In defiance of a market-wide crash that wiped hundreds of billions of dollars from the value of major cryptocurrencies like bitcoin and ether, the AVAX is now one of the ten largest cryptocurrencies by market cap.
Over the last week, AVAX was one of two top 20 cryptocurrencies to grow.
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The stock was trading at around $134 on Monday morning, a 40% increase over the previous week.
The market cap of AVAX was just under $30 billion, which was marginally more than dogecoin.
All top-ten cryptocurrencies not pegged to other assets have dropped by double-digit percentages over the last year, as a market-wide crash has seen most major token drop.
The price of the token went up after a professional services firm announced plans to use the technology.
Over the past 30 days, the price of AVAX has doubled and grown more than 3000%.
Doge coin vs AVAX. Cryptocurrencies are a volatile asset class and even assets at the top of the market are not immune to wild and rapid fluctuations. Both dogecoin and AVAX have market caps of around $30 billion, and are competing for the number 10 slot. On Sunday, when it reached a record high of $144.96, AVAX overtook dogecoin, which fell back to number 11. Dogecoin and a parody of Shiba Inu are more volatile than most assets, having started off as jokes and taken on new lives as popular meme.
The key background.
Hundreds of billions in value have been wiped out in the market-wide crash. The market is still substantially larger than before the pandemic, but it erased some of the gains made when the sector thrived with an influx of retail investors, a wider array of options to trade digital currencies, growing public and institutional interest in cryptocurrencies and the soaring popularity of meme stocks.
AVAX is more valuable than other companies, such as Southwest Airlines and bank Société Générale.
Hundreds of Billions of dollars were lost in theCryptocurrencies crash.
A $220 million fund is targeting defi and nfts.
