Avalanche (AVAX) Defies Market Downturn with Double-Digit Surge; Analyst Unveils Trigger Behind Bullish Momentum
Avalanche (AVAX) has seen impressive gains over the last 24 hours, even as the overall crypto market remains mired in bearish sentiment. AVAX is up 18% in the past day, standing out as one of the top performers on Binance. Zooming out shows even more remarkable resilience for AVAX:
- 24h: +18%
- 7d: +85.0%
- 30d: +150.5%
- 1y: +229.4%
Avalanche is a highly scalable blockchain platform created by Cornell professor Emin Gün Sirer back in 2020. It allows developers to deploy decentralized apps (dApps) such as DeFi platforms, NFT marketplaces, gaming ecosystems, and more. Transactions on Avalanche are secured through a proof-of-stake consensus model and processed in under a second, making it extremely fast and efficient.
Source: CoinStats – Start using it today
The recent price action indicates investors may be anticipating new dApp launches and usage growth on Avalanche even as crypto enters the doldrums.
According to data shared by IntoTheBlock, the notable increase in large AVAX transactions, peaking at nearly 1000 transactions exceeding $100k last week, signals a positive trend for bullish sentiments. However, it has yet to reach the levels seen in the last bull market.
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The resilience shown by AVAX here suggests that fundamentals and network adoption continue to grow steadily. As the crypto markets stabilize and turn bullish once again, Avalanche seems poised to be one of the biggest beneficiaries.
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