This summary text is fully AI-generated and may therefore contain errors or be incomplete.
AVAX, the native token of Avalanche, has emerged as the best performer among the top 20 cryptocurrencies in the past month. With a remarkable 138% gain since November 12, AVAX has secured a spot in the top ten cryptos list. This bull run is primarily driven by institutional investors, as transactions worth over $100,000 have surged. The ecosystem’s applications have also experienced a significant increase in usage.
While smaller altcoins have been leading the current bull cycle, Avalanche stands out as an exception. AVAX has become the fourth-best performer among the top 100 cryptos and the best among the top 20 cryptocurrencies. Despite a slight retracement, AVAX has been on an impressive run, surging 93% in the past month and 138% since November 12.
The recent price surge is attributed to several factors, including a rise in institutional investors. According to blockchain analytics platform IntoTheBlock, the number of large whale-like transactions on AVAX has surged, indicating renewed support from big investors. Furthermore, the platform suggests that AVAX still has room to grow, as the number of large transactions has not yet reached previous high levels.
In addition to institutional investors, Avalanche is also attracting users and retail investors. The number of users on the ecosystem’s applications is a key metric to gauge this interest, and Avalanche is thriving in this aspect as well. Trader Joe, the largest DeFi platform in the Avalanche ecosystem, has witnessed a rise in fees and revenue since December 1st, indicating increased trading activity.
Overall, Avalanche’s ecosystem is thriving, pushing AVAX to new heights. The total value locked on the chain has increased by 37.47% in the past month, reaching $841 million. This makes Avalanche the seventh-largest player in the industry, surpassing other major players like Cardano. CoinShares’ data also confirms the growing interest in Avalanche among institutional investors, with AVAX being one of their favorite altcoins in the past month.