As a seasoned researcher with extensive experience in the cryptocurrency market, I find AVAX‘s recent price surge of 13% over the last 24 hours to be particularly intriguing. With its current trading value at approximately $32.2 and daily trading volume tripling to around $829 million, AVAX is not only the top gainer among the top 100 cryptocurrencies by market capitalization but also a promising contender in the blockchain space.
Over the past 24 hours, AVAX, the native token of Layer-1 blockchain Avalanche, has witnessed a significant surge, rising by approximately 13%. This places AVAX at the forefront of gains among the top 100 cryptocurrencies ranked by market capitalization.
At present, the token’s value hovers around $32.2. This represents a 11.5% increase over the same timeframe. Additionally, there has been a significant surge in trading activity, with daily volumes reaching approximately $829 million based on recent information from crypto.news.
As a researcher examining the current state of the cryptocurrency market, I observe that AVAX holds a market capitalization of approximately $12.7 billion, making it the eleventh largest cryptocurrency at present. However, it’s essential to note that despite recent growth, AVAX still lags significantly behind its peak value. This peak was achieved on November 21, 2021, when AVAX reached a price of $146.2 – a level that represents an impressive 78% decrease from its current value.
In the fall of 2020, Emin Gun Sirer, alongside his team including Kevin Sekniqi and Maofan “Ted” Yin, debuted Avalanche – a new Layer-1 blockchain that enables smart contracts. Rapidly gaining popularity, Avalanche emerged as a formidable contender to Ethereum.
Following the announcement on July 19 that ChronosWorlds, a post-apocalyptic role-playing game, chose Avalanche as their preferred blockchain for deployment, there has been a noticeable increase in AVAX‘s price.
The collaboration highlights the increasing demand for using strong and dependable blockchain solutions such as Avalanche in gaming projects. Meanwhile, Fableborne’s inaugural “play-to-earn” drop event drew massive attention with approximately 77,000 simultaneous attendees on the same day.
Recently, the trading behaviors of big-time investors, or “whales,” have played a role in shaping AVAX‘s price pattern. Reports indicate that these investors have taken positions to sell AVAX, most notably following its dip close to $26.
I’ve been following the cryptocurrency market closely for years now, and I recall a fascinating story about a whale who made headlines a few weeks back. This seasoned trader, known in the community for his bold moves, decided to bring a large stash of Bitcoin to Avalanche with an intriguing plan. His intention was to short $AVAX at its recent bottom near $26. He borrowed a significant amount, 500K AVAX, and sent them all to Binance, ready to profit from the expected price drop.— Jony.Sarker.AVAX 🔺 | 🌊📘🧪 (@jonycsarker) July 21, 2024
The price surge of AVAX aligns with a wider crypto market upswing. In particular, Bitcoin has risen by 7% within the last week, and the market as a whole has experienced a modest increase of approximately 0.5%. As a result, the aggregate value of the cryptocurrency market now stands at $2.44 trillion.
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2024-07-22 10:40