One of the key factors driving the growth of the AVAX token today is its growing Decentralized Finance (DeFi), and Non-Fungible Token (NFT) activities.
By Godfrey Benjamin
Updated
3 mins read
Avalanche (AVAX) made an entry into this week’s market trading session with an impressive growth when compared to the so-called Ethereum killers. The AVAX token is currently trading at a price of $29.67, up 12.67% in the past 24 hours.
The current performance of Avalanche has also recorded a 27.13% growth over the past week is more impressive than that of Ethereum (ETH), Binance Coin (BNB), Polkadot (DOT), and Solana (SOL) amongst others. Ethereum according to CoinMarketCap’s data is up 5.66% to $1,781.36, BNB has recorded a 4.95% upshoot to $330.14, while the duo of Polkadot and Solana are up 10.08% and 8.01% to $9.35 and $43.26 respectively.
The outperformance of these coins is also showcased in the week-to-date period with only Binance Coin coming close to AVAX with a 15.43% weekly growth. Avalanche’s current growth is not in any way negating the fact that it is still trading by as much as 79.65% from the All-Time High (ATH) of $146.22 it printed far back in November 2021.
The disparity between its ATH performance and the current trend underscores how much of a hit the digital currency recorded with the massive onslaught the broader digital currency ecosystem has recorded thus far this year.
Avalanche is a layer one blockchain that functions as a platform for decentralized applications and custom blockchain networks. Branded as one of the fastest protocols around in terms of time to finality, the influence of Avalanche is remarkably growing amongst innovators and DApps developers today.
One of the key factors driving the growth of the AVAX token today is its growing Decentralized Finance (DeFi), and Non-Fungible Token (NFT) activities.
According to data from DeFiLlama, Avalanche has recorded a 1.74% growth in its Total Value Locked (TVL), a marginal lift-off when compared to the general trend as of today. NFT activities on Avalanche are also increasing by the day with data from CryptoSlam showing a total number of transactions over the past 24 hours pegged at 207.
The sales figure has grown by more than 36% over the past 24 hours. While Avalanche is gaining traction with respect to its NFT activities, its performance still largely pales when compared to other prominent protocols like Ethereum, Solana, Immutable X, and Flow amongst others.
It is unclear when AVAX will retrace its steps back to its best performance points, however, with the latest woes of the Solana protocol in which some of its wallets were compromised, Avalanche might gain a competitive advantage in the short to long run as more Web3.0 users may pitch tent with it for its stability and relatively better security.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
