This week, Avalanche has reached a new 11% rise, with its native $AVAX coin rolling up to the crypto space’s top 10 by market capitalization.
After yesterday’s announcement from crypto exchange Kraken that it will be listing $AVAX with trading available by Tuesday, December 21, Avalanche’s native coin promptly experienced an 11% rise over the past 24 hours.
The coin’s price is also up by at least 30% from the past week, effectively placing it to the ninth spot in the crypto space’s top 10 coins and tokens with a market capitalization that now proceeds at over $27 billion. Avalanche’s first experience of being at the top 10 coins was when it reached a new all-time high of $144.96 in late November. At the time, Avalanche made a few turns to overtake Dogecoin and take the 10th position.
Aside from the Kraken listing, Avalanche’s regained velocity is also influenced by a recent announcement from USDC stablecoin issuer Circle, in which the financial services firm disclosed that it will be launching an integration of for its USDC stablecoin with the Avalanche’s net-zero carbon output blockchain to accelerate DeFi adoption. This move will effectively provide a strategic boost to the liquidity of Avalanche, given how stablecoins open easier onramps for crypto beginners who wish to use decentralized apps on a blockchain network.
Avalanche has been on a roll recently, with its mainnet launched just last September. It has even attracted the attention of major financial institutions like Bank of America, citing its “impressive” scaling capabilities. The blockchain has also recently partnered with Deloitte, an industry-leading audit, consulting, tax and advisory firm.
With the rise of DeFi and NFTs this year, Ethereum has gained an unprecedented popularity, gaining traction across a wide range of users and consumers. However, rising gas prices due to demand have hindered participation and faster adoption. This is why alternative “Ethereum killers” like Avalanche have likewise gained wide support.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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