News Price Analysis

AVAX Token Continues to Make New All-Time Highs

While the rest of the cryptocurrency market is going through a corrective state, one altcoin has managed to continue its growth despite all the distractions. The altcoin is called AVAX, and it is native to the Avalanche blockchain. During the last 30 days, this token has been appreciated by 85%. At press time, the per-unit cost of AVAX is $97, and its total market cap is $23 billion.

Last Wednesday, the AVAX token managed to register a new ATH after going through a 20% weekly surge. Meanwhile, Bitcoin prices have started to go down rapidly in addition to most of the cryptocurrency tokens. According to market experts, the main reason for the bullish development of AVAX is its partnership with Deloitte, which is a financial services provider.

AVAX Token has Outperformed Major Coins in Performance

The CEO of Stack Funds, Matthew Dibbs, recently commented on the recent market dominance of the AVAX token. He claimed that the Avalanche native token had become one of the fastest layer one solutions in recent times. He further added that the AVAX token has the potential to keep gaining more value and continue to move higher on the current bullish development route.

Dibbs pointed out that during the past two months, the AVAX tokens have managed to continue to keep gaining. He claimed that the blockchain project has decided to partner with the big four accounting firms starting with Deloitte. He opines that the main cause for the price appreciation for AVAX is the corporate partnership.

The Avalanche blockchain is backed by Avalanche Foundation. A few months ago, the AF raised $230 million for starting a new DeFi ecosystem that will boost the liquidity of the network. Last month, the developers on the network founded the Blizzard Investment fund worth $200 million. Another fund called Avalanche Rush concerned with incentivizing liquidity mining is valued at $180 million.

It is worth noting that Avalanche blockchain is used for the creation of custom blockchains on the Ethereum network. Meanwhile, the token AVAX assists with the consensus mechanism and also for making payments on the network. It has become the fifth-largest Layer 1 Ethereum competitor, leaving behind the LUNA token.

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