AVAX Surges 60% This Week, Enters Top 10 Largest Cryptocurrencies by Market Cap
The AVAX token of the Avalanche blockchain has surged to $38, becoming the 10th largest cryptocurrency by market capitalization.
AVAX Surges 60% This Week, Enters Top 10 Largest Cryptocurrencies
Over the weekend, the market witnessed a strong resurgence among several altcoins. Alongside layer-1 networks like Ethereum and Solana reaching their highest levels in 19 months, Avalanche has also shown impressive growth, climbing over 60% in the past week.
AVAX reached a price of $38 on December 10 and has since retraced to $36 following a significant market dump on December 11.
AVAX/USDT 1D Chart at 13:00 on December 11 on Binance
Over the past 30 days, AVAX has surged by 150%, continuing its upward trajectory since October.
The recent surge has propelled AVAX into the top 10 largest cryptocurrencies by market capitalization. At the time of writing, AVAX has a market cap of $12.9 billion, just behind Dogecoin (DOGE) at $13.9 billion, according to CoinMarketCap.
Top 10 Largest Cryptocurrencies by Market Cap. Source: CoinMarketCap
Avalanche's recent growth momentum stems from partnerships with major financial players such as JP Morgan and Citi. However, Ava Labs, the development team behind Avalanche, has faced challenges, including a 12% workforce reduction and the temporary shutdown of the SnowTrace blockchain explorer due to funding shortages.
The market saw significant adjustments on December 11 following Bitcoin breaking through $44,000 the previous week, with the coin dropping from $42,600 to $40,400. Solana (SOL) also experienced a free fall from $72 to $64. However, overall, the market quickly recovered close to previous levels.
