Avalanche Rules Top 10 List With 61% Weekly Gain

2023-12-11 12:02:30

Among the top 10 cryptocurrencies this week, Avalanche (AVAX) is in the lead after rising by more than 60% in the last seven days. Its price has risen to $36, placing it in the top 10 digital assets in terms of market capitalization.

AVAX prices have been trending higher, which has helped many holders realize gains. The general attitude has not changed notwithstanding this rise in the proportion of holders in profit.

More than half of Avalanche holders kept their assets at a profit, according to recent data from IntoTheBlock. Based on its data, around 70% of holders have experienced financial success.

Avalanche Token Breaks Resistance

Due to this week’s outstanding results, there has been a substantial trade volume, which is a crucial indicator that the uptrend will hold. Notably, it has also propelled the altcoin past its initial lower high, which happened in August 2022 during the bear market’s accumulation phase.

For almost three weeks, the price of Avalanche token fluctuated within a narrow range of $20 to $24, suggesting a lack of strong buying and selling pressure in the market.

AVAXUSD currently trading at $36. Chart: TradingView.com

AVAX recently gained traction and had a 15% gain; as a result, the price broke through its important resistance level. The coin saw another 15% surge when the price was hovering at its resistance level of $28.

Many causes, all closely related to major developments in its ecology, are responsible for Avalanche’s steady climb. The platform’s rally is a result of its strategic concentration on two intriguing crypto narratives: gaming and real-world assets (RWAs).

RWA tokenization drives Avalanche’s growth! 💰@avax stands out, doubling in value over the last fortnight and rocketing up by 166% in a month.

But what’s fueling this meteoric rise?

Insights from @wacy_time1 shed light on this surge ⬇️

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1/ RWA Tokenization – The… pic.twitter.com/sRld3NTvJ7

— Unit Network (@theunitnetwork) December 4, 2023

Recently, Unit Network, a crypto analyst, provided an explanation of RWAs on Avalanche. According to Bernstein’s forecast, $3 trillion worth of RWAs will be tokenized over the course of the next five years, and Avalanche is leading the charge in order to meet market demand.

Major Banks Embrace Avalanche

Unit Network observed that major banks using Avalanche and its subnets to create RWA solutions include Bank of America, Citi, and JP Morgan.

Source: Santiment

Meanwhile, Avalanche has continuously maintained a volume above $1 billion, according to Santiment’s data. An examination of the volume trend revealed a price and volume growth that increased simultaneously, indicating a strong and steady movement.

From a technical perspective, the coin’s MACD is showing a notable increase in the histogram, which suggests that there is more buying than selling pressure in the market. In addition, the chart’s averages display a rapid increase, indicating that the price will likely continue to grow in the days to come.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

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