Crypto: AVAX Makes Spectacular 79% Leap in One Week

In the past few days, several cryptocurrencies have shown a remarkably dynamic performance. This is the case with AVAX, the native crypto of the Avalanche firm. It has seen its valuation skyrocket by 79% in just one week. Here’s how this result was achieved.

The crypto AVAX achieves a weekly surge of 79%

It seems that AVAX, the native crypto of Avalanche, has defied the recent cryptocurrency market slowdown. The asset displays an impressive weekly gain of 79%. 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. First, there are recent strategic partnerships with financial giants JPMorgan and Citi for initiatives in asset tokenization.

Ryan Mcmillin, Investment Director at Merkle Tree Capital, has highlighted the impact of these high-level collaborations. He believes that these major partnerships have played a central role in AVAX’s soaring value.

Next, the recent surge in AVAX crypto appears to be closely linked to a substantial increase in daily transactions. These have jumped from $200,000 to $4.5 million in just a few days. In addition, there is an increase in daily active addresses highlighting increased engagement within the Avalanche network.

Avalanche was ‘undervalued’ before posting 79% weekly gain — Analysts#Avalanche
The Avalanche network’s total value locked (TVL) has grown 82% from $490 million to $894 million in the past three months since Sept. 12, while AVAX token trading volume surged 2,436% in… pic.twitter.com/tiVESo7rsW

— A-Ami (@TuanHa44853815) December 12, 2023

Sustained Dynamism from Laudatory Indicators

The fundamental crypto indicators of the Avalanche network are telling. Over the past three months, the total value locked (TVL) on the Avalanche network has made a more than impressive leap of 82%.

According to the latest available data, Avalanche’s TVL has thus increased from $490 million to $894 million. Concurrently, the exchange volume of AVAX cryptos has seen an astonishing increase of 2436% during the same period.

According to Henrik Andersson, Chief Investment Officer at Apollo Crypto, AVAX could even be undervalued compared to market norms. He noted that a few weeks ago, the crypto platform displayed a TVL significantly higher than Solana.

Yet, despite the continuous growth of its TVL, AVAX’s market capitalization is currently half that of Solana. This situation suggests that a potential reevaluation of its value on the cryptocurrency market could occur.