The Avalanche token, AVAX, is officially the 10th biggest cryptocurrency in the world by market value! The AVAX market cap value of $30.60 billion surpassed Dogecoin’s $30.30 billion.
The AVAX token also surpassed Terra’s LUNA token. This makes AVAX the fifth-largest token among the layer 1/ base layer alternatives (Ethereum competitors). The AVAX token enjoyed major gains this week as other major tokens suffered losses.
One of the world’s largest crypto coins, Bitcoin suffered a 20% drop from its record high of $69,000. Ethereum had also suffered an 8.4% drop, trading at $4,245 at the time of AVAX’s ATH record. Solana’s token, SOL, was trading at a value down by 5.6%.
AVAX Token Dethrones DOGE
On Wednesday, the AVAX token hit an all-time high of $104.21. This value is a 20% increase for the week and a 100% increase in November alone. These gains consequentially catapulted the token’s market cap to more than $30 billion.
The chief operating officer at Stack Funds, Matthew Dibb, shared that AVAX is set to perform even better. He added that the user “demand for layer 1s is still high.” He further adds that the stellar performance of the token is consistent with the performance of the “rest of the layer 1 market.”
The Ava Labs CEO and Avalanche founder, Emin Gun Sirer, announced an exciting partnership. His company would be partnering with Deloitte, the ‘Big Four’ accounting firm.
Deloitte also published a press release of the partnership on November 17. The product of the alliance is dubbed “Close as You Go Service.” The partnership aims to use the Avalanche blockchain to “build more efficient disaster relief platforms.”
Some crypto analysts note that the announcement of this high-profile partnership helped propel the remarkable performance of the price of the AVAX coin. Pseudonymous market analyst Seq tweeted that this partnership would “enable exponentially more partnerships.” The analyst also added that “Avalanche is just getting started.”
More on Avalanche
The Deloitte partnership is not the only exciting thing cooking in Avalanche’s kitchen. The company also recently announced setting aside $600 million for various initiatives that would help grow the network.
In September, the Avalanche Foundation announced the raising of $230 million. The company raised the money with the aim of jump-starting the liquidity in the decentralized finance (DeFi) ecosystem of the network.
The company’s developers had also announced the formation of a $200 million Blizzard Investment Fund in early November. Additionally, the company also has the Avalanche Rush fund. This $180 million fund is a liquidity mining incentive fund.
On top of the Deloitte partnership, these initiatives mentioned above have helped the company earn good press. This, in turn, increases the token’s demand.
Ava Labs launched Avalanche, a smart contracts platform, in 2020 as an Ethereum competitor. The Avalanche ecosystem facilitates the creation of custom blockchains. Additionally, it also facilitates decentralized applications (dapps).
There are 720 million AVAX tokens in circulation. The token is currently trading at $141.50.