The market cap of AVAX touched $30.32 billion for the primary time in historical past.
Avalanche (AVAX) is now the tenth-largest cryptocurrency by market capitalization after greater than doubling in price for the reason that begin of November.
AVAX entered the top-10 crypto index after pushing out Dogecoin (DOGE). In doing so, its circulating market valuation reached $30.60 billion for the primary time in comparison with Dogecoin’s $30.30 billion.
AVAX price hits one other file excessive
AVAX price climbed whereas ignoring price corrections elsewhere in the crypto market after Nov. 10.
Notably, Bitcoin (BTC) plunged by almost 20% from its file excessive of $69,000, and Ether (ETH) — the second-largest cryptocurrency by market cap and Avalanche’s prime competitor — slipped by 19% from its all-time excessive at round $4,867.
Nonetheless, their draw back sentiment didn’t affect AVAX over the previous 10 days. The Avalanche token rallied by greater than 64% in the interval of Bitcoin’s and Ethereum’s price correction, hitting one file excessive after one other, as proven in the chart under.
On Nov. 21, AVAX reached $141.50, its finest stage up to now, after rising by almost 25% in two days.
AVAX broke its optimistic correlation with BTC and ETH in the times main as much as “Big Four” accounting agency Deloitte’s choice to construct its catastrophe aid platforms atop the Avalanche blockchain platform.
According to Deloitte’s press launch revealed on Nov. 17, the “Close as You Go Service” goals to simplify “disaster reimbursement applications for victims of natural disaster, by aggregating and validating the documentation required for funding.”
The high-profile partnership prompted analysts to anticipate larger demand for AVAX, which operates as a primary unit of account between the a number of subnetworks on the Avalanche platform and as a foreign money that customers may stake on the community to earn passive incomes.
Related: Avalanche soars to new highs after Deloitte adoption — But dangers emerge for AVAX price
Pseudonymous market analyst Seq tweeted a rocket emoji to point its long-term bullish outlook for AVAX, including that Deloitte’s partnership with Avalanche would allow extra exponential parternships.
“It can be difficult to grasp the scope of Avalanche,” wrote Seq, including that the mission has witnessed “incredible growth” regardless of launching only one blockchain.
Deloitte, the most important skilled companies agency in the world, spanning 150 international locations & 20K professionals, present consultancy & delivering options for enterprises, together with 90% of the Fortune 500
This will not be solely an enormous partnership, however one that may allow exponentially extra https://t.co/Y005ZPzr5w
— Seq (@CryptoSeq) November 20, 2021
In element, Avalanche goals to function a number of chains, with some performing core capabilities whereas others being extra application-specific. Meanwhile, all non-core blockchains (referred to as subnets) should rely upon validators that stake AVAX on any of Avalanche’s three base platforms, dubbed P-Chain, X-Chain, and C-Chain.
There is “only the C-Chain,” wrote Seq, noting that it is only one blockchain “in [one] of an infinite number of subnets that are possible.” The analyst added:
“We are just scratching the surface of its potential, and has only been 14 months since mainnet! Avalanche is just getting started!”
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