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Highlights
- Avalanche’s (AVAX) most recent gains have pushed it into the top ten cryptos by market cap, leapfrogging popular meme token, Dogecoin
- AVAX has risen from around US$37 on September 8 to its current price of US$132 – a rise of around 257%
- Avalanche received a boon last Tuesday when developer Ava Labs announced that it would partner with accounting firm, Deloitte
The latter half of 2021 has seen a resurrection of Bitcoin – and with it, a host of altcoins.
One of these is the utility blockchain, Avalanche (AVAX), which has almost quadrupled its price since September.
The token’s most recent gains have pushed it into the top ten cryptos by market cap, leapfrogging popular meme token, Dogecoin.
But what is Avalanche? And what’s the reason for its impressive gains in the past few months?
What Is Avalanche?
Avalanche was designed to unseat Ethereum as the most popular blockchain for smart contracts by having a higher transaction output while not compromising scalability.
Ethereum, which is the second-largest crypto, has experienced difficulties because of its dated platform, meaning higher transaction rates for users.
Although Ethereum’s planning an upgrade to improve its scalability, delays have pushed users to competing platforms like Solana (SOL), Polkadot (DOT) and Avalanche.
The Emergence
AVAX began the year valued at US$3.66 and rose to around US$40 before the mid-year crash, which saw a trillion dollars wiped off the total crypto market.
While some cryptos lost half their value during the midyear crash, AVAX was comparatively less affected and, by August, was still well above its beginning of the year price.
However, the past few months, in particular, have seen AVAX soar, rising from around US$37 on September 8 to its current price of US$132– a rise of around 257%
In November alone, which has seen Bitcoin lose more than US$10,000, since reaching a new all-time high, Avalanche has risen nearly 100%.
Partnership With Deloitte
Avalanche received a boon last Tuesday when developer Ava Labs announced that it would partner with accounting firm, Deloitte, to help simplify reimbursement applications for victims of natural disasters.
Deloitte is considered one of the “big four” accounting organisations globally and the largest professional services network in the world.
The announcement has, no doubt, boosted AVAX’s profile as it has rallied from around US$84 last Tuesday to US$132.16, where it sits at the time of writing.
The Verdict
While many cryptos have seen a decline in the past two weeks, Avalanche’s timely announcement has more or less kept it immune from a similar dip.
Whilst that could mean a delayed dip for AVAX, its partnership with Deloitte might keep it in good stead with investors.
