{"id":88138,"date":"2023-12-12T11:25:03","date_gmt":"2023-12-12T09:25:03","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=88138"},"modified":"2025-09-13T16:10:46","modified_gmt":"2025-09-13T13:10:46","slug":"avax-gains-17-in-24-hours-as-analysts-explain-drivers-behind-the-rise","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/avax-gains-17-in-24-hours-as-analysts-explain-drivers-behind-the-rise\/","title":{"rendered":"AVAX gains 17% in 24 hours as analysts explain drivers behind the rise"},"content":{"rendered":"

Amid the broader market downturn, the price of the native token of the Avalanche blockchain (AVAX) rose 17% in 24 hours to $42.<\/p>\n

\"Snimok-ekrana-2023-12-12-v-11.23.31\"
AVAX and other assets dynamics. Data: CoinGecko.<\/figcaption><\/figure>\n

Against the sharp price rally, the asset entered the top 10 by market capitalization at about $15 billion. The coin’s 24-hour trading volume stood at $3.1 billion.<\/p>\n

AVAX outpaced all other altcoins and gained 86% over the week.<\/p>\n

Some analysts say the rise is linked to recent project announcements about partnerships, higher trading volumes and the total value locked (TVL) in the ecosystem, while others suggest a shift in altcoin liquidity distribution.<\/p>\n

According to Merkle Tree Capital’s chief investment officer Ryan McMillan, the bulk of the AVAX hype may be tied to joint initiatives with financial giants JPMorgan<\/a> and Citi<\/a> in the tokenization real-world assets<\/a>.<\/p>\n

\n

\u00abLately, AVAX’s strength appears tied to a sharp uptick in daily transaction volume, from roughly $200,000 to $4.5 million, while the number of daily active addresses also shows a sustained upward trend,\u00bb McMillan added.<\/p>\n<\/blockquote>\n

According to DeFi Llama<\/a>, TVL<\/span> in the blockchain grew by 82% \u2014 from $490 million to $935 million \u2014 over the last three months, while the trading volume of AVAX tokens over the same period jumped 2436%.<\/p>\n

\"AVAX
Trading volume and TVL of Avalanche. Data: DeFi Llama.<\/figcaption><\/figure>\n

On December 11, Trader Joe\u2019s \u2014 the largest decentralized exchange on Avalanche \u2014 reached $1.23 million in fees, and revenue stood at $145,000. This was the second-highest platform metric of the year. The JOE token rose more than 41% over the week.<\/p>\n

CoinShares\u2019 head of research James Butterfill wrote in a report that AVAX and SOL had shown themselves as \u201cstrong favorites\u201d over the past week.<\/p>\n

However, YouHodler\u2019s head of markets Ruslan Lienha predicted<\/a> that the token could soon face a correction, and the current rise is likely temporary.<\/p>\n

\n

\u00abWe have observed that AVAX correlates with major cryptocurrencies like Bitcoin, but reacts with a lag, so we believe this rally is not an exception, and in the end the asset will follow their momentum\u00bb, the expert noted.<\/p>\n<\/blockquote>\n

Separately, Cardano\u2019s ADA token showed less activity but also managed to weather the correction. In the last 24 hours, ADA rose to $0.58, up 5%.<\/p>\n

\"AVAX
15-minute ADA\/USDT chart on Binance. Data: TradingView.<\/figcaption><\/figure>\n

ADA\u2019s market capitalization also rose to $20.4 billion with a trading volume of $1.1 billion.<\/p>\n

Earlier, experts explained<\/a> the dip of Bitcoin below $42,000. Some analysts saw the correction as a chance for altcoins.<\/p>\n

On December 6, the meme token DOGE reached a yearly high<\/a> of $0.102 on its tenth anniversary.<\/p>\n","protected":false},"excerpt":{"rendered":"

Amid the broader market downturn, the price of the native token of the Avalanche blockchain (AVAX) rose 17% in 24 hours to $42.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[20,1413,1150,596],"class_list":["post-88138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-altcoins","tag-avalanche-avax","tag-news-plus","tag-tokens"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/88138","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=88138"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/88138\/revisions"}],"predecessor-version":[{"id":88139,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/88138\/revisions\/88139"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=88138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=88138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=88138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}