The cryptocurrency AVAX, also known as Avalanche, has gained attention today with a 10% increase in value within the last 24 hours. This surge has pushed AVAX above the $54 mark, a level it has not reached since May of 2022.
Today’s excitement is further fueled by the increasing buzz surrounding new presale initial coin offerings (ICO), which has recently surpassed the $2 million mark.
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Moreover, whales are driving 10% rally for Avalanche (AVAX) as buying behaviors persist.
The current trading price of Avalanche (AVAX) is $54.16, showcasing a notable performance for the day.
The smart contract platform has experienced a significant increase, reaching double digits since yesterday. This has revitalized the platform, which had previously been stagnant in trading throughout the previous week. The rise in price of AVAX is supported by optimistic on-chain data.
Based on data from crypto analysis company IntoTheBlock, the majority, specifically 82%, of those who hold Avalanche are currently experiencing a profit, as reported in their website at current market value.
It can be inferred that there will potentially be a decrease in selling activity from investors who are currently in a loss position.
In the background, significant transactions worth more than $100,000 have increased threefold within the last three days as whales have started accumulating in a forceful manner.
The rise in interest from affluent players can be seen in the amount of spot trading. According to CoinMarketCap, spot volumes for AVAX have skyrocketed by 27%, reaching $2.5 billion in the last 24 hours, making it the 10th most popular cryptocurrency for trading.
Avalanche has regained its position as one of the top 10 crypto assets with its market capitalization surpassing $20 billion.
Despite being 62% lower than its record high in 2021, current price movements indicate that AVAX may have further potential for growth.
AVAX Surges with Durango Upgrade & Nexon Deal
The increase in AVAX’s price by a double-digit percentage is noteworthy, but the fundamentals of the cryptocurrency have also been undergoing rapid changes.
One significant event that occurred in February was the highly anticipated release of the Durango network upgrade. This update brought about various improvements to the protocol and introduced new features.
Notable enhancements were made, such as streamlining the process for quicker transaction confirmation, facilitating communication between different EVM networks, and laying the groundwork for upcoming advancements such as continual staking.
Soon after the launch of Durango, the development team at Avalanche introduced the Teleporter tool, as described in their blog post Teleporter Makes Avalanche a Fully Interoperable L0 Network.
Moreover, the functionality enables smooth transfer of tokens, NFTs, and oracle data between subnets, promoting interoperability within Avalanche’s multi-chain ecosystem.
The technical abilities of Avalanche were strengthened even more with their recent collaboration with gaming powerhouse Nexon, as reported by Coincu. This partnership is set to launch Maplestory.
The pair is working together to release a Web3-capable edition of the immensely popular MapleStory MMO on a specialized subnet within Avalanche.
The advancements made by Avalanche, have greatly enhanced its capabilities. As a result, investors are eagerly investing in AVAX, expecting the value to continue to rise in the upcoming weeks.
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