Over the past week, the price of the cryptocurrency Avalanche (AVAX) has increased by 60%. This is the highest level since May 2022.
At the beginning of the week, the AVAX exchange rate started to decline, parallel to the drop in Bitcoin (BTC) below the $41,000 mark, which also led to a decrease in other cryptocurrencies due to increased selling pressure.
Over the last 30 days, the market capitalization of AVAX has increased by 166% and reached $13.58 billion. Currently, the price of AVAX stands at $37.05.
It is important to note that by December, 78% of addresses in the network had become profitable, whereas in August, many Avalanche holders incurred losses.
According to data from the IntoTheBlock platform, 21% of AVAX wallets are still in a loss.
In October, the cost of the cryptocurrency fluctuated between $20 and $24, but in November, there was a sharp increase in investments.
In early December, major investors conducted nearly 1000 transactions with amounts exceeding $100,000, contributing to the increase in the altcoin's value.
It is also important to note that major banks such as Bank of America, Citi, and JP Morgan are exploring the possibilities of using the Avalanche blockchain for asset tokenization.
Analysts at Bernstein expect an increase in demand for AVAX and further growth in the value of this network's underlying digital asset.
