- After the price doubled this month, the avalanche has turned volatile with Dogecoin being the tenth largest cryptocurrency by market capitalization.
- The coin has surged 50% to record highs since announcing a partnership with Deloitte last week.
- Most of the other major cryptocurrencies such as Bitcoin, Dogecoin and XRP are on their way to lose this month.
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Buoyed by development deals and general optimism about the network’s decentralized finance potential, Avalanche’s Avax token is now vying with dogecoin to become one of the 10 most valuable cryptocurrencies.
Avax has gained more than 100% so far in November, bringing its total market capitalization to about $29.8 billion, while Dogecoin, which has lost more than 11% this month, has a market capitalization of about $29.5 billion, according to Coinmarketcap.
Avalanche launched last year as part of its mission to expand the capabilities of the DeFi blockchain, including smart contracts and other applications, rivaling the larger ethereum network. Avax has risen this year along with the rest of the crypto pool, but what has given it this latest boost is its association with Deloitte’s “Big Four” accounting firm.
“The avalanche rate is up 37% over the past seven days while the rest of the top ten coins have seen red. The main driving factor for AVAX entering the top ten was the partnership with Deloitte, one of the ‘Big Four’ accounting firms,” said Freddy Williams, sales trader. Global Block, “The World’s Largest Professional Services Network”.
Avalanche developer Ava Labs announce Last Tuesday it will partner with Deloitte to help simplify reimbursement requests for victims of natural disasters.
Avax is up nearly 50% since then and was last up about 1.5% in 24 hours to $136.50 by 06:01 AM ET Monday, according to Coingecko. Meanwhile, Bitcoin has lost nearly 5% in that time, while dogecoin is down about 6% and Ether is down 2%.
“The new platform provides government and local officials with a decentralized, low-cost, and completely immutable system that empowers both grant funders and aid recipients, while using blockchain transparency to reduce fraud, waste and abuse,” Emin Gün Sirer, founder of Ava Labs, Tweet Tuesday.
Most of the major cryptocurrencies have come under fire this month, as factors such as the strength of the dollar, more evidence of a Chinese crackdown on the sector and the potential for higher taxes on cryptocurrencies arising from the new US infrastructure bill, weighed on the market.