Avalanche (AVAX) Price Surges Despite Overall Bearish Market

Top 5 Low Cap Projects on Avalanche Ecosystem
  • Avalanche has been up 11.38% in the last 24 hours.
  • AVAX has already recouped all of its losses from this month’s price declines.

With Avalanche being one of the largest DeFi blockchains globally, it has attracted a large number of investors in recent months. Having over a hundred protocols, it is vying for the number four place of Solana, which has a similar number of protocols.

In contrast to the rest of the market, AVAX has already recouped all of its losses from this month’s price declines. The cryptocurrency has seen a dramatic increase in money and involvement in the network this month, which is quite rare for the currency.

AVAX/USDT: Source: TradingView

As a starting point, the number of transactions processed on the blockchain each day surpassed 700,000 for the first time. As of mid-December, Avalanche estimates that the C-Chain has approximately 537k monthly active wallets. Even though Avalanche lost more than $5 billion in TVL in early December because of the bearishness, it is now reclaiming its position. 

Listing on Kraken

To a large extent, this increase may be attributed to Kraken’s statement that the cryptocurrency will be listed there. Deposits for the cryptocurrency are already being accepted. And trade will begin on December 21st. In the wake of Circle’s deployment of the USDC stablecoin, this news has surfaced.

AVAX Futures and Margin Trading on Kraken, on the other hand, are not currently available to investors. Investors, on the other hand, have been soaring. As a result, the daily transaction volume has increased from $293 million to $1.3 billion, nearly 370 percent.

According to CoinMarketCap, the Avalanche price today is $116.87 USD with a 24-hour trading volume of $2,210,717,834 USD. Avalanche has been up 11.38% in the last 24 hours.

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.