Avalanche cryptocurrency AVAX is now one of the top ten cryptocurrencies by market capitalization, overtaking the meme dogecoin and Shiba Inu in defiance of an entire market crash that wiped out hundreds of billions in value and saw the prices of major cryptocurrencies like Bitcoin and Ether fall from near-record highs .
AVAX was trading at around $134 on Monday morning, up about 40% over the past week, according to CoinGecko.
The rally lifted AVAX’s market cap to just under $30 billion, marginally overtaking Dogecoin as the 10th most valuable cryptocurrency.
AVAX’s high value comes amid a market-wide crash that saw most tokens – including all top 10 cryptocurrencies not tied to other assets: bitcoin, ether, Binance, solana, cardano, XRP and Polkadot – drop by double digits over the seven days. past.
The price of the token soared after professional services firm Deloitte announced plans last week to use Avalanche technology to build better disaster relief platforms in the United States.
AVAX’s price has more than doubled in the past 30 days and has grown more than 3,000% over the course of the year.
What to watch
Dogecoin v AVAX. Cryptocurrencies are a remarkably volatile asset class, and even assets at the top of the market are not immune to extreme and rapid volatility. AVAX and dogecoin have a market capitalization of around $30 billion — with about $200 million separating the two at the time of writing — and are vying for the No. 10 cryptocurrency slot. AVAX has already (briefly) surpassed Dogecoin once before on Sunday When it hit a record high of $144.96, before dropping back to No. 11. Perhaps Dogecoin, along with its Shiba Inu parody (ranked at number 12), is more volatile than most assets, having started as jokes and gained new life as popular memes.
AVAX’s gains defies a market-wide meltdown that has seen hundreds of billions of value wiped out from the cryptocurrency market. It wiped out some of the gains made during the pandemic – although the market is still much larger than it was before the pandemic – when the sector boomed with an influx of retail investors, a wide range of options for trading cryptocurrencies, growing public and institutional interest in the cryptocurrency and the rising popularity of the cryptocurrency. Shares and meme symbols.
AVAX is valued more at its present value than social media company Pinterest, Société Générale and Southwest Airlines.
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