The cryptocurrency avalanche has seen a surge in recent days, following an association with Deloitte to build more efficient disaster relief platforms.
As Bloomberg Businessweek reports, that surge briefly pushed Avalanche into the top 10 cryptocurrencies in terms of market value, outperforming Dogecoin and Shiba Inu, hitting a record high of $ 144.96 on Sunday (November 21).
"It's another example of the faster and cheaper Ethereum competitors doing well," Jonathan Cheesman of crypto derivatives exchange FTX told Bloomberg. "There is a huge wealth effect and a lot of mobile and opportunistic capital."
The Deloitte partnership will leverage the Avalanche blockchain for improved security, accuracy and speed for funding from the Federal Emergency Management Agency, while also helping state and local governments that want to expedite requests for reimbursement for disasters.
The Avalanche Foundation announced in September that it had raised $ 230 million through a private token sale, to participants that included Polychain and Three Arrows Capital. Both investors also backed the Blizzard fund of more than $ 200 million announced earlier this year to support the development of Avalanche.
"It's about utility, both for traditional crypto-native technology and for the crusade," John Wu, president of Ava Labs, told Bloomberg.
According to the news outlet, Avalanche has doubled in the last month and is up 3,000% in the last year. The news report points to the infamous volatility of cryptocurrencies, even those that make it to the top of the market undergo huge changes.
For example, Dogecoin, with a market cap of $ 30 billion, was trading at $ 0.22 on Monday (Nov. 22), down from its $ 0.74 in May, but above its 52-week low of $ 0.002961. . Doge has experienced an annual increase to date of 4,714.59%.
Read more: Who wants to be a crypto millionaire?
And as PYMNTS's Karen Webster wrote Monday in her look at the rise of crypto millionaires, a new currency is moving to the front of the pack, so to speak, in the form of the Shib Inu or Shib.
That coin was trading Monday at $ 0.00004893 per coin, meaning that several hundred dollars could buy several million coins from you.
And while a recent Shib analysis notes that anyone who invested $ 15 in August 2020, when it was trading at $ 0.00000000051 per coin, would be a millionaire by now, it is worth proceeding with caution. After all, Shib's rise could easily be followed by an equally dramatic fall.
