Avalanche [AVAX] continued its massive strides against its peers to join the coveted list of the Top 10 cryptocurrencies. AVAX hit an all-time high of $146.22 on 21st November this year, surging by more than 200% over the course of three months. Following that, the native token has pushed back Elon Musk’s favorite Dogecoin [DOGE] and was trailing ahead by a market cap of $184 million.
The latest surge in the coin’s price action has been attributed to a host of high-profile partnerships. One of them is a deal struck with the leading consulting firm Deloitte by Ava Labs to build more efficient disaster relief platforms. Taking note of the collaboration, the head of institutional sales and over-the-counter [OTC] division at crypto-derivatives exchange FTX, Jonathan Cheesman stated,
“It’s another example of faster, cheaper Ethereum competitors doing well. There’s a huge wealth effect and a lot of opportunistic and mobile capital.”
The project dubbed as ‘The Close As You Go‘ utilizes the layer one blockchain in a bid to enhance security, speed, and accuracy of Federal Emergency Management Agency [FEMA] funding, according to the official report from Ava Labs. Furthermore, the initiative in question will aid state and local government officials to streamline disaster reimbursement applications.
Avalanche’s [AVAX] Stellar Rise
Avalanche has doubled in the past 30 days alone and is up more than 3,000% over a year. Cryptocurrencies noted a highly volatile period as November dawned. AVAX, for one, mostly defied the general market movement to rally and outpace several well-known coins. One of the main catalysts was Ethereum’s high gas fees that have prompted market participants to look for viable alternatives.
The Avalanche Foundation’s Blizzard fund was yet another contributing factor. For the uninitiated, the organization behind the AVAX blockchain had announced raising $230 million from a private sale of the tokens which witnessed the participation of Polychain and Three Arrows Capital.
Trader Joe. who happens to be one of the most popular DeFi projects on Avalanche has increased the network user’s base by a whopping 37% last week. With this, the DeFi service even exceeded well-known players such as Uniswap and QuickSwap decentralized exchanges.