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Avalanche (AVAX) price is up, but do fundamentals support the rally?

Published 02/07/2023, 01:30 PM
Updated 02/07/2023, 03:00 PM
© Reuters.

Avalanche (AVAX) witnessed a meteoric start to 2023, gaining 98% in 30 days, and traders are now curious about whether the rally will extend throughout February. AVAX’s year-to-date gains for 2023 have outpaced those of Bitcoin (BTC) and Ether (ETH).

Recent reasons for AVAX’s rally can be attributed to an Amazon (NASDAQ:AMZN) partnership announcement on Jan. 11. The partnership is meant to easily deploy nodes on the Avalanche blockchain with Amazon Web Services (AWS). Ava Labs, which supports the Avalanche ecosystem, hopes the partnership increases blockchain usage for enterprises and governments.

Avalanche network fees and AVAX price. Source: TokenTerminal
Top blockchains sorted by fees. Source: TokenTerminal
Active addresses and transactions. Source: Avalanche
Blockchains sorted by daily active users, Source: TokenTerminal
Top Avalanche DApps. Source: DefiLlama
DEX activity by blockchain. Source: DefiLlama

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