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The total value of assets locked on decentralized finance (DeFi) protocols based on Avalanche has reached a 9-month high amid the market rally of the AVAX token. Interestingly, the increase is coming when the number of locked AVAX tokens has been at its lowest since August 2021.
Digital assets manager CoinShares says that digital asset investment products just experienced their eleventh consecutive week of inflows. In its latest fund flows report, CoinShares says digital asset investment products saw inflows of over $40 million last week.
Avalanche's AVAX token has rallied over 6% in the past 24 hours, despite a day of volatility across the cryptocurrency market.
Bitcoin's sharp correction surprised investors, but is it a sign that further downside is in store?
Avalanche (AVAX), the native token of the high-performance blockchain platform, has risen by 7% in the past 24 hours, defying the market correction that has affected most other cryptocurrencies. AVAX is trading at $36.45 as of writing, up by nearly 10% in the last 24 hours and by 138% in the past month.
Investors are largely interested in Bitcoin, but these two altcoins are grabbing attention.
AVAX defied trends, with large transactions peaking at nearly 1,000, indicating a bullish trend.
Institutional investors are waiting on the sidelines for more crypto regulations, according to the chief strategy officer of market intelligence firm CoinShares. Bitcoin (CRYPTO: BTC) has surged over 14% this week and hovering around $44,000, a stark contrast to its position in January.
Benqi, the biggest dApp in the Avalanche (AVAX) ecosystem, is doing well as its Total Value Locked (TVL) rises. The BI token surged to a high of $0.0374, its highest point since March 2022. It has soared by more than 450% from the lowest point this year, giving it a market cap of over $114.
After maintaining a huge upswing since the beginning of the month, the bulls appear to have been exhausted, as the market is facing acute bearish influence. The Bitcoin price dropped below $40,500, dragging the entire market below the pivotal support.
The Avalanche (AVAX) price increased swiftly in December, reaching a new yearly high of $38 yesterday.
Among the top 10 cryptocurrencies this week, Avalanche (AVAX) is in the lead after rising by more than 60% in the last seven days. Its price has risen to $36, placing it in the top 10 digital assets in terms of market capitalization.
Early on Monday, a swift correction erased billions from the crypto market, causing major tokens to lose up to 10% in value within half an hour. As of December 11, 2023, almost all top 20 coins by market cap were in the red for the past 24 hours.
Avalanche (AVAX) continues its impressive rally, skyrocketing 6.98% over the past 24 hours even as the wider market falls.
Starting the week in a bearish mode, Bitcoin tumbles down to the $42K support with a double top reversal in the 4H chart. As the BTC price fails to cross the $45K barrier, Altcoins will enter a short pullback phase and take a short step back.
Market statistics indicate that two specific crypto assets among the top 20 in market capitalization, avalanche and cardano, have experienced substantial gains this past week. Avalanche has surged 48.7% and cardano has increased by 50.4% against the U.S. dollar in the previous seven days.
While Bitcoin (BTC) largely catalyzed this impressive run with its push above $44,500, assets such as Jito (JTO), Solana (SOL) and Avalanche (AVAX) also made their unique contributions.
Kieran McShane, a prominent figure associated with Ava Labs' products, has revealed significant developments regarding the widely-used Avalanche Web Wallet. The platform is set to undergo a transformative shift with the retirement of the existing Web Wallet on January 23, marking a strategic move towards enhancing user experience and functionality.
Large-cap rivals of the smart contract platform Ethereum (ETH) surged on Friday as the crypto markets continued to move upward. Cardano (ADA) had the strongest day in terms of large-cap, layer-1 blockchain projects, jumping by almost 20% over 24 hours.
The crypto market is currently buzzing with the potential revival of an altcoin season, as evidenced by the impressive performance of various altcoins over the past month amid growing investor interest. This revival is underpinned by a shift in investor sentiment and interest in altcoins with solid fundamentals and compelling narratives.
Avalanche (AVAX) price has gone parabolic in the past few weeks, making it one of the best-performing cryptocurrencies in the industry. It surged to a high of $34 on Saturday, giving it a market cap of over $12 billion, making it the 11th biggest cryptocurrency in the world.
The uncertain nature of the crypto space again brought some of the best crypto to buy now. Cardano (ADA) with the recent exponential rise in its TVL has gained a lot of traction.
Kieran McShane, a key figure associated with Ava Labs' products, announced significant developments concerning the popular Avalanche Web Wallet. Coincu News
The crypto market is presently trading under a strong bullish influence, resulting in major tokens gaining significant value in their portfolios. Further, Avalanche has successfully achieved its year target by breaking the key barrier of $30. The increasing activity and aggressive nature of bulls is considered to be the prime reason for this run.
