After the AVAX price surged 100% in November, Avalanche squeezed Dogecoin out of the top 10

Avalanche (AVAX) The price has more than doubled since the beginning of November, and it is now the tenth largest cryptocurrency by market value.

After the launch of Dogecoin, AVAX entered the top 10 cryptocurrency index (dog). In doing so, its circulation market valuation reached US$30.6 billion for the first time, while Dogecoin was US$30.3 billion.

AVAX circulation market value. Source: CoinMarketCap

AVAX prices hit a new high

After November 10, the price of AVAX rose while ignoring price adjustments elsewhere in the crypto market.

It is worth noting that Bitcoin (Bitcoin) Has plummeted nearly 20% from its historical high of $69,000, while Ether (Ethereum)-The second-largest cryptocurrency by market capitalization and Avalanche’s biggest competitor-has fallen by 19% from an all-time high of around $4,867.

Nevertheless, their downward sentiment has not affected AVAX in the past 10 days.this Avalanche tokens rise During the price corrections of Bitcoin and Ethereum, they have risen by more than 64%, one after another hitting all-time highs, as shown in the figure below.

Daily price chart of AVAX/USD, BTC/USD and ETH/USD. Source: TradingView

On November 21st, AVAX rose by nearly 25% in two days and reached its best level so far at $141.50.

Deloitte FOMO

In the days before the “big four” accounting firm Deloitte decided to build a disaster relief platform on the Avalanche blockchain platform, AVAX broke the positive correlation between BTC and ETH.

According to Deloitte Press release The “Off Service at Any Time” released on November 17 aims to simplify the “Disaster Compensation Application for Natural Disaster Victims” by summarizing and verifying the documents required for funding.

this High-profile partnership This prompted analysts to expect higher demand for AVAX. AVAX is the basic accounting unit between multiple subnets on the Avalanche platform, and it is also a currency that users can mortgage on the network to obtain passive income.

related: After Deloitte adopted the avalanche soared to new highs-but AVAX prices are at risk

Pseudonym market analyst sequence A rocket emoji was posted on Twitter to indicate its long-term bullish outlook for AVAX, adding that the partnership between Deloitte and Avalanche will lead to more exponential partnerships.

“It may be difficult to grasp the scope of Avalanche,” Seq wrote, adding that despite the launch of only one blockchain, the project has already witnessed “incredible growth.”

Specifically, Avalanche aims to Has multiple chains, Some of them perform core functions, while others are more application specific. At the same time, all non-core blockchains (called subnets) must rely on validators that pledge AVAX on any of Avalanche’s three basic platforms (called P-Chain, X-Chain, and C-Chain) .

In short, the avalanche network.Source: Avalanche Documentation

Seq wrote, “Only the C chain”, and pointed out that it is just an “in [one] There may be countless subnets. “The analyst added:

“We are just touching the surface of its potential, only 14 months away from the mainnet! Avalanche has just begun!”

The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, and you should conduct your own research when making a decision.