AVAX Skyrockets by 85%: Will $50 be Its Next Summit?

• Avalanche (AVAX) Outperforms Market Trends with Impressive Growth
• Avalanche (AVAX) Beating Bitcoin (BTC) in 2023
• Total Value Locked (TVL) and Trading Volume Surge
• Partnerships With JPMorgan and Citi Boost AVAX
• Predictions: Could Avalanche (AVAX) Reach $50?

Avalanche (AVAX) Outperforms Market Trends with Impressive Growth

Experiencing a significant surge, the popular cryptocurrency, Avalanche (AVAX), is currently among the leading performers in crypto markets. The altcoin has witnessed a surge of 14.7% in the past 24 hours and an astonishing 85% over the previous week. On a monthly scale, the token's price has increased by more than 153%. This surge is particularly notable as it occurs while some significant projects are showing a decrease in prices.

Avalanche (AVAX) Beating Bitcoin (BTC) in 2023

Notably, AVAX's growth has surpassed that of Bitcoin$42,260 -0.64% (BTC) in 2023. While BTC's price has risen approximately 150% since January, AVAX has surged by over 280% in the same time frame. It's important to note, though, that the majority of AVAX's price movement happened towards the end of the year, gaining momentum in November and skyrocketing in December.

Total Value Locked (TVL) and Trading Volume Surge

Data from DefiLlama further highlight Avalanche's growth. Since September 12, AVAX's TVL has increased from $490 million to $894 million, demonstrating an 82% growth. Simultaneously, the token's trading volume surged by a staggering 2436%.

Partnerships With JPMorgan and Citi Boost AVAX

Industry analysts speculate that the latest surge in AVAX could be attributed to its recent partnerships with financial giants, JPMorgan and Citi. Ryan Mcmillin, Chief Investment Officer at Merkle Tree Capital, has suggested that these partnerships have significantly bolstered AVAX's price. He cited the increase in daily transactions from roughly $200,000 to a whopping $4.5 million over a few days, and a steady upward trend in daily active addresses as indicators of this strength.

Predictions: Could Avalanche (AVAX) Reach $50?

The crypto market is currently echoing Bitcoin's (BTC) trajectory, suggesting a potential correction in Avalanche's (AVAX) price soon. However, some commentators argue that AVAX was undervalued before its latest surge, suggesting that even if a correction occurs, the token may stabilize at its current levels.

Yet, due to its partnerships with JPMorgan and Citi, AVAX could continue its upward trajectory. If the rally persists, the next target price could be set at $50. As one of the world's leading financial institutions, these partnerships may continue to spur AVAX's growth.

Edited by Jonathan Stoker