Would the trend be towards Ethereum (ETH) rivals, rather than altcoins? Avalanche blockchain’s AVAX is one of the week’s rare gains, after hitting an all-time high yesterday. Here’s an update on the breakthrough.
We explained yesterday, Avalanche’s AVAX was among the very few altcoins in the top 20 to advance this week, alongside a Crypto.com CRO that also seems to be ignoring the overall trend.
Over the week, the price of AVAX jumped +38%, and it reached an all-time high of $147 yesterday
AVAX up this week (Source: TradingView, AVAX/USDT)
As a result, AVAX has moved into the top 10 most capitalized cryptocurrencies of the moment, with a market cap this morning of $29 billion. It is now placed ahead of the two troublemakers Dogecoin (DOGE) and Shiba Inu (SHIB)
Ranking of most capitalised cryptocurrencies (Source: CoinGecko)
An alternative to Ethereum that’s appealing
Coincidence or not, this AVAX breakthrough comes as pro and anti-Ethereum folks tore into each other on Twitter over the weekend. The particularly high transaction fees reached this month have led to some high-profile figures turning their backs on the network. This has given rise to a whole series of debates about the viability of layer 2, which is currently progressing, as well as the limitations of Ethereum.
Avalanche is one of the fastest growing crypto projects. In recent weeks, there have been several signs of this growth. At the end of September, Avalanche had raised $230 million to focus on the DeFi sector.
Several partnerships had also been noted: last week the auditing and consulting firm Deloitte confirmed that it had started using blockchain and AVAX. Within the crypto ecosystem in particular, big names like SushiSwap, ParaSwap and Chainlink had also expressed interest in the project.
