One of Ethereum’s rivals, layer one blockchain crypto, Avalanche AVAX has jumped up by a huge 105% in the last month, making its way into the top 10 cryptocurrencies, following its rapid protocol and increasing activities in the blockchain.

Avalanche’s strength in innovation justifies its rapid rise in the cryptocurrency market. It is trading at $25.76 with a 15.27% increase in market capitalization and an 184.91% increase in trading volume in the past 24 hours. With this increase, the market cap of Avalanche AVAX  reached $9.41 billion making it among the top 10 cryptocurrencies based on market capitalization. This growth has pushed Avalanche AVAX ahead of Torn in terms of market capitalization and hit its highest price since August 2022. Avalanche is showing its resilience even in adverse situations for cryptocurrencies through its technological advancement and market relevance. 

Avalanche’s ascent is not only limited to price surges, its on-chain transactions recorded an all-time high, reaching 3.07 million. There is little contribution of Ordinal inscriptions. In addition, the trending social protocol Stars Arena has also contributed to the growth of the Avalanche blockchain ecosystem. Being part of JPMorgan’s experiment proves the network has the potential to step into the global financial world, showing its special value.

Avalanche entering the top 10 cryptocurrencies signifies more than just its price rise. It reflects the market recognition of the value of quick and effective blockchain networks and their potential to transform various industries. Yet, traders will keenly watch for signs that the challenging phase in the crypto market, known as the crypto winter, might be ending, which could further bolster growth.