- AVAX, Avalanche’s native token, has posted triple-digit gains in the past month, with its market cap surging over 340% in just two months to over $14 billion.
- AVAX’s price has smashed through $40 to reach a high of $43, up 123% in the last 30 days, supported by strong fundamentals like rising TVL and developer activity.
- With scalability and developer support, Avalanche is attracting major projects like JP Morgan and gaming apps, likely fueling further growth for AVAX.
Avalanche‘s native token AVAX has posted triple-digit gains in the past month even as the wider crypto market pulled back. The layer 1 blockchain’s market cap has surged over 340% in just two months. What’s driving this meteoric rise?
AVAX Price and Market Cap Explode
The latest rally has seen Avalanche’s total market value grow from $3.25 billion in mid-October to the current $14.35 billion. This represents an increase of over 340% in just two months.
At $14.1 billion, Avalanche’s market cap is now larger than Dogecoin‘s $13.29 billion, securing the 9th spot on CoinMarketCap. AVAX’s market cap has also ballooned 200% compared to December 2021.
AVAX has smashed through the $40 barrier to reach an intra-day high of $43 in the past week. At the time of writing, the token was trading at $38, up 12% in the last 24 hours and 123% in the last 30 days.
Other tokens like JOE, QI, and memecoin COQ built on Avalanche are also posting gains, showing interest across Avalanche’s diverse ecosystem.
Fundamentals Support Avalanche’s Bull Run
Avalanche currently trades above a key support zone between $15-$20 where its major moving averages lie. This suggests robust support on the downside. Buyer congestion here will likely propel AVAX higher, potentially to new all-time highs as more buyers enter.
On-chain data also backs Avalanche’s rally. According to IntoTheBlock’s GIOM model, AVAX sits on strong support between $18-$30 where 19.62 million AVAX were previously purchased by over 822,020 addresses.
Total Value Locked on Avalanche Surges
Critically, the total value locked (TVL) in Avalanche has increased 90% from $4.82 billion on October 15 along with the price rise. This TVL now stands at $9.11 billion, evidencing growing on-chain demand.
Increasing development activity is another positive sign. GitHub commits have climbed from 44 in mid-October to 284 on December 12 per Santiment. More development boosts usage and demand for AVAX.
Recent developments like JP Morgan and gaming projects Mirai Labs building on Avalanche will likely attract more users and capital. Avalanche’s scalability, developer support and subnets make it a top choice for Web3 projects.
With strong fundamentals and on-chain activity backing it, Avalanche seems poised to continue its parabolic ascent in Q4 and beyond.
