Large Transactions and Tokenization Drive AVAX Growth Above 82% in Seven Days

cryptonews.com:

The cryptocurrency market continues to experience rapid price surges and slight corrections in recent weeks setting the tone for more decentralized finance (DeFi) transactions as the market rebounds.

Among altcoins, Avalanche (AVAX) maintains its bullish momentum becoming the biggest gainer in the last 24 hours amid market corrections after the previous week’s highs.

At press time, AVAX trades for $40.73, a 16.96% increase in the past 24 hours and a 17% increase in its market capitalization standing at $14.9 billion.

In the last seven days, the asset has surged over 82% and 118% during the past 30 days as the wider market extended gains recorded this year wiping out losses in the bear market.

So far, AVAX has notched a year-to-date (YTD) increase of 275% with more positive sentiments seen by bulls after its recent token unlock event which released $213 million worth of assets to the market.

A significant factor behind the surge of Avalanche in recent weeks is the increase in the number of transactions above figures recorded earlier in the year.

Data from IntoTheBlock shows almost 1000 AVAX transactions that exceeded $100,000 although behind the bull run of 2021. Despite this, it is a huge indicator of an upward movement as it continues to defy any price correction.

The on-chain analysis firm wrote on X (formerly Twitter) “The number of large $AVAX transactions is on the rise, peaking at nearly 1000 transactions bigger than $100k last week. While this is still not close to levels of the last bull market, it is a positive sign for the bulls.” 

More on-chain metrics continue to point upward for the layer 1 blockchain as transactions in the last seven days peaked at 1.93 million rising uniformly with total addresses growing to 6.12