Why Is Ethereum Rival Avalanche Soaring To New Heights Today?

Avalanche AVAX/USD 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 BTC/USD and Ethereum ETH/USD, 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.

“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.

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