One of the key factors driving the growth of the AVAX token today is its growing Decentralized Finance (DeFi), and Non-Fungible Token (NFT) activities.
Avalanche (AVAX) made an entry into this week’s market trading session with an impressive growth when compared to the so-called Ethereum killers. The AVAX token is currently trading at a price of $29.67, up 12.67% in the past 24 hours.
The current performance of Avalanche has also recorded a 27.13% growth over the past week is more impressive than that of Ethereum (ETH), Binance Coin (BNB), Polkadot (DOT), and Solana (SOL) amongst others. Ethereum according to CoinMarketCap’s data is up 5.66% to $1,781.36, BNB has recorded a 4.95% upshoot to $330.14, while the duo of Polkadot and Solana are up 10.08% and 8.01% to $9.35 and $43.26 respectively.
The outperformance of these coins is also showcased in the week-to-date period with only Binance Coin coming close to AVAX with a 15.43% weekly growth. Avalanche’s current growth is not in any way negating the fact that it is still trading by as much as 79.65% from the All-Time High (ATH) of $146.22 it printed far back in November 2021.
The disparity between its ATH performance and the current trend underscores how much of a hit the digital currency recorded with the massive onslaught the broader digital currency ecosystem has recorded thus far this year.
Avalanche is a layer one blockchain that functions as a platform for decentralized applications and custom blockchain networks. Branded as one of the fastest protocols around in terms of time to finality, the influence of Avalanche is remarkably growing amongst innovators and DApps developers today.
Rising Avalanche Influence
One of the key factors driving the growth of the AVAX token today is its growing Decentralized Finance (DeFi), and Non-Fungible Token (NFT) activities.
According to data from DeFiLlama, Avalanche has recorded a 1.74% growth in its Total Value Locked (TVL), a marginal lift-off when compared to the general trend as of today. NFT activities on Avalanche are also increasing by the day with data from CryptoSlam showing a total number of transactions over the past 24 hours pegged at 207.
The sales figure has grown by more than 36% over the past 24 hours. While Avalanche is gaining traction with respect to its NFT activities, its performance still largely pales when compared to other prominent protocols like Ethereum, Solana, Immutable X, and Flow amongst others.
It is unclear when AVAX will retrace its steps back to its best performance points, however, with the latest woes of the Solana protocol in which some of its wallets were compromised, Avalanche might gain a competitive advantage in the short to long run as more Web3.0 users may pitch tent with it for its stability and relatively better security.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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