Ethereum Rival Avalanche (AVAX) Skyrockets 138% in a Month As Ecosystem Makes Comeback
Avalanche (AVAX) has rallied heavily in the last month, outperforming the top 20 crypto assets while its ecosystem enjoys a resurgence of its own.
AVAX crossed the $40 mark early on Monday, an 81% gain for December and a 138% gain since November 12.
Amid Avalanche’s parabolic run, crypto analytics firm IntoTheBlock reports that the number of large AVAX transactions has also skyrocketed in what the company describes as “positive” for bulls.
“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.”
Additionally, data from DefiLlama shows that Trader Joe, Avalanche’s top decentralized exchange (DEX), has also seen its fees explode. So far, the DEX has collected $1.23m in fees in the past 24 hours, according to Defillama.
Earlier this week, digital asset manager and research firm CoinShares reported that Avalanche, along with fellow Ethereum rival Solana (SOL), were cementing themselves as “firm favorites” among institutional investors.
However, Solana leads AVAX and all other altcoins in institutional inflows for the year by a long shot, according to CoinShares. The firm’s latest data shows SOL receiving $143 million in inflows, while XRP, in second place, has only seen $13 million.
At time of writing, AVAX has dipped slightly to $37.80.
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The post Ethereum Rival Avalanche (AVAX) Skyrockets 138% in a Month As Ecosystem Makes Comeback appeared first on The Daily Hodl.
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Author: Alex Richardson
