Avalanche Captures 37% in 24 Hours, AVAX Increases 200% in Value Over the Last Month

On August 19, the cryptocurrency avalanche (AVAX) saw double-digit gains during the last 24 hours jumping 37% in value. Avalanche has spiked 209.26% during the last month and has been changing positions between the 29th and 27th crypto asset by market capitalization over the last three days.

AVAX Jumps 37% in 24 Hours

A number of different digital assets are seeing gains while the most well-known and popular crypto assets have dropped in value. Crypto tokens like audius (AUDIO), arweave (AR), solana (SOL), Terra (LUNA), and avalanche (AVAX) have spiked in value considerably over the last week.

AVAX has managed to be the second-largest gainer on August 19, climbing 37% in value on Thursday. AVAX trades for prices between $28 and $32 today and the token has increased by 84.3% during the last seven days.

Avalanche developers believe the project is one of the fastest smart contract blockchains that allows for permissionless applications like decentralized finance (defi). Alongside this, Avalanche allows for apps such as decentralized exchange (dex) platforms, while also allowing participants to stake, lock up liquidity, and help the network process transactions.

Avalanche was spearheaded by software developer and Cornell professor Emin Gün Sirer. He is the founder of Avalanche and the CEO of the smart contracts blockchain. However, the Avalanche concept has been anticipated since May 2018 when a white paper was published by an anonymous group of developers called “Team Rocket.”

The Avalanche paper claims to go beyond Satoshi’s invention, often referred to as “Nakamoto Consensus,” as concepts like Avalanche introduce “a new family of leaderless Byzantine fault tolerance protocols, built on a metastable mechanism.” When the coin’s initial sale happened the token sale was hit by a “coordinated and highly-sophisticated DDOS attack,” according to Gün Sirer’s tweet at the time.

Top Avalanche Trading Pairs Today Include Tether and the Turkish Lira

Today, the avalanche (AVAX) token has a $5.37 billion market valuation which is 0.28% of the entire crypto market economy’s capitalization of $1.99 trillion. Cryptocompare statistics show that tether (USDT) makes up 75% of the AVAX trades on Thursday and the Turkish lira (TRY) captures 8.7%.

Avalanche’s two top pairs are followed by BTC (8.20%), BUSD (4.13%), and ETH (1.79%) in terms of the AVAX token’s top trading pairs on August 19. The U.S. dollar commands 0.36% of today’s AVAX trades while the euro (EUR) commands 0.75% of avalanche token swaps.