While the crypto market experiences one of the sharpest corrections of 2021, one cryptocurrency, Avalanche (AVAX), has stood out, setting a new all-time high in the process.
Avalanche (AVAX) Sets New All-Time High
Avalanche (AVAX) has defied the bearish trend that has engulfed the crypto market, gaining by more than 87% in the last 30 days.
The 30 day price chart for Avalanche (AVAX). Source: Tradingview
Over the last week, Avalanche has gained by more than 33%, making AVAX the third biggest gainer out of the top 50 cryptocurrencies, ranked by market cap.
The seven day price chart for Avalanche (AVAX). Source: Tradingview
The massive 30-day push helped Avalanche set a new all-time high of $110.31 on November 18th. The ATH came just hours after the smart-contracts platform announced a partnership deal with ‘big four’ accounting firm, Deloitte.
On The Flipside
- Despite being one of the top DeFi platforms, Avalanche has been hit with two major hacks, including the $35 million Vee Finance hack.
How Is Avalanche Performing Now?
While it is common to retrace after hitting an ATH, especially in a bearish market such as the one currency faces, AVAX has continued to show signs of strong bullish momentum.
Over the last 24 hours, AVAX has gained more than 7%, and is now trading at $109.410 as of this writing, less than 1% short of its ATH from November 8th.
The 24 hour price chart for Avalanche (AVAX). Source: Tradingview
Despite only being launched in 2020, Avalanche (AVAX) has a market capitalization of $24.11 billion, overtaking Terra (LUNA) to become the 12th largest crypto, and the fifth-biggest Ethereum competitor.
Why You Should Care?
Avalanche’s soaring price confirms that the crypto industry has grown past the period in which Bitcoin’s performance would set the trend for the entire market.