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Tuesday, July 5, 2022

AVAX Forces Dogecoin From Top 10 After A 100% Rise In Price

AVAX (Avalanche) has now become the 10th highest cryptocurrency according to market capitalization. Its rise in ranking follows its price increase by over 100% since November started.

The Latest Ranking Of AVAX

AVAX’s entry into the index of the highest 10 cryptocurrencies caused Dogecoin (DOGE) to be pushed out. As it gained entry, the circulating valuation of Avalanche in the market hit $30.60Bn. This was the coin’s record, in comparison to the $30.30Bn valuation of Dogecoin.

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The price of Avalanche climbed while the rest of the cryptocurrency market experienced price corrections following 10th November. It is important to be noted that Bitcoin (BTC) saw a fall of almost 20% from its ATH of $69K. Ether (ETH), the 2nd highest crypto according to market capitalization as well as the top competitor of AVAX also recorded a 19% decrease from its ATH of about $4867.

Nevertheless, the downside sentiment of the other cryptos did not have much of an effect on Avalanche during the previous 10 days. AVAX’s price rallied by over 64% during the time the price correction of Ether and Bitcoin was taking place. The token record one ATH after another ATH during the rally. On 21st November, the token recorded $141.50, the highest price until now, following an increase of almost 25% in the past 2 days.  

The positive correlation between AVAX and ETH and BTC was broken as Deloitte’s decision of building its relief platform for disaster using the blockchain platform of Avalanche approached. On 17th November the announcement was made.

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The partnership that is considered quite high profile, made analysts forecast increased Avalanche token demand. AVAX works as a fundamental account unit between the Avalanche platform’s multiple subnetworks. It also doubles as a cryptocurrency that can be used to acquire a network stake and ensure a source of passive income.

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