Avalanche (AVAX): The Rising Star of Cryptocurrencies

2023-12-13 14:12:30

Avalanche (AVAX) Emerges as Top Performer

Avalanche (AVAX) is currently one of the best-performing cryptocurrencies. This popular altcoin has seen a 14.7% increase in the past 24 hours and an 85% increase over the past week. Additionally, the token's price has surged over 153% on the monthly chart. Interestingly, AVAX's latest surge happened amid a decline in prices of other significant projects.

Avalanche (AVAX) Outperforms Bitcoin (BTC) in 2023

Avalanche (AVAX) has even outperformed Bitcoin (BTC) in 2023. While BTC's price has increased by approximately 150% since January, AVAX has skyrocketed by over 280% during the same period. However, it is worth noting that AVAX's price remained relatively stable throughout most of the year. The token's price started rising in November and experienced a significant surge in December.

Also read: Top 3 Cryptocurrencies to Watch This Week

Furthermore, according to DefiLlama, Avalanche (AVAX) has witnessed an 82% increase in Total Value Locked (TVL) from $490 million to $894 million since September 12th. Additionally, the token's trading volume has surged by 2436%.

Some analysts believe that AVAX's recent surge may be attributed to its collaborations with JPMorgan and Citigroup. Ryan Mcmillin, Chief Investment Officer at Merkle Tree Capital, states that AVAX's partnership with financial giants has greatly contributed to its price surge. Mcmillin adds, "Recently, AVAX's strength seems to be linked to the daily trading volume, which has surged from around $200,000 to $4.5 million, and the daily active addresses have also shown a steady upward trend."

Can Avalanche (AVAX) Hit $50 in the Future?

The cryptocurrency market is currently following Bitcoin's (BTC) trajectory. Therefore, we may soon witness a price correction for Avalanche (AVAX). However, some analysts suggest that AVAX was undervalued before its recent surge, indicating that the token might consolidate at its current level if no significant adjustments occur.

Also read: Ethereum's $2.5B Worth of ETH Burned Since the Merge in 2022

However, due to its partnerships with two of the world's most important financial institutions, JPMorgan and Citigroup, Avalanche (AVAX) has the potential for further growth. If the rebound continues, we can set a target of $50 for the next phase.

Conclusion

Avalanche (AVAX) has emerged as a rising star in the world of cryptocurrencies. With its impressive performance, strategic partnerships, and increasing adoption, AVAX has gained significant attention from investors. While a price correction may be expected, the future looks promising for Avalanche (AVAX) as it continues to make its mark in the crypto market.