Avalanche (AVAX) Surges by 65% in a Week
Date: 2023-11-20 Author: Dima Zakharov Categories: IN WORLD
Avalanche's Striking Surge
Avalanche (AVAX) has emerged as one of the standout performers in the cryptocurrency realm, experiencing a staggering surge in its market value. As of November 17, 2023, it held the 11th position in market capitalization, amounting to $7.89 billion. Despite a minor 2.75% dip in its value over the past day, its price has soared by more than 65% in just a week. On November 11, this digital currency could be purchased for just a little over $14.
Impressive Growth Trajectory
Looking at a broader timeframe of 30 days, AVAX has surged by an astounding 140.85%. In mid-October, Avalanche hit local lows, trading at less than $9. As of the present day, the trading volume for AVAX stands at $1.99 billion, solidifying its position as one of the most sought-after digital assets in the market.
Rising Momentum and Industry Insights
Industry analysts have noted that AVAX's price surge continues following an exceptionally successful week. Renowned trader and analyst Dan Gambardello highlighted the ongoing bullish momentum in one of his recent posts. He emphasized that AVAX prices surged by 14% just yesterday after news broke that banking giant JP Morgan utilized blockchain for tokenizing their portfolios. JP Morgan's Onyx division collaborated with Apollo Global and Singapore's Currency Management Project Guardian in an experimental project leveraging the Avalanche subnetwork.
Avalanche's Blockchain Dynamics
Functioning as a Layer-1 blockchain, Avalanche operates as a decentralized application platform and chain network. Termed as a significant competitor to Ethereum (ETH), the developers aim to achieve a transactional throughput of 6,500 transactions per second.
Avalanche consists of three distinct blockchains: X-Chain, C-Chain, and P-Chain, each playing a specific role and utilizing different consensus mechanisms depending on the application scenarios.
