Avalanche , priced at $40.41, stands out in the cryptocurrency market with a remarkable 79% weekly gain, contrasting the overall decline in the sector. This surge is attributed to recent partnerships and increases in trading volume and total value locked. Notably, while Bitcoin at $41,674.5 and Ether at $2,216 experienced a 6% drop on December 11, AVAX saw a 13.6% rise in the last 24 hours.
Ryan Mcmillin, Chief Investment Officer at Merkle Tree Capital, links AVAX's popularity to partnerships with major financial institutions like JPMorgan and Citi for asset tokenization projects. The network also recorded a significant increase in daily transactions and active addresses.
The Total Value Locked (TVL) in the Avalanche network has surged by 82% over the last three months, reaching $894 million. During the same period, AVAX's trading volume skyrocketed by 2,436%. Henrik Andersson from Apollo Crypto highlighted that AVAX was previously undervalued compared to its TVL, especially when contrasted with Solana's market cap.
Andersson anticipates that in 2024, some altcoins, like Immutable and Synthetix , which have already outperformed Bitcoin since 2022, will continue to do well. CoinShares' report also indicates that while Bitcoin and Ether faced steep price declines, altcoins like Solana and Avalanche have attracted significant investments, solidifying their positions as favorites in the altcoin market.
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