Even as the crypto world witnessed turbulence in the past nearly two weeks with over $300 billion lost in market value, Avax – the native token of smart contract blockchain platform Avalanche has been a big outlier. The altcoin’s price has jumped from around $90 to $137, at the time of filings this report, data from CoinMarketCap showed. The market cap was up 51 per cent from around $20 billion to $30.34 billion on Sunday afternoon, making it the 11th largest crypto in the world and surpassing Shiba Inu’s $25.4 billion market cap.
The decline in the crypto world over the past seven days involved all leading coins including Bitcoin, which had slipped below $60,000 market, except Tether and USD Coin — the fourth and nineth largest cryptos respectively that have remained in green.
Avalanche is a layer one blockchain that functions as a platform for decentralised applications and custom blockchain networks, according to CoinMarketCap. Importantly, the price-tracking website said that it is one of Ethereum’s rivals, aiming to unseat Ethereum as the most popular blockchain for smart contracts. Avalanche aims to do so by having a higher transaction output of up to 6,500 transactions per second while not compromising scalability.
Also read: Bitcoin slips below $60,000 after record surge; Ethereum, other altcoins also see double-digit drop
The jump in Avalanche has reportedly come on the back of its developer Ava Labs partnership with Deloitte. “Ava Labs is thrilled to announce its partnership with Deloitte to build more efficient disaster relief platforms using the Avalanche blockchain. This effort combines the speed, resilience and adaptability of Avalanche, and Deloitte’s Fortune 100 enterprise knowledge,” Ava Labs co-founder and Cornell University professor Emin Gün Sirer said on Twitter last Tuesday.
The new platform gives state and local officials a decentralised, 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, Sirer added. Last Wednesday, Binance.US — the US arm of crypto exchange Binance, had announced that it would list Avalanche on November 18 and open trading on open trading on AVAX/USD and AVAX/USDT. According to CoinMarketCap, the total supply of AVAX is 720 million.