While the Bitcoin price has been moving sideways for days, a number of Altcoins have started a real price rally. In the middle of last week, the prices of Solana, Polkadot and Ethereum climbed to new highs. On Sunday evening, Avalanche is now rushing from all-time high to all-time high with the AVAX coin. With a market capitalization of almost 20 billion US dollars, AVAX is knocking on the door of the top ten largest cryptocurrencies.
AVAX exchange rate scratches the 90 dollar mark
Avalanche is currently in 13th place, just behind Terra / Luna in twelfth place with $ 20.3 billion market capitalization according to Coinmarketcap. For comparison: at the end of July, Avalanche was still in 48th place among the largest cryptocurrencies with an AVAX rate of a good eleven dollars. The AVAX rate is currently scratching the $ 90 mark. Within the past 24 hours, the coin posted an increase of 15 percent. At the beginning of the year, AVAX was still at a market value of less than four dollars.
What the What makes the crypto project so interesting overall is that Avalanche is growing into a potent challenger for Ethereum. The Avalanche network consists of three blockchains on which Defi applications, Dapps and Smart Contracts run as well as NFT, gaming or corporate and cultural applications. Transactions should be processed on the Avalanche blockchain in less than a second by default.
Cash injection for avalanche development
However, the announcement of the establishment of a $ 200 million fund is more likely to be responsible for the increase in recent days. The financial injection is intended to accelerate development, growth and innovation in the Avalanche ecosystem, as stated in a Medium blog entry. According to Avalanche, more than 320 projects such as Sushiswap, Circle, Chainlink or The Graph are based on the blockchain. A total of 8.2 billion dollars are said to be in defi applications on the blockchain. The integration of the AVAX token with the crypto loan provider Nexo could also have given the price a boost.