- After doubling in price this month, avalanche is neck-and-neck with dogecoin to be the tenth biggest crypto by market value.
- The coin has risen by 50% to record highs since announcing a partnership with Deloitte last week.
- Most of the other major cryptocurrencies like bitcoin, dogecoin and XRP are on track for a loss this month.
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Avalanche’s avax token is putting on a stellar performance this month, fueled by development deals and general optimism around the network’s decentralized finance potential and it’s now vying with dogecoin to become one of the top 10 most valuable cryptocurrencies.
Avax has gained over 100% so far in November, bringing its total market capitalization to around $29.8 billion, while dogecoin, which has lost over 11% this month, has a market cap of around $29.5 billion, according to Coinmarketcap.
Avalanche launched avax last year as part of its mission to expand the blockchain’s DeFi capabilities, including smart contracts and other applications, rivalling the bigger ethereum network. Avax has rallied this year along with the rest of the crypto complex, but what gave it this most recent boost was its tie-up with “Big Four” accounting firm Deloitte.
“Avalanche has climbed 37% over the last 7 days whilst the rest of the top 10 cryptos have seen red. The significant driving factor for AVAX’s entrance into the top 10 was the partnership with Deloitte, one of the “Big Four” accounting organizations and the largest professional services network in the world,” GlobalBlock sales trader Freddie Williams said.
Avalanche developer Ava Labs announced last Tuesday that it would partner with Deloitte to help simplify reimbursement applications for victims of natural disasters.
Avax has rallied by almost 50% since then and was last up around 1.5% in 24 hours to $136.50 by 06:01 a.m. ET on Monday, according to Coingecko. Bitcoin meanwhile has lost almost 5% in that time, while dogecoin has shed around 6% and ether has fallen by 2%.
“The new platform gives state and local officials a decentralized, low-cost and fully immutable system that empowers both the grant funders, and the aid recipients, while using the transparency of blockchain to minimize fraud, waste and abuse,” Emin Gün Sirer, Ava Labs founder, tweeted Tuesday.
Most major digital coins have come under fire this month, as factors such a stronger dollar, more evidence of China’s crackdown on the sector and the potential for higher taxes on cryptocurrencies stemming from the new US infrastructure bill have weighed on the market.