Avalanche Has Started To Find The Value It Deserves In The Cryptocurrency Market.

During a period when other coins were losing value, AVAX showed a rise. In this impressive performance, analysts point out that partnerships with JPMorgan and Citi, along with the undervaluation of AVAX, have played a significant role.

In a period when other coins are losing value, Avalanche (AVAX) stands out with an extraordinary 79% increase in just one week. This demonstrates that it is one of the significant cryptocurrencies resisting the recent decline.

According to analyses, factors behind this remarkable performance include recent partnership announcements, increasing trading volumes, and an overall increase in locked total value. Some analysts suggest that a change in the way altcoins are valued could also be influential.

While Bitcoin and Ether experienced a 6% drop on December 11th, AVAX, according to CoinGecko data, has shown a robust performance during this challenging period, gaining 13.6% in value in the last 24 hours.

Ryan Mcmillin, the Chief Investment Officer at Merkle Tree Capital, stated that the excitement generated by Avalanche (AVAX) is attributed to partnerships established by the Avalanche Foundation with traditional market leaders such as JPMorgan and Citi. Mcmillin also added:

"The impact of AVAX comes from the surge in daily transactions from $200,000 to $4.5 million within the last few days. There has also been a significant increase in the daily active wallet count during the same period."

According to DeFiLlama data, the Total Value Locked (TVL) in the Avalanche network has increased by 82%, reaching $894 million from $490 million in the last three months since September 12. Additionally, the AVAX token's trading volume surged by 2,436% during the same period.

Henrik Andersson, the Chief Investment Officer at Apollo Crypto, stated that the market did not show enough interest in Avalanche (AVAX) previously, mentioning:

"A few weeks ago, Avalanche had more Total Value Locked (TVL) than Solana, despite having one-fourth of the market cap. TVL is still higher, and the market cap is now only half of Solana's. I believe we are entering a cycle where some altcoins will outperform Bitcoin in 2024."

Andersson emphasized that tokens like Immutable (IMX) and Synthetix (SNX) have outperformed Bitcoin since 2022.

James Butterfill, the Research Director at CoinShares, stated in the crypto fund flows report on December 11 that while major coins like Bitcoin and Ether experienced sharp declines this week, Solana and Avalanche saw inflows of $3 million and $2 million, respectively, remaining "strong favorites" among altcoins.

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