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Highlights
- AVAX is the native token of the Avalanche blockchain network.
- It grew more than 2,774.4% in one year.
- The token surged on news of the integration of Circle’s USDC on its platform on Tuesday, December 14.
In the unsteady crypto market, Avalanche is up today. The AVAX price surged more than 10% in the last 24 hours and traded at US$89.58 at 8:25 am ET, Wednesday, December 15, against an overall downward trend in the crypto market. AVAX is the native token of the Avalanche blockchain.
The AVAX price started increasing after Circle announced deploying its USDC stablecoin on Avalanche. Circle is a peer-to-peer payments technology company and the issuer of the USDC stablecoin.
Avalanche is a smart contracts platform to build DApps in the blockchain industry. Here, the proof-of-stake protocol activity is validated by a large number of validators. As its site claims, the Avalanche network has fast confirmation times and low transaction fees besides being climate-friendly.
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Circle and Coinbase, the crypto exchange, launched USDC in 2018 jointly. USDC is now supported on seven blockchains, including its latest integration on Avalanche. The other blockchains are Ethereum, Solana, Algorand, Stellar, TRON, and Hedera Hashgraph.
With the Avalanche network, which is compatible with Ethereum’s smart contract standards, more developers will be able to build eco-friendly decentralized applications (DeFi). A few of the existing DeFi applications on its platforms are Pangolin and Trader Joe.
Earlier, users had to pay a high fee to Ethereum’s bridge tokens for using USDC on Avalanche. Now they can use stablecoin directly on Avalanche at a lower transaction fee.
Avalanche was founded in 2018 and is headquartered in Singapore. It has around 11-50 employees.
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*Data provided by CoinMarketCap.com
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Price Performance:
Its current market capitalization is US$21,78 billion, and its fully diluted market cap is US$35,71 billion. Its 24-hours volume is US$1,34 billion. It has a circulating supply of 243,158,219.01 AVAX, and the total supply is 395,297,093.
It reached an all-time high at US$144.96 on November 21, 2021, and an all-time low at US$2.80 on December 31, 2020, as per coingecko.com. The token is still trading at a 38.2% low from its ATH but has made good growth of around 3,000% since its all-time low price.
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Where to buy?
AVAX price pairs can be purchased from Coinbase, Huobi Global, Binance, Gate.io, Bitfinex, Kucoin etc.
Avalanche started growing since its announcement of a liquidity mining program and funding round this year. The token gained 2,774.4% in one year and 0.3% in the last seven days.
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Why is Avalanche (AVAX) surging as the crypto market sinks?
Bottom line
Investors must understand and analyze cryptos carefully before just putting in their money. The crypto market is highly volatile. Before any investment, much research is merited.
