Despite the broader crypto market seeing a downturn on Monday, Avalanche AVAX/USD emerged as the highest gainer in the top 20 cryptocurrencies, up over 6% in the past 24 hours.
Avax is up over 76% in the past 7 days, which is the highest reported gain among the top 20 cryptocurrencies for the past week.
What Happened: Based on Coinshares data, digital asset investment products recorded their 11th consecutive week of inflows with $43 million. The digital asset manager highlighted that “Solana SOL/USD and Avalanche saw inflows of $3 million and $2 million respectively, remaining firm favorites in the altcoin space.”
Meanwhile, Crypto Analyst, Jacob Canfield, took to his X handle on Dec. 6 to share his bullish take on AVAX. “I think this will be a big winner in the coming weeks. It's got a great narrative with GameFi right now,” he tweeted.
Notably, data from IntoTheBlock highlighted transactions greater than $100,000 stood at $1.12 billion in the past 7-day period. On Dec. 6, the AVAX token witnessed almost 1000 transactions which were bigger than $100,000.
Why Does It Matter: The Block quoted CoinShares analyst Max Shannon, saying, “In November, JPMorgan and Apollo also announced news that Avalanche would be used to test real-world asset tokenization, which is likely supportive of price action.”
AVAX was recently listed by Coincheck highlighting the token’s progress. Also, Avalanche allocated more than $275 million, as of Dec. 7, in AVAX for rewarding its validators in the past year, CCN reported.
Meanwhile, AVAX generated only $11.5 million in user fees. This highlights the community’s efforts to preserve a strong and decentralized network infrastructure.
Also Read: What's Going On With Crypto Markets? Board Bleeds Red, 2023 Rally Witnesses Drop
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