Top line
Cryptocurrency Avalanche AVAX is now one of the ten largest cryptocurrencies by market capitalization, beating popular meme tokens dogecoin and Shiba Inu in challenge to a market. shock which erased hundreds of billions in value and saw the prices of major cryptocurrencies like bitcoin and ether plummet from near-record levels.
AVAX was one of the top two cryptocurrencies that grew in the last week
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Key facts
AVAX was trading at around $ 134 on Monday morning, an increase of around 40% over the past week, according to CoinGecko.
The rally brought AVAX's market capitalization to just under $ 30 billion, marginally topping dogecoin as the 10th most valuable cryptocurrency.
The dizzying value of AVAX comes amid a market-wide slide that has seen most of the major tokens, including the top ten cryptocurrencies that are not tied to other assets: bitcoin, ether, Binance coin, solana, cardano. , XRP and polkadot, falling in double-digit percentages. during the last seven days.
The token's price rose after professional services company Deloitte Announced plans last week to use Avalanche technology to build better relief platforms in the United States.
The price of AVAX has more than doubled in the last 30 days and has grown more than 3,000% during the year.
What to watch out for
Dogecoin against AVAX. Cryptocurrencies are a notoriously volatile asset class and even assets at the top of the market are not immune to wild and rapid fluctuations. Both AVAX and dogecoin have market capitalizations of around $ 30 billion, with around $ 200 million separating the two at the time of writing, and they are battling for the number 10 spot in cryptocurrencies. AVAX already surpassed (briefly) dogecoin once earlier on Sunday when it hit a record high of $ 144.96, before returning to number 11. Dogecoin, along with a parody Shiba Inu (sitting at number 12), they are perhaps more volatile than most assets, having started as jokes and took new lives as popular memes.
Key Background
AVAX's earnings defy a market crash that has seen hundreds of billions in value wiped from the crypto market. It erased some of the gains made during the pandemic, although the market is still substantially larger than before the pandemic, when the sector thrived with an influx of retail investors, a wider range of options for trading digital currencies, growing interest. public and institutional in cryptocurrencies and the growing popularity of stocks and meme tokens.
Tangent
At its current value, AVAX is valued more than a social media company Pinterest, Bank General Society and Southwest Airlines.
Other readings
Avalanche Launches $ 220 Million Crypto Growth Fund Targeting DeFi and NFT (Forbes)
