Why Is Ethereum Rival Avalanche Soaring To New Heights Today?

November 16, 2021 10:06 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Why Is Ethereum Rival Avalanche Soaring To New Heights Today?

Avalanche (CRYPTO: AVAX) shot up 6.47% to $96.45 over 24 hours Tuesday night. 

What’s Moving? The layer one blockchain focused on decentralized applications and custom blockchain networks has risen 6.15% over the last seven days.

AVAX, often described as an Ethereum-rival, rose 10.68% and 12.72% against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), respectively. 

In the last 30 days, AVAX gains have amounted to 70.91%, while it has risen 219.67% in the past 90 days. Year-to-date, AVAX rose 2526.69%. AVAX touched an all-time high of $101.86 on Tuesday.

See Also: How To Buy Avalanche (AVAX)

Why Is It Moving? AVAX’s rise came despite major coins taking a beating on Tuesday as the global cryptocurrency market cap fell 3.96% to $2.61 trillion. 

Avalanche said in a blog post that the “big four” accounting firm Deloitte is leveraging its blockchain to improve the “security, speed and accuracy” of Federal Emergency Management Agency (FEMA) reimbursements.  

Deloitte would secure its “Close As You Go” platform through Avalanche, which as per the post provides “state and local officials with a decentralized, transparent and cost-efficient system that empowers both grant makers and funding recipients while minimizing fraud, waste and abuse.”

Meanwhile, cryptocurrency research firm Delphi Digital noted that while incentive programs led to capital inflows for various L1s, Avalanche is different as it managed to maintain and continue attracting capital apart from its incentive program.

AVAX Price and Total Value Locked Chart — Courtesy Delphi Digital

“Avalanche’s unique consensus mechanism and active support from some of the biggest names in the industry has led Avalanche’s DeFi TVL to cross $10B as its native token (AVAX) hit fresh all-time highs (~$101) just this week,” wrote Delphi Digital in an emailed note.

At press time, AVAX's total value locked or TVL stood at $10.37 billion, a rise of 1.21%, as per data from DeFi Llama. Over a month, the TVL has risen 50.95% from $6.87 billion.

Read Next: It's Dogs Vs. Cats On Twitter As Kevin O'Leary Spars With Dogecoin Creator Over Promoting Pawthereum Coin

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to Benzinga Podcasts and our YouTube channel.


Related Articles

Why Fantom (FTM) Has Overtaken Avalanche In Daily Transactions

Why Fantom (FTM) Has Overtaken Avalanche In Daily Transactions

Smart contract platform Fantom (CRYPTO: FTM) overtook Ethereum (CRYPTO: ETH)-rival layer one blockchain Avalanche (CRYPTO: AVAX) in terms of read more
Ethereum L2 Protocols Were Expected To Make Hay As Gas Fees Soared But…It Was Not Meant To Be?

Ethereum L2 Protocols Were Expected To Make Hay As Gas Fees Soared But…It Was Not Meant To Be?

The bullish narrative built around Layer 2 tokens, as users got priced out of Ethereum’s (CRYPTO: ETH) mainnet, failed to materialize this year, as per Delphi Digital. read more
Is Climbing Development Activity Contributing To Momentum In Ethereum Rival Avalanche?

Is Climbing Development Activity Contributing To Momentum In Ethereum Rival Avalanche?

Avalanche (CRYPTO: AVAX) has shot up 13.43% over a seven-day trailing period leading up to Thursday night. What’s Moving? The coin associated with the layer one blockchain traded 2.29% lower over 24 hours at $102.37 at press time. read more
Why Is Ethereum Rival Solana Shooting Up Today?

Why Is Ethereum Rival Solana Shooting Up Today?

Solana (CRYPTO: SOL) rose 7.22% to $175.26 over 24 hours leading up to early Thursday morning. What’s Moving? The token of the blockchain project known for scalability and speed has fallen 8.19% over a seven-day trailing period. read more