The cryptocurrency market maintains its trend of surges and corrections, signaling a resurgence in decentralized finance (DeFi) transactions.
Amidst market fluctuations, Avalanche (AVAX) stands out as the top gainer in the past 24 hours among altcoins, sustaining its bullish trajectory after last week’s highs.
As of the latest update, AVAX is trading at $40.73, marking a 16.96% surge in the past day and a 17% uptick in market capitalization, now standing at $14.9 billion.
Over the past seven days, AVAX has skyrocketed by over 82%, furthering its growth by 118% in the last 30 days. This remarkable ascent aligns with the broader market’s recovery, erasing previous bear market losses.
Year-to-date, AVAX has surged by 275%, gaining more momentum following its recent token unlock event, which injected $213 million worth of assets into the market.
Transactions Fueling the Surge
The surge in Avalanche’s value is significantly attributed to the spike in transaction volume, surpassing previous records.
Data from IntoTheBlock reveals nearly 1000 AVAX transactions exceeding $100,000, a substantial indicator of the upward trajectory despite falling behind 2021’s bull run. The rise in these transactions defies market corrections, portraying a positive signal for bullish trends.
IntoTheBlock highlighted on X (formerly Twitter), “The number of large $AVAX transactions is on the rise, peaking at nearly 1000 transactions bigger than $100k last week. While this is still not close to levels of the last bull market, it is a positive sign for the bulls.”
Further Metrics and DeFi Activity
On-chain metrics for the layer 1 blockchain continue to indicate growth, with transactions hitting 1.93 million in the last seven days, coinciding with a rise in total addresses to 6.12 million.
DeFi activities are flourishing on Avalanche, with Trader Joe, a decentralized exchange on the network, recording $1.23 million in fees on Dec 11. The platform’s native token, JOE, posted a 9% gain, generating revenues of $145,000.
Moreover, the surge in AVAX is bolstered by increasing interest from major financial institutions exploring real-world asset tokenization through blockchain technology. Institutions like JP Morgan leveraging Avalanche as their distributed ledger technology (DLT) solution suggest a growing accumulation of the asset in anticipation of an impending tokenization surge in the months ahead.
Alongside Avalanche, Solana (SOL) and Cardano (ADA) have observed growth, indicating continued institutional interest and acquisition in these assets, with upticks of 3.26% and 5.28% respectively in the last 24 hours.
