By: Eva Baxter
The AVAX token by Avalanche overcame recent downturns in the cryptocurrency market to post an impressive 79% boost this week, whereas other major cryptocurrencies slipped. Analysts attribute this performance to ongoing developments at Avalanche, such as new partnerships with firms including JPMorgan and Citi, propelling the token from being 'undervalued'.
While Bitcoin (BTC) and Ethereum (ETH) notably dropped by 6% on December 11, AVAX's gain was a contrasting 13.6% within the last 24 hours according to CoinGecko data. It now rises above the fray of major cryptocurrencies to a standing position, similar to flipping Dogecoin in market capitalization ranking. This has led to increased trading volumes and an upsurge in total value locked (TVL) on the Avalanche platform.
An undeniable shift in the valuation of altcoins such as AVAX was observed by analysts, largely attributing to recent performance. This substantial growth indicates a change in market dynamics and investor interests, paving new ways for altcoins in the crypto sphere and challenging the dominance of established cryptocurrencies'.
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