- AVAX has been the best performer in the top 20 cryptocurrencies over the past month, with its 138% gains since November 12 pushing it into the top ten cryptos list.
- Data shows that the bull run is being led by the institution investors as transactions worth over $100,000 surge, with the ecosystem’s applications also recording a surge in usage.
The current bull cycle has been led by the smaller altcoins which have been recording massive monthly gains since August. However, Avalanche has been an exception in the past month, with its native AVAX token being the fourth-best performer in the top 100 cryptos and the best among the top 20 cryptocurrencies.
AVAX trades at $35.2 at press time after seeing its momentum slow down and shedding 14% to dip from an intra-day high of $40.9. Despite the slight retracement, the token has been on a run matched by a few. A month ago, it was trading at $18 and has surged 93% since then. From November 12, it has gained 138%, the highest of any large-cap crypto.
The latest price drive is being pushed by a few factors, one of which is a rise in institutional investors. According to IntoTheBlock, a blockchain analytics platform, the number of large whale-like transactions on AVAX has surged in recent times, indicating that the big money is backing the token once again. Even more positive is the platform’s revelation that the crypto still has levels to go as the large transactions are yet to hit previous high levels.
The number of large AVAX transactions is on the rise, peaking at nearly 1000 transactions bigger than $100k last week. While this is still not close to the levels of the last bull market, it is a positive sign for the bulls.
Avalanche Ecosystem Thrives, Pushing AVAX Higher
Aside from the institutional investors, Avalanche is attracting users and retail investors as well. The best way to judge this metric is the number of users on any ecosystem’s applications, and Avalanche is thriving on this metric as well.
One of the platforms thriving in Avalanche is Trader Joe, the largest DeFi platform in the entire ecosystem. Since December 1st, its fees and revenue have been rising as more traders ramp up their activities as the graph below shows.
In the past day, the platform has collected $854,279 in fees from trading activities. It had its best day on December 11 when it brought in $1.23 million in fees, the highest it has accrued since hitting $1.96 million in May, proving that traders are optimistic about the market and Avalanche again.
Additionally, the total value locked on the chain has notched a slight increase in the past few weeks. It currently stands at $841 million, gaining 37.47% over the past month to make it the seventh-largest in the industry ahead of other big players like Cardano. It hit a four-month high on December 12 at $916 million.
CoinShares’ data further proves that the interest in Avalanche is on the rise, reporting on Monday that in the past month, AVAX and Solana’s SOL have been the two favorite altcoins for institutional investors.
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