While the rest of the cryptocurrency market is going through a corrective state, one altcoin has managed to continue its growth despite all the distractions. The altcoin is called AVAX, and it is native to the Avalanche blockchain. During the last 30 days, this token has been appreciated by 85%. At press time, the per-unit cost of AVAX is $97, and its total market cap is $23 billion.
Last Wednesday, the AVAX token managed to register a new ATH after going through a 20% weekly surge. Meanwhile, Bitcoin prices have started to go down rapidly in addition to most of the cryptocurrency tokens. According to market experts, the main reason for the bullish development of AVAX is its partnership with Deloitte, which is a financial services provider.
AVAX Token has Outperformed Major Coins in Performance
The CEO of Stack Funds, Matthew Dibbs, recently commented on the recent market dominance of the AVAX token. He claimed that the Avalanche native token had become one of the fastest layer one solutions in recent times. He further added that the AVAX token has the potential to keep gaining more value and continue to move higher on the current bullish development route.
Dibbs pointed out that during the past two months, the AVAX tokens have managed to continue to keep gaining. He claimed that the blockchain project has decided to partner with the big four accounting firms starting with Deloitte. He opines that the main cause for the price appreciation for AVAX is the corporate partnership.
The Avalanche blockchain is backed by Avalanche Foundation. A few months ago, the AF raised $230 million for starting a new DeFi ecosystem that will boost the liquidity of the network. Last month, the developers on the network founded the Blizzard Investment fund worth $200 million. Another fund called Avalanche Rush concerned with incentivizing liquidity mining is valued at $180 million.
It is worth noting that Avalanche blockchain is used for the creation of custom blockchains on the Ethereum network. Meanwhile, the token AVAX assists with the consensus mechanism and also for making payments on the network. It has become the fifth-largest Layer 1 Ethereum competitor, leaving behind the LUNA token.
NFTMetaverseFinance is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site (namely Branded Voices content) is paid content that is not written by our authors and the views expressed do not reflect the views of this website. Any disputes you may have with brands or companies mentioned in our content will need to be taken care of directly with the specific brands and companies. The responsibility of our readers who may click links in our content and ultimately sign up for that product or service is their own. Cryptocurrencies, NFTs and Crypto Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.
