Avalanche crash challenges market crash to replace Dogecoin as top 10 cryptocurrency

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Avalanche cryptocurrency AVAX is now one of the top ten cryptocurrencies by market capitalization, overtaking the popular meme tokens dogecoin and Shiba Inu in defiance of a broad market Collide It wiped out hundreds of billions in value and saw the prices of major cryptocurrencies like Bitcoin and Ether drop dramatically from near record levels.

key facts

AVAX was trading at around $134 on Monday morning, up about 40% over the past week, according to Queen Gekko.

The rally lifted AVAX’s market cap to just under $30 billion, marginally overtaking Dogecoin as the 10th most valuable cryptocurrency.

AVAX’s high value comes amid a market-wide crash that saw most tokens – including all top 10 cryptocurrencies not tied to other assets: bitcoin, ether, Binance, solana, cardano, XRP and Polkadot – drop by double digits over the seven days. past.

Token Price Rise After Professional Services Firm Deloitte announce Last week it plans to use avalanche technology to build better US disaster relief platforms.

AVAX’s price has more than doubled in the past 30 days and has grown over 3,000% over the course of the year.

What to watch

Dogecoin v AVAX. Cryptocurrencies are a remarkably volatile asset class, and even assets at the top of the market are not immune to extreme and rapid volatility. AVAX and dogecoin have a market capitalization of around $30 billion — with about $200 million separating the two at the time of writing — and are vying for the No. 10 cryptocurrency slot. AVAX has already (briefly) surpassed Dogecoin once before on Sunday When it reached a record high of $144.96, before falling back to No. 11. Dogecoin, along with parody Shiba Inu (Sitting at number 12), perhaps more volatile than most assets, it started out as jokes and gained new life as popular memes.

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AVAX’s gains defies a market-wide meltdown that has seen hundreds of billions of value wiped out from the crypto market. It wiped out some of the gains made during the pandemic – although the market is still much larger than it was before the pandemic – when the sector boomed with an influx of retail investors, a wide range of options for trading cryptocurrencies, growing public and institutional interest in the cryptocurrency and the rising popularity of the cryptocurrency. Shares and meme symbols.

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At its current value, AVAX is valued more than the social media company Pinterest, bank Societe Generale And Southwest Airlines.

in-depth reading

Hundreds of Billions of Major Cryptocurrencies – Including Bitcoin, Ethereum, Solana and Cardano – Fumble in Crypto Crash (Forbes)

Avalanche Launches $220M Crypto Growth Fund Targeting DeFi and NFTs (Forbes)

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