After a plus of 120% in November, AVAX was finally able to enter the top 10 coins by market capitalization with a total capitalization of over 29 billion US dollars. After AVAX rose 42% in the week to a new ATH of 146 USD and displaced DOGE from the top 10, AVAX is now reversing course with the broader market trend.
AVAX 4-Hour Price Chart | Source: Tradingview
With Bitcoin currently trading at $ 56,816 and most of the market consolidating alongside leading assets, few appear to be riding the bullish wave. In particular, among the top 20 investments, AVAX saw the highest weekly growth, followed by CRO.
AVAX’s trading volume has remained relatively high throughout the month, suggesting a high level of excitement in the retail sector. While the volume is slightly lower than during the August-September rally, the recent Deloitte partnership has given the altcoin a boost.
In particular, AVAX broke its positive correlation with BTC around the time Deloitte decided to build a disaster relief platform on top of Avalanche. In fact, after this famous partnership, analysts expect demand for the token to escalate.
Last week as the market corrected, Total Value Locked (TVL) in DeFi fell 7.25% to $ 199.9 billion. It’s worth noting, however, that Avalanche’s TVL rose impressively from $ 10.2 billion to $ 11.2 billion, up 9.65% over the same period.
Source: Coin98Analytics
TVL’s rise, even as the market weakens, is a sign of continued institutional capital inflows. In particular, assets and DEXs (decentralized exchanges) saw significant gains at TVL (18.43% and 15.98%, respectively) as AVAX continued to drive the chain while lending was the sectors with the smallest increase (3.43%).
Total value locked on avalanches | Source: Coin98 Analytics
Notably, AVAX’s performance in the DeFi area also contributed to the price hike. AVAX has risen pretty well since the NFT rush as the coin hit a higher low in over two months.
Many on social media have compared the performance of AVAX to SOL because of similar price movements over time. The path of SOL is also very different because of its independent trajectory and “one-sided” demonstrations. Since AVAX follows a similar path, it is possible that this altcoin will also produce unexpected results.
Currently, AVAX’s Sharpe Ratio is growing significantly and showing healthy growth while volatility has remained at a lower level. However, a short-term correction is possible as the uptrend and RSI are overheating.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
At home at home
According to AMBCrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…
With the crypto market reaching new peaks, many are eager to discover digital currencies poised…
XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…
Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…
There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…
Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…
This website uses cookies.