Avalanche Plows Into Top 10 Amid Crypto Market Correction
The recent price rally from Avalanche placed the token among the ranks of the top cryptocurrencies in the industry. Will the smart contract platform be able to hold its position?
Covered:
- Avalanche Price Update
- AVAX Lands In The Top 10
CT – $AVAX $ETH $LUNA $DOT $SOL pic.twitter.com/8IADKUdCQk
— 0x (@cheeseandoni0n) November 20, 2021
As the layer-1 (L1) platform competition heats up heading into Q4, Avalanche has been stealing the show over the past week while other blockchains consolidate. After its recent run-up, the blockchain is now ranked as a top 10 cryptocurrency by market cap.
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Avalanche Price Update
Avalanche (AVAX) is a smart contract platform seeking to bring scaling solutions and lightning-fast transactions that are low-cost and environmentally friendly. It’s been growing rapidly over the last few months as Ethereum users seek refuge from Ethereum’s unreasonably high gas fees.
At the time of writing, the platform’s native token AVAX price is trading at $134, up over 34% on the week.
Looking at the relative strength index (RSI) — a momentum indicator used to measure overbought and oversold conditions of an asset — AVAX finds itself in an upward trend.
Historically, the RSI has topped out around 95 three previous times before marking a local peak. With a current RSI level of 78, the Avalanche price could have slightly more room to run before getting too overheated.
AVAX Lands In The Top 10
With the most recent rally, Avalanche managed to climb into the top 10 rankings among all cryptocurrencies, flipping both Shiba Inu (SHIB) and Dogecoin (DOGE). AVAX’s current total market cap is $29 billion, up more than double since the end of October.
The platform’s total value locked (TVL) has surged more than 18% in the last week, with the blockchain currently holding just under $12.5 billion in TVL, according to DefiLlama.
RECOMMENDED: MAJOR FUNDING ROUND DRIVES AVALANCHE TO NEW HEIGHTS
Recently, Avalanche caught the attention of multi-national accounting services firm Deloitte. The firm, valued at almost 30 billion USD, announced it will deploy the AVAX blockchain to aid in disaster relief.
The @Deloitte Close As You Go platform, secured by the #Avalanche blockchain, gives orgs a decentralized, transparent and cost-efficient system for the flow of funding, helping to maximize disaster relief for those that need it most.https://t.co/tQma5d1YC9
— Avalanche (@avalancheavax) November 16, 2021
The post Avalanche Plows Into Top 10 Amid Crypto Market Correction appeared first on CryptosRus.
Text source: CryptosRus
