Avalanche (AVAX) Price Adds 400% in Two Months: Details

After a marvelous 30% upsurge last week, $AVAX replaced Dogecoin (DOGE) as the ninth largest cryptocurrency asset. Its upsurge is driven by a combination of long-term and short-term catalysts as $AVAX outperforms almost all large-cap altcoins.

Avalanche ($AVAX) price rally expands

The price of Avalanche ($AVAX), the core native asset of the eponymous blockchain network, set a new local high at $44 on major spot exchanges today, Dec. 16, 2023. Last time $AVAX was so expensive on May 8, 2022, before the ecosystem of Terra/Luna collapsed. As such, today marks an 83-week high for the $AVAX price.

$AVAX price jumps to highest since early May, 2022">

Last week, $AVAX became the fastest-growing altcoin in the top 20 of the largest assets; in the top 30 of CoinMarketCap it was only surpassed by Internet Computer (ICP).

In the last 24 hours, $4.88 million of $AVAX positions, mostly shorts, were liquidated. The largest single liquidation was registered on OKX in an $AVAX-USDT short and exceeded $128,000 in equivalent.

In the last two months, the total value locked (TVL) in Avalanche-based decentralized finance (DeFi) protocols almost doubled: It soared from $487 million to $949 million. Benqi, Trader Joe, Aave and GMX are the largest and fastest-growing DeFis in the ecosystem.

As covered by U.Today previously, two weeks ago, on Dec. 1, Avalanche ($AVAX) C-chain also registered an all-time high in transactional activity.

Community indicates most trending sectors for Avalanche ($AVAX)

Analysts are attributing this upsurge to a spark of interest in the real-world asset tokenization segment. Avalanche ($AVAX) is promoted as one of the leaders on this sphere.

Besides RWAs, Avalanche ($AVAX) enthusiasts indicated some other focuses of its ecosystem. Pseudonymous cryptocurrency analyst and educationist @crypthoem, author of Seven C Newsletter on crypto, sees GameFi, RWAs and meme coins as the most promising spheres of Avalanche's ($AVAX) dApps scene.

Avalanche ($AVAX) meme coin Akita Inu (AKITA) is among the best-performing Avalanche altcoins with 17% overnight growth.