avalanche (AVAX), the token that powers the blockchain of the same name, is up 6.9% in the last 24 hours and is currently trading at a weekly high of $13.65, according to data from CoinGecko.
With a market capitalization of $4.23 billion, AVAX is currently the 20th largest crypto asset on the market.
The rapid price increase is likely due to Tuesday release of a mobile version of Core, Ava Lab's flagship non-custodial multi-chain wallet, which aims to connect DeFi, NFTsand gaming ecosystems at Avalanche, BitcoinY Ethereal networks, as well as other EVM-compliant blockchains.
The AVAX price rose as soon as the announcement was made, reaching a daily high of $14.07 before retracting to current levels.
Other notable developments that may have had a positive impact on the asset price include Coinbase launch the ability to trade the USDC stablecoin on Avalanche.
The Avalanche team praised the move, saying this creates "the fastest and least expensive way...to move from cash to flagship DeFi apps like Aave, Curve, Trader Joe's, BENQI and more."
Solana follows the trend
Solarium (SUN), which was left under increased scrutiny in the wake of the FTX crash, it rose 5.4% on the day, currently trading at $13.94, per CoinGecko.
Despite a slight drop of -2.5% over the past week, SOL appears to have largely weathered the turmoil in the cryptocurrency market in November, with the token price rising 5.2% over the last 30 days.
With a market capitalization of $5.1 billion, Solana is currently the 17th largest blockchain network.
On the other hand, the bulls prevailed in the last day, with Bitcoin (BTC) flirting with the $18,000 level on major exchanges on Tuesday.
The world's largest cryptocurrency is up 3.8% in the last 24 hours, changing hands at $17,803 at press time, per CoinGecko.
Ethereal (ETH) is up 2.8% in the span, currently trading at $1,321.
The overall cryptocurrency market rose from roughly $881 billion on Tuesday to just over $907 billion today, marking a 3% increase for the industry's market capitalization.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.
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