AVAX emerges from undervalued obscurity in crypto markets 79% weekly gain

Avalanche (AVAX), a cryptocurrency that has been turning heads recently, stands out as one of the few digital assets that managed to thrive in a bearish market. While major cryptocurrencies like Bitcoin and Ethereum faced a 6% decline in December, AVAX surged, posting an impressive 13.6% gain in just 24 hours, according to CoinGecko data.

Timeline of Avalanche

Institutional investors are waiting on the sidelines for more crypto regulations, according to the chief strategy officer of market intelligence firm CoinShares. Bitcoin (CRYPTO: BTC) has surged over 14% this week and hovering around $44,000, a stark contrast to its position in January.

Early on Monday, a swift correction erased billions from the crypto market, causing major tokens to lose up to 10% in value within half an hour. As of December 11, 2023, almost all top 20 coins by market cap were in the red for the past 24 hours.

Starting the week in a bearish mode, Bitcoin tumbles down to the $42K support with a double top reversal in the 4H chart. As the BTC price fails to cross the $45K barrier, Altcoins will enter a short pullback phase and take a short step back.

Avalanche, the fourth-generation proof-of-stake (PoS) blockchain, incurs significant costs to incentivize its validators. Token Terminal data on December 7 shows that in the past year, the smart contract platform paid over $275 million in AVAX to compensate its validators despite generating only $11.5 million in user fees.

Avalanche (AVAX) is proving yet again how a cryptocurrency can be completely revived and placed on a rare growth pedestal. The proof-of-stake (PoS) protocol, described as the fastest in the industry in terms of Time to Finality, has entered into the top 10 list of cryptocurrencies by market capitalization after its resounding 105% growth over the past month.

Analysts suggest that if the current uptrend can be sustained above $25, the Avalanche market price may likely reach the next target of $30. AVAX Price Surges Amid Market Recovery: Eyes Set on $30 As the market recovery gains momentum each day, altcoins, including AVAX, are extending their bullish trends.

Avalanche (AVAX) has maintained uptrends lately, outshining assets such as Chainlink and Tron to join the top ten crypto tokens by market capitalization. Ranking 10th, AVAX gained 16% within the past day to extend its 22% weekly surge. Avalanche traded at $25.

Notably, Avalanche also experienced a substantial increase in NFT (Non-Fungible Token) sales volume. The Dokyo collection alone achieved a volume surpassing $1.4 million, contributing to Avalanche's highest NFT sales volume in three months.

The Avalanche (AVAX) price has performed reasonably well this year, going from a low of around $9 to as high as $24 before correcting back downward. Since the correction, the altcoin has been trading in a tight range around $20 and $21.

Avalanche price has displayed significant price action recently as the token gained over 7% in value within the past day, and has doubled the net worth of its investors during the past month by adding 102% in value over the past 30 days.