🎈 Up Big Today: Find today's biggest gainers with our free screenerTry Stock Screener

AVAX leads Layer 1 tokens with a 130% monthly surge

EditorNikhilesh Pawar
Published 11/20/2023, 01:34 PM
NEAR/USD
-
SOL/USD
-
AVAXUSD
-

The Avalanche network has witnessed a significant surge in activity and value, with its native token, AVAX, leading the Layer 1 blockchain tokens with an impressive 130% increase over the past month. CoinGecko data highlights this remarkable growth, which has also seen other prominent tokens such as Solana and Near protocol enjoy gains surpassing 100%.

This surge in value coincides with a peak in network activity for Avalanche, reaching a record of 1.68 million transactions in a single day. The increased interest and usage of Avalanche's platform may be attributed to its recent partnership with JPMorgan. Last week, the banking giant collaborated with Avalanche to explore blockchain interoperability for Project Guardian in Singapore. The partnership has brought attention to Avalanche's attributes, including high transaction throughput and cost-efficiency, as noted by Sei Labs co-founder Jeff Feng.

While AVAX has shown remarkable performance, caution that the token might be overbought, referencing its Relative Strength Index (RSI) readings. Despite this, the broader altcoin market is trending upwards, with Ethereum maintaining its status as the top choice among institutional investors due to its well-established ecosystem and pioneering role in the space.

The collective momentum of Layer 1 blockchain tokens, including AVAX, reflects a growing interest and confidence in the potential of these platforms to offer scalable and efficient alternatives within the cryptocurrency market.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.