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Avalanche (AVAX) has defied the recent downtrend in the cryptocurrency market, standing out with an impressive 79% weekly gain while other digital assets have struggled.
Analysts attribute this resilience to various factors, including notable partnership announcements, increased trading volumes, and a shift in how altcoins are perceived.
On December 11, while Bitcoin and Ethereum experienced a 6% decline, AVAX recorded a remarkable 13.6% gain within a 24-hour period, according to CoinGecko data.
One contributing factor to the excitement surrounding AVAX is its recent partnerships with financial giants JPMorgan and Citigroup through collaborations with the Avalanche Foundation.
These partnerships focus on real-world asset tokenization initiatives, sparking interest among investors.
Ryan Mcmillin, the Chief Investment Officer at Merkle Tree Capital, highlighted the surge in daily transactions for AVAX, which has grown from around $200,000 to $4.5 million in just a few days.
Additionally, daily active addresses have been on an upward trajectory, further bolstering AVAX’s appeal.
The Avalanche network’s Total Value Locked (TVL) has experienced an impressive 82% growth, soaring from $490 million to $894 million over the past three months since September 12.
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Simultaneously, AVAX token trading volume has skyrocketed by an astonishing 2,436% during the same period, as indicated by DefiLlama data.
Henrik Andersson, Chief Investment Officer at Apollo Crypto, pointed out that AVAX had been undervalued by broader market standards until recently.
He highlighted AVAX’s TVL surpassing that of Solana, despite having only a quarter of Solana’s market capitalization.
However, while TVL remains higher, AVAX’s market capitalization is now only half that of Solana.
Andersson believes that in 2024, some altcoins may outperform Bitcoin, mentioning Immutable (IMX) and Synthetix as tokens that have already demonstrated such potential since 2022.
In a December 11 crypto fund flows report, CoinShares’ Head of Research, James Butterfill, noted that despite significant price declines in Bitcoin and Ethereum, Solana and Avalanche attracted substantial inflows of $3 million and $2 million, respectively.
This observation reaffirmed their status as “firm favorites” within the altcoin sector.
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AVAX Soars Against Crypto Downturn: Records Phenomenal 79% Weekly Gain

Crypto Intelligence

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