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- Other crypto tokens see red but AVAX sticks to its position
- AVAX has proven itself very robust and immune to the external pressures
- Despite the risky atmosphere, AVAX’s ability to post gains in a week is noteworthy.
The Avalanche crypto token has surged by more than 2,500% year to date. Despite a bearish sentiment in the markets, the Avalanche token has made handsome gains.
The last week has been a nightmarish one for most top cryptocurrencies. However, Avalanche is swimming against the tide successfully and posting strong gains. Avalanche price today was $69.89 and showed a slight fall of 0.73%. In 24 hours it showed a low of $67.65 and a high of $73.36. Its trading volume in the past 24 hours was $1,396,327,903.74 constituting 23.36%. It had a volume/ market cap of 0.09092 and a market dominance of 0.72%. It is presently placed at number 13 as per market rank.
Avalanche able to sustain and maintain its position
Other cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and Cardano are all deep in the red. Avalanche has been able to sustain and maintain its position due to positive sentiments generated by the news that there has been a major private investment in Avalanche that was announced last week.
Last week most of the market was reeling with the spillover impact of the looming default of China’s real estate giant Evergrande. This was followed by another scare after China put a complete ban on any trading activity involving Cryptocurrency. It was one of the harshest and complete crackdowns by the Communist government.
Avalanche had secured $230 million in funding
However, al this did not affect the investors and last week the news that Avalanche had secured $230 million in funding through the sale of its AVAX tokens confirmed that the above factors had a negligible impact on the crypto token. The private funding drive was spearheaded by Polychain and Three Arrows Capital. It also signifies that investors have expressed confidence in the Avalanche Blockchain. It also prompted some crypto analysts to significantly hike their price targets on the token.
AVAX has proven itself very robust and immune to external pressures like the China Evergrande default situation and comments from the Chinese regulator’s ban on cryptocurrencies in the nation. The token’s rigidity and the sizable private investment can be gauged as positive signs. There is a huge buzz of excitement building around the Avalanche blockchain and its token.
Avalanche is unique since it affords a blockchain platform for building and running decentralized apps. It is touted as the most appropriate alternative to Ethereum and other blockchain platforms that offer similar functionality. Despite the risky atmosphere, AVAX’s ability to post gains in a week is noteworthy.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
