Avalanche (CRYPTO: AVAX) traded 19.16% higher over 24 hours at $105.42 leading up to Thursday night.
What’s Moving? The token of the layer one blockchain focused on decentralized applications or DApps and custom blockchain networks has shot up 15.07% over a seven-day trailing period.
AVAX rose 12.71% against Ethereum (CRYPTO: ETH) and 16.33% against Bitcoin (CRYPTO: BTC) over a 24 hour period.
The Ethereum-rival touched an all-time high of $146.22 on Nov. 21. At press time it traded 27.75% below that level.
Since the year began, AVAX has soared 2785.05% while ETH has returned 451.92% gains in the same time frame.
AVAX’s 30 day and 90 days have amounted to 17.34% and 59.92%, respectively.
See Also: How To Buy Avalanche (AVAX)
Why Is It Moving? AVAX moved in tandem with other major coins at press time as the global cryptocurrency market cap rose 3.63% to $2.26 trillion at press time.
AVAX trend on Coingecko at press time. The coin was not among the most mentioned on Twitter, as per Cointrendz data.
Avalanche’s ability to scale makes it a viable alternative to Ethereum for decentralized finance(DeFi), non fungible tokens (NFTs) and gaming among other applications, Bank of America said in a research report, as per CoinDesk.
BofA pointed to use cases such as Deloitte using the Avalanche platform for its Close as You Go disaster-relief platform and said this is an indication that corporations can “leverage blockchain technology to increase efficiencies…
