Avalanche (AVAX) is among the many best-performing cryptocurrencies proper now. The fashionable altcoin has surged 14.7% within the final 24 hours and 85% over the earlier week. Moreover, the token’s worth has risen by over 153% within the month-to-month charts. AVAX’s newest surge comes amid different important tasks dipping in costs.
Avalanche (AVAX) has even outperformed Bitcoin (BTC) in 2023. Since January, BTC’s worth has risen by about 150%. On the opposite hand, AVAX has surged by over 280% in the identical timeframe. However, one ought to notice that AVAX’s worth didn’t make a lot motion for many of the 12 months. The token’s worth started to realize traction in November, and in December, the value skyrocketed.
Moreover, in line with DefiLlama, since Sept. 12, Avalanche’s (AVAX) TVL (Total Value Locked) has surged from $490 million to $894 million, an 82% development. At the identical time, the token’s buying and selling quantity surged 2436%.
Some analysts consider that Avalanche’s (AVAX) newest surge may very well be on account of its latest partnership with JPMorgan and Citi. According to Ryan Mcmillin, the chief funding officer at Merkle Tree Capital, AVAX partnering with the monetary heavyweights has considerably helped its worth. Mcmillin added, “More lately, the power of AVAX seems to be to be related to a spike in every day transactions from round $200,000 to $4.5 million during the last couple of days, every day energetic addresses have additionally seen a strong pattern to the upside.“
Can Avalanche (AVAX) hit $50 subsequent?
The cryptocurrency market is at present following Bitcoin’s (BTC) trajectory. Hence, we might even see a correction in Avalanche’s (AVAX) worth quickly. However, some analysts have mentioned AVAX was undervalued earlier than its newest surge, which may imply that the token might consolidate at present ranges if it doesn’t face a correction.
However, there’s a chance that Avalanche (AVAX) may proceed rallying on account of its partnerships with JPMorgan and Citi, a number of the most vital monetary establishments on the earth. If the rally continues, we may set a goal of $50 for the subsequent leg.
