AVAX Ascends: Exploring the 85% Surge in Avalanche's Meteoric Rise

Bombolo | News and Media

Avalanche (AVAX) has been doing really well compared to other cryptocurrencies . In the last 24 hours, its value went up by 14.7%, and in the past week, it increased by 85%. Over the last month, the price has risen by a whopping 153%. In simpler terms, AVAX is performing exceptionally well recently, and its value has been going up while others are going down.

In 2023, the cryptocurrency Avalanche (AVAX) has done even better than Bitcoin (BTC). Since January, Bitcoin's price increased by around 150%, which is pretty good. However, AVAX did even better – it surged by over 280% during the same time. It's important to know that for most of the year, AVAX didn't see much change in its price. Things started to pick up in November, and in December, the price went up a lot, like skyrocketed.

According to DefiLlama, a platform that tracks decentralized finance (DeFi) data, there have been significant increases in two key metrics for Avalanche (AVAX) since September 12th.

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TVL (Total Value Locked):

TVL refers to the total amount of assets or value locked in a particular DeFi protocol or platform. For Avalanche (AVAX), the TVL has surged from $490 million on September 12th to $894 million, showing a remarkable 82% growth. This means that more assets or value have been added to the Avalanche DeFi ecosystem, indicating increased participation and usage of the platform.

Trading Volume:

Trading volume represents the total amount of a cryptocurrency traded over a specific period. In the case of AVAX, its trading volume has experienced a substantial surge of 2436%. This indicates a significant increase in the buying and selling activity of AVAX, suggesting heightened interest and engagement with the cryptocurrency in the market.

AVAX's Potential 'Hiking Break': Navigating Market Corrections and Consolidation

Imagine the cryptocurrency market is like a group of friends going on a hike, and Bitcoin is leading the way. Right now, everyone else, including Avalanche (AVAX), is kind of following the same path as Bitcoin.

Now, there's a suggestion that AVAX might see a "correction," which is like a timeout or a break during the hike where the price might go down a bit. This is because, when Bitcoin takes a break, others often do too.

But here's the interesting part: before AVAX went on this recent price hike, some smart people thought it was undervalued, like finding a really good snack in the backpack that everyone overlooked. This means AVAX might not drop much in price during the break. Instead, it could "consolidate," which is like saying it might chill out and stay around the same price.

So, in simple terms, the current prediction is that AVAX might take a break in price soon, but because it was undervalued before, it might not fall too much and could just hang out at its current price for a while.

Summarizing the blog, Avalanche (AVAX) has shown remarkable performance in the cryptocurrency market, outpacing others with a 153% increase in the last month and a 280% surge since January 2023, surpassing even Bitcoin. Despite expectations of a potential price correction, AVAX's previous undervaluation could contribute to a more stable consolidation rather than a significant drop.

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