Avalanche’s AVAX Climbs To Top 10 Coins As Price Increased 11%

Avalanche’s AVAX is one of the few cryptocurrencies that are having a great week as it surged by 11%, entering the top 10 coins so let’s read more in our latest altcoin news.

In a lot of ways, this year has been the same for Solana. The Ethereum killer got to faster speeds and low transaction costs than Ethereum which ended up pushing the price of SOL to insane highs. However, Avalanche is also enjoying the second half of the year as its native AVAX coin set between $10 and $11 a few months ago, is now worth $110, and all that is thanks to a 31% rise over the week and 11% rise over the past day. This way, the cryptocurrency became the ninth biggest cryptocurrency by market cap.

Avalanche’s AVAX got to the top 10 at the end of November when it moved over Dogecoin. The market correction then brought the price back down from its all-time high and there were other reasons for the price increases. The most recent one was the announcement by the Circle financial services company that its USDC stablecoin will be available on Avalanche and will give a shot of liquidity to the network for all users that are looking o use applications on the blockchain network. In the past few months, Avalanche creator Ava Labs guided the protocol through a few new developments, and even we saw the mainnet go live, giving the coin utility. What’s more to it, the mainnet came loaded with smart contract functionality so that the developers could build other decentralized applications.

That means that Defi is the decentralized finance protocol space that allows people to borrow crypto, lend assets, or swap tokens without an intermediary as well as NFTs.  Both of these helped boost the appeal of Ethereum over the past 18 months but the high demand pushed crypto traders to find faster alternatives like SOL and AVAX. Venture Capitalists are eager to fund some other upstarts as we saw Polychain Capital and Three Arrows Capital contributing a $230 million private sale to the Avalanche Foundation which redirected most of the cash into grants and other development support.

Also as recently reported, Circle’s USDC went live on Avalanche today in order to boost the DeFi Ecosystem, and with this addition of support, Avalanche and Circle aim to restructure legacy payments and financial infrastructure.