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This Ethereum’s rival has skyrocketed 100% in a month; Here’s how

This Ethereum’s rival has skyrocketed 100% in a month; Here’s how

While Ethereum (ETH) has started to write down losses in recent days, its rival cryptocurrency, Avalanche (AVAX), has moved in the opposite direction, not only advancing 38% in the week during which Ethereum declined over 4% but also skyrocketing over 100% in the last month as its competitor only gained 6%.

Indeed, Avalanche has made some impressive gains in recent weeks, briefly crossing the important psychological threshold at $40 before reverting back below it, but not without making its mark in the currently lagging market that has also seen Bitcoin (BTC) drop nearly 7% in the last week, as per data on December 13.

Speaking of the flagship decentralized finance (DeFi) asset, Avalanche has also surpassed its performance, with an impressive yearly return of more than 200%, according to the recent chart information shared by the blockchain and crypto market analytics platform IntoTheBlock on December 12.

AVAX performance vs. other cryptos. Source: IntoTheBlock

Furthermore, Avalanche has earlier recorded a significant increase in the number of large transactions of its token, peaking at almost 1,000 transactions larger than $100,000 in the week leading up to December 11, which the analytics company referred to as a “positive sign for the bulls.”

Number of large AVAX transactions. Source: IntoTheBlock

Avalanche price analysis

At press time, Avalanche was changing hands at the price of $36.44, which suggests a decline of 9.63% in the last 24 hours but nonetheless an increase of 41.65% across the previous seven days, in addition to making the impressive advance of 102.22% in the past month, as the latest charts demonstrate.

Avalanche 30-day price chart. Source: Finbold

Overall, Avalanche has made some surprising movements despite the crypto sector’s slightly bearish turn, suggesting even more strength for the currently ninth-largest digital asset in the long run, making AVAX one of the top three DeFi projects to buy right now, next to Ethereum and Solana (SOL).

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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