Kelvin Daminabo
The native token of Avalanche, AVAX, has surged by 13% in the last 24 hours, outperforming the top 100 cryptocurrencies. Currently priced at around $32.2, AVAX has seen a trading volume spike to approximately $829 million, marking an 11.5% increase in the same period.
Introduced in 2020 by a team led by Emin Gun Sirer, Kevin Sekniqi, and Maofan “Ted” Yin, Avalanche quickly positioned itself as an Ethereum competitor. The recent price surge can be attributed to the partnership with ChronosWorlds, a post-apocalyptic RPG game that selected Avalanche as its blockchain platform of choice.
Large-scale investors, known as whales, have also been actively trading AVAX, contributing to its price movements. The overall cryptocurrency market has seen positive momentum, with Bitcoin up 7% in the past week, and the total market valuation reaching $2.44 trillion, a slight increase of 0.5%.
Despite recent gains, AVAX is still trading 78% below its peak of $146.2 in November 2021. The surge in AVAX’s price highlights the interest in Avalanche’s stable blockchain platform, especially in the gaming sector, showcased by partnerships and successful events like Fableborne’s play-to-airdrop.
Avalanche’s focus on providing a fast, secure, and scalable platform positions it as a strong competitor in the evolving cryptocurrency market. While the recent surge indicates potential for growth, the market’s volatility should be considered, as prices can fluctuate rapidly.