Avalanche (AVAX) is now the 10th largest cryptocurrency by market capitalization after doubling in price since the beginning of November.
AVAX entered the top 10 cryptocurrency index after displacing Dogecoin (DOGE). In doing so, its outstanding market valuation reached $ 30.6 billion for the first time, compared to $ 30.3 billion for Dogecoin.
AVAX price hits another record high
AVAX price rose, ignoring price corrections in other parts of the cryptocurrency market after November 10.
In particular, the price of Bitcoin (BTC) plunged nearly 20% from its all-time high of $ 69,000, and Ether (ETH) —The second largest cryptocurrency by market capitalization and Avalanche’s main competitor— down 19% from its all-time high near $ 4,867.
However, the bearish sentiment of those currencies has not affected the price of AVAX in the last 10 days. The Avalanche token is up more than 64% in the Bitcoin and Ethereum price correction period, hitting one all-time high after another., as shown in the following graphic.
On November 21, AVAX reached $ 141.50, its best level to date., after rising almost 25% in two days.
The Deloitte FOMO
AVAX broke its positive correlation with BTC and ETH in the days leading up to the “Big Four” accounting firm Deloitte’s decision to build its disaster relief platforms on top of the Avalanche blockchain platform.
According to a Deloitte press release published on November 17, The “Close as You Go Service” aims to simplify “disaster reimbursement applications for victims of natural disasters, adding and validating the documentation required for financing “.
High-level partnership prompted analysts to anticipate increased demand for AVAX, which functions as the basic unit of account between the multiple subnets of the Avalanche platform and as a currency that users could use for staking on the network to obtain passive income.
The market analyst whose pseudonym is I know that, tweeted a rocket emoji to indicate his long-term bullish outlook for AVAX, adding that Deloitte’s partnership with Avalanche would allow for more exponential alliances.
“It can be difficult to understand the scope of Avalanche,” Seq wrote, adding that the project has seen “incredible growth” despite having launched only one blockchain.
Deloitte, the largest professional services firm in the world, spanning 150 countries & 20K professionals, provide consultancy & delivering solutions for enterprises, including 90% of the Fortune 500
This is not only a big partnership, but one that will enable exponentially more https://t.co/Y005ZPzr5w
– Seq (@CryptoSeq) November 20, 2021
Deloitte, the world’s largest professional services company, spanning 150 countries and 20,000 professionals, provides consulting and solutions to companies, including 90% of those on the Fortune 500 list.
This is not just a great partnership, but one that will allow exponentially more.
Going into details, Avalanche intends to have multiple chains, some of which perform basic functions while others are more application specific. In the meantime, all non-core blockchains (called subnets) must rely on validators that stack AVAX on any of Avalanche’s three base platforms, called P-Chain, X-Chain and C-Chain.
There is only “the C-Chain”Seq wrote, pointing which is just a blockchain “in [una] of an infinite number of subnets that are possible “. The analyst added:
“We’re only scratching the surface of its potential, and it’s only been 14 months since the mainnet! Avalanche is just getting started.”
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