications for victims of natural disasters, by aggregating and validating the documentation required for funding”.

Avalanche yet to tap the NFT market?

AVAX’s DeFi ecosystem continues to prosper, while its footprint in the NFT space is still at its nascent stage. Nevertheless, Avalanche has started to gain traction with high-profile platforms such as Kalao and Particle being built exclusively on the blockchain.

On the price front, it is currently trading at $110.75 with a 24-hour trading volume of $1.29 billion. The 11th ranked asset is up by 2.18% in the last 24 hours. 

Avalanche [AVAX] continued its massive strides against its peers to join the coveted list of the Top 10 cryptocurrencies. AVAX hit an all-time high of $146.22 on 21st November this year, surging by more than 200% over the course of three months. Following that, the native token has pushed back Elon Musk’s favorite Dogecoin [DOGE] and was trailing ahead by a market cap of $184 million.

The latest surge in the coin’s price action has been attributed to a host of high-profile partnerships. One of them is a deal struck with the leading consulting firm Deloitte by Ava Labs to build more efficient disaster relief platforms. Taking note of the collaboration, the head of institutional sales and over-the-counter [OTC] division at crypto-derivatives exchange FTX, Jonathan Cheesman stated,

“It’s another example of faster, cheaper Ethereum competitors doing well. There’s a huge wealth effect and a lot of opportunistic and mobile capital.”

The project dubbed as ‘The Close As You Go‘ utilizes the layer one blockchain in a bid to enhance security, speed, and accuracy of Federal Emergency Management Agency [FEMA] funding, according to the official report from Ava Labs. Furthermore, the initiative in question will aid state and local government officials to streamline disaster reimbursement applications.

Avalanche’s [AVAX] Stellar Rise

Avalanche has doubled in the past 30 days alone and is up more than 3,000% over a year. Cryptocurrencies noted a highly volatile period as November dawned. AVAX, for one, mostly defied the general market movement to rally and outpace several well-known coins. One of the main catalysts was Ethereum’s high gas fees that have prompted market participants to look for viable alternatives.

The Avalanche Foundation’s Blizzard fund was yet another contributing factor. For the uninitiated, the organization behind the AVAX blockchain had announced raising $230 million from a private sale of the tokens which witnessed the participation of Polychain and Three Arrows Capital.

Trader Joe. who happens to be one of the most popular DeFi projects on Avalanche has increased the network user’s base by a whopping 37% last week. With this, the DeFi service even exceeded well-known players such as Uniswap and QuickSwap decentralized exchanges.

Avalanche [AVAX] has been outperforming its peers. The leading crypto-asset charted a new all-time high at $101.37 in the wee hours of the 17th of November. Besides, Avalanche has also witnessed tremendous growth on the DeFi front.

Prominent research and investment firm Delphi Digital observed that TVL on the network reached a new high on the 15th of November this year. In the backdrop of the native token’s price tapping new records, Avalanche’s DeFi TVL has crossed $10 billion. Delving further, the consulting platform said that AVAX continued to dominate against its competitors and has effectively managed to stand out with regards to its ability to attract capital inflows on its chain.

As per the latest stats on DeFiLlama, TVL on AVAX attained a new high of $10.36 billion two days back and is currently at $10.29 billion. Despite a minor pullback, the figure has continued to hover close to it.

Avalanche [AVAX] Daily Chart

The network‘s positive development has reflected on AVAX’s price as well. At the time of writing, AVAX was trading at $97.34 after a daily rise of 7.53%. Its market cap was found to be at $21.68 billion while its 24-hour trading volume stood at $1.89 billion.

As gauged from the above 1-day price chart, the diverging Bollinger Bands [BB] depicted increased volatility in the coin market. The MACD indicator is aligned towards the bulls. On the other hand, the Klinger Oscillator [KO] appeared to be gearing up for a bearish crossover in the near term.

Avalanche [AVAX] 4-hour Chart

In the 4-hour chart, the Awesome Oscillator [AO] is leaning towards a bullish momentum. With respect to the trading activity, the Relative Strength Index [RSI] indicator has managed to hold its ground above the 50-median line meaning buyers are dominating the market. The Chaikin Money Flow [CMF] cruising above the zero line is projecting strong capital inflows in the market.

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.