In recent days, several cryptos have shown quite remarkable dynamism. This is the case of AVAX, the native crypto of the Avalanche firm. The latter saw its valuation explode by 79% in a span of one week. Here is how this result was possible.
The crypto AVAX achieves a weekly surge of 79%
It appears that AVAX, Avalanche’s native crypto, has defied the recent downturn in the crypto market. The asset posts an impressive 79% weekly gain. It is thus one of the few leading cryptos to have progressed while others have fallen.
Analysts attribute the remarkable performance of AVAX to a combination of factors. We first mention recent strategic partnerships with financial giants JPMorgan and Citi for real asset tokenization initiatives.
Ryan Mcmillin, Chief Investment Officer at Merkle Tree Capital, highlighted the impact of these high-profile collaborations. He believes these major collaborations played a pivotal role in AVAX’s skyrocketing rise.
Next, the recent rise of the AVAX crypto seems closely linked to a substantial increase in daily transactions. These went from $200,000 to $4.5 million in just a few days. Added to this is the increase in daily active addresses highlighting increased engagement within the Avalanche network.
Sustained dynamism with laudatory indicators
The fundamental crypto indicators of the Avalanche network speak for themselves. Over the past three months, the total value locked (TVL) on the Avalanche network has jumped a more than impressive 82%.
According to the latest available data, Avalanche’s TVL increased from $490 million to $894 million. Meanwhile, the trading volume of AVAX cryptos saw an astonishing increase of 2,436% during the same period.
According to Henrik Andersson, investment director at Apollo Crypto, AVAX is even undervalued by market standards. He noted that a few weeks ago, the crypto platform had a much higher TVL than Solana.
Yet despite continued growth in its TVL, AVAX’s market capitalization is now less than half that of Solana. A situation which suggests that a potential revaluation of its value on the crypto market could occur.
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