The majority of crypto projects experienced a slight decline, closing November in the red after a month of positive price action. However, one project stood out the most amid the decline – Avalanche (AVAX).
Created by Ava Labs, the blockchain and its corresponding token marked an astonishing price increase in the past 30 days, starting its journey from $57.86 all the way to its all-time high of $146.22 on November 21.
The AVAX price increase makes it one of the only two cryptocurrencies that saw a positive performance, as Crypto.com’s token, CRO also recorded positive price action. Apart from the two projects, all of the top-twenty cryptos either experienced a negative price movement or didn’t move at price.
The surge AVAX did in November managed to push the token past meme tokens like Dogecoin and Shiba Inu in market cap. However, Dogecoin secured a market capitalization of $28.6 billion, as opposed to Avalanche’s $26.8 billion in market capitalization.
Meanwhile, some of the largest tokens like Litecoin and Chainlink have dropped anywhere between 15 and 20 percent in price.
One of the key ingredients in Avalanche’s success is Deloitte adopting the Avalanche blockchain “to help state and local governments easily demonstrate their eligibility for federal emergency funding.”
The Avalanche blockchain will add speed, efficiency, and improved authentication to Deloitte’s Close As You Go (CAYG) system.
Furthermore, Avalanche managed to leverage on the momentum around the blockchain, as the Avalanche Foundation raised nearly a quarter of a billion dollars in September. Avalanche forms as a major Ethereum contender, as it offers substantially lower gas fees, show strong potential in DeFi and NFTs. Also, blockchains like Avalanche engage in more environmentally-friendly transactions and conduct fast transaction times.
For example, Solana pushed itself to be #2 in the NFT market, right behind Ethereum, and Avalanche may soon add itself in the top-three of NFT blockchains.
However, Avalanche’s success doesn’t come with full-force marketing like the Dogecoin and Shiba Inu meme coins. Rather, it focuses on in-depth whitepaper details and building on the chain’s fundamentals like random voting to validate transactions instead of a Proof-of-Work or Proof-of-Stake consensus mechanism.