Avalanche ($AVAX) Surges 400% in Two Months

Avalanche (AVAX) outperforms majority of large-caps, jumps to pre-LUNA-collapse levels.
After a marvelous 30% upsurge last week, AVAX replaced Dogecoin (DOGE) as the ninth largest cryptocurrency asset.

Its upsurge is driven by a combination of long-term and short-term catalysts as AVAX outperforms almost all large-cap altcoins.

Avalanche (AVAX) price rally expands The price of Avalanche (AVAX), the core native asset of the eponymous blockchain network, set a new local high at $44 on major spot exchanges today, Dec. 16, 2023. Last time AVAX was so expensive on May 8, 2022, before the ecosystem of Terra/Luna collapsed. As such, today marks an 83-week high for the AVAX price.

Last week, AVAX became the fastest-growing altcoin in the top 20 of the largest assets; in the top 30 of CoinMarketCap it was only surpassed by Internet Computer (ICP). In the last 24 hours, $4.88 million of AVAX positions, mostly shorts, were liquidated. The largest single liquidation was registered on OKX in an AVAX-USDT short and exceeded $128,000 in equivalent.

In the last two months, the total value locked (TVL) in Avalanche-based decentralized finance (DeFi) protocols almost doubled: It soared from $487 million to $949 million. Benqi, Trader Joe, Aave and GMX are the largest and fastest-growing DeFis in the ecosystem.