The recent rally, in Avalanches market value has been quite impressive. Starting from $3.25 billion in mid October it has now reached a value of $14.35 billion showing a significant gain of over 340% in just two months.
There are factors that have contributed to this growth. Notably AVAX surpassed Dogecoin DOGE -3.44%. Secured its position as the largest cryptocurrency by market capitalization reaching a high of $40.26. Within 24 hours AVAX experienced a than 10% increase with 1,000 transactions totaling over $100,000.
Avalanche AVAX -4.04% has also played a role in supporting its validators through subsidies, which has been instrumental in driving up its market value. Since October AVAX has seen a rise of 336% even though it experienced a pullback of 15%. The potential for another high still remains strong.
Furthermore over the three months the Avalanche network has witnessed a growth in Total Value Locked (TVL) rising from $490 million to $894 million since September 12 – an increase of approximately 82%. In addition to that according to DefiLlama data the trading volume for the AVAX token, during this period soared by a 2,436%.
It’s quite fascinating how the AVAX token from Avalanche experienced a rally even though the overall cryptocurrency market faced a downturn with a decline of more, than 6% in market capitalization. Surprisingly during this period the AVAX token saw a surge of, over 7% trading at $35.80.