Million

Avalanche

Rise

Avalanche has seen its <a href="https://www.newsbtc.com/avalanche/avalanche-premium-incentivize-validators-avax-ripping-higher/">native token AVAX</a> rise rapidly over the last 30 days to make its way into the top 10 tokens by market cap. This rally was not exactly out of the blue as activity had begun to pick up once more on the <a href="https://www.newsbtc.com/avalanche/avalanche-burning-avax-what-mean-price/">Avalanche network</a>. During this time, the open interest has risen rapidly as well, eventually touching a new all-time high. 
<h2 class="p2" id="avalanche-open-interest-rises-to-413-million">Avalanche Open Interest Rises To $413 Million</h2> 
On Tuesday, the <a href="https://www.coinglass.com/BitcoinOpenInterest" rel="nofollow">Avalanche open interest</a> rose to the highest level since its launch following AVAX’s surge to $40. The open interest reached $413 million on December 12 after continuously rising for over a month. The surge happened in tandem with the price surge and has made daily highs almost every day in December. 
The surge began in October after trailing around $70 million for the better part of a month. However, in November, there was a noticeable change in the open interest as traders began to take their positions in the digital asset. 
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-565261 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Avalanche-AVAX-OI.png?w=460&amp;resize=460%2C250" alt="Avalanche AVAX OI" width="460" height="250" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Avalanche-AVAX-OI.png?w=3118 3118w, https://www.newsbtc.com/wp-content/uploads/2023/12/Avalanche-AVAX-OI.png?w=460&amp;resize=460%2C250 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Avalanche-AVAX-OI.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Avalanche-AVAX-OI.png?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Avalanche-AVAX-OI.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Avalanche-AVAX-OI.png?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2023/12/Avalanche-AVAX-OI.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Avalanche-AVAX-OI.png?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2023/12/Avalanche-AVAX-OI.png?w=3000 3000w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
Between November and December, the <a href="https://www.newsbtc.com/analysis/avax/avax-crypto-price-to-30/">AVAX open interest</a> has risen by over 400%. On Tuesday alone, the open interest grew another 19%, bringing the total Avalanche open interest across all exchanges to 11.43 million AVAX. 
73% of the total open interest is actually coming from only two exchanges; Binance and ByBit. According to data from Coinglass, <a href="https://www.newsbtc.com/binance/binance-ex-ceo-ordered-to-stay-put-in-the-us-in-ongoing-probe/">Binance</a> accounts for 44% of the total OI at $184 million (4.54 million AVAX), while <a href="https://www.newsbtc.com/bitcoin-news/analyst-weird-bitcoin-activity-bybit-deribit-flash-surge/">ByBit</a> accounts for 28.8% of the OI with $119.67 million (2.95 million AVAX). <a href="https://www.newsbtc.com/news/company/crypto-exchange-bingx-appoints-new-chief-product-officer/">BingX</a>, <a href="https://www.newsbtc.com/okb/okx-wallet-introduces-staking-function-for-bitcoin-and-brc-20-tokens/">OKX</a>, and <a href="https://www.newsbtc.com/news/floki-inu-floki-claps-back-counters-bitgets-claim-of-breaching-7-day-listing-deadline/">Bitget</a> make up the rest of the top 5 with $50.37 million, $43.7 million, and $41.8 million, respectively. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/fVGQyXgs/" alt="Avalanche AVAX price chart from Tradingview.com" width="3266" height="1530"> 
<h2 class="p2" id="rise-in-oi-sending-avax-price-to-100">Rise In OI Sending AVAX Price To $100?</h2> 
While the Avalanche open interest has soared to a new all-time high, there is still a long way to go for the <a href="https://www.newsbtc.com/analysis/avax/avax-open-interest-224-million/">AVAX price</a> before it reaches its all-time high of $146. Nevertheless, the rise in open interest is still incredibly bullish for the price. 
As proven by historical performance, <a href="https://www.newsbtc.com/analysis/avax/avax-price-prediction-avalanche-rally-25/">the price of AVAX</a> has often risen whenever the open interest has been on the rise. This was the case between 2021 and 2022 when the price of <a href="https://www.newsbtc.com/analysis/avax/avax-204-million-price-crash/">the altcoin</a> rose above $100 before eventually crashing in 2022. 
If the Avalanche <a href="https://www.newsbtc.com/analysis/avax/avax-open-interest-224-million/">open interest continues to rise</a> from here, it is expected that AVAX will follow through. A break in OI over $500 million will no doubt see the altcoin clear the coveted $50 level once more. However, $100 still looks to be a long way from here and will likely be reached sometime in 2024.

Avalanche Open Interest Just Smashed A New ATH, Can AVAX Reclaim $100?

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