Avalanche (AVAX) joins top 10 cryptocurrency list following impressive performance
Avalanche (AVAX) has maintained uptrends lately, outshining assets such as Chainlink and Tron to join the top ten crypto tokens by market capitalization. Ranking 10th, AVAX gained 16% within the past day to extend its 22% weekly surge.
Back in the top 10 #Avalanche🔺 pic.twitter.com/GLRUE3q9Ya
— K0d3x.avax🔺 (@k0d3x8its) December 6, 2023
Avalanche traded at $25.80 at press time and seems ready to stretch its upsides toward the $30 value region.
AVAX’s price rally
Avalanche recorded remarkable price upticks over the past sessions, even leading monthly gains in the digital assets industry. Its market capitalization jumped 15.77% in the past day, whereas AVAX’s trading volume at $1.24 billion increased by 66% within that timeframe.
Also, the altcoin’s notable surge in network activity, likely catalyzed by Ordinals adoption, contributed to the stable price surges. Ordinals remain vital as they increase transaction volume. The latest data indicated that Ordinals mining accounted for around 96% of all transactions last week.
The surged network activity triggered increased transaction changes and magnified demand for Avalanche. Meanwhile, multiple layer1 networks recorded significant transaction volume through November.
In November, the transaction volume on multiple L1s experienced significant growth. The transaction volume on the Avalanche increased by 167% MOM to $2.73 billion, the highest since July last year; the transaction volume of Osmosis increased by 113% MOM to $490 million; in…
— Wu Blockchain (@WuBlockchain) December 2, 2023
Avalanche saw a 167% month-to-month gain to $2.73 billion – the highest transaction volume AVAX has recorded since July 2022.
More price surges for AVAX
Avalanche’s current trajectory highlight more potential surges for the altcoin. AVAX will likely extend its uptrends towards the $30 mark in the up-and-coming sessions. Further, crypto enthusiasts remain optimistic about upcoming rallies in the altcoin market.
#Altcoins
Friendly reminder that the Altcoin Season Index shows that Altcoins are moving at the same level as in 2019/2020.
THAT was the time when the foundation was laid for 100x gains.
We haven’t seen anything yet imo.🔥👀 pic.twitter.com/kDzQezXBql
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) December 5, 2023
A repeat of the 2019/2020 broad based rally will potently welcome a 100X from AVAX’s price, taking the alt to higher ranks and price ranges.
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