The 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 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 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.
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