AVAX hit a new all-time high a few hours ago after a massive investment in Avalanche.
AVAX sets a new all-time high at $68
AVAX (the native coin of the Avalanche network) has touched a new all-time high a few hours ago. The coin’s price has been up by more than 50% over the past seven days and reached a new all-time high of $68.34 a few hours ago.
The rally was primarily caused by the $230 million the Avalanche Foundation received from some investors yesterday. The fund was received from a venture capital group spearheaded by Polychain and Three Arrows Capital.
According to Avalanche, the investment is designed to support the growth of the DeFi ecosystem on the blockchain and their ever-expanding list of applications on the network. Emin Gün Sirer, director at the Avalanche Foundation, said, “Avalanche has quickly turned promise and potential into real-world impact and value creation for DeFi users and developers. The community of builders rallying around the network is a testament to its competitive edge, and there is still so much potential yet to be tapped at the intersection of institutional and decentralized finance on Avalanche.”
In the past month, AVAX’s price has been up by 171%. AVAX’s rally comes while the broader cryptocurrency market is experiencing a bearish run. Bitcoin and the other major cryptocurrencies are currently recording losses.
AVAX takes the 11th position in the market
The recent rally by Avalanche saw its token, AVAX, become the 11th-largest by market cap. According to CoinGecko, AVAX has surpassed the likes of Chainlink (LINK), Litecoin (LTC) and Bitcoin Cash (BCH) in recent days.
Yesterday, Kyber Network launched its automated market maker (AMM) on Avalanche. The platform said it wants to enable dynamic fees and higher capital efficiency for decentralized finance (DeFi) users on Avalanche. Kyber’s Dynamic Market Maker protocol is already present on Ethereum, Polygon and Binance Smart Chain (BSC).