Avalanche defied the general downward movements in the cryptocurrency market to keep making new gains. Late yesterday the altcoin reached new highs of $146. The token also edged out Dogecoin in the top ten cryptocurrency list. The token grew in value by 20% yesterday to reach these new highs.
The move meant the coin grew by 47% last week, 83% in less than a month, and 133% in three months. Avalanche has grown close to 4000% in this year alone. The coin is traded mostly against USDT at the moment.
The Reasons For Its Continuous Surge
Avalanche keeps surging upward because of how the blockchain has sustained interest from investors in recent times. The network allows the users to create unique blockchains that share data amongst themselves. This, combined with its fast transaction speeds and low fees compared to Ethereum, has made it very attractive for launching new dapps and decentralized finance projects.
In just this month, the token has launched a funding program to incentivize developers and a partnership with one of the biggest accounting firms. The institutional interest in the coin ensures that it maintains its meteoric rise. Avalanche, along with Solana, Cardano, Polygon, and others, remain a significant competitor to Ethereum.
In August of this year, the foundation raised a fund of about $180 million. The foundation raised the fund intending to increase decentralized finance projects on the blockchain. The project led to increasing the liquidity in the network.
Avalanche Blizzard Fund
The creators of the Avalanche chain early this month disclosed that it had raised a fund of about $200 million to entice developers to contribute to the network. Avalanche raised the fund in collaboration with its partners. The fund, according to the statement by the foundation, is to focus on decentralized finance, business use cases, Non-fungible tokens, and other possible applications that may come up.
Avalanche stated that leaders in blockchain development and asset management would manage the fund. At the time, the Director of the Avalanche foundation noted that Blizzard would accelerate the growth of Avalanche. He believes that with time with the project, Avalanche will become the preference for people to host decentralized projects and lead innovations in the decentralized blockchain space.
Avalanche Collaboration With Deloitte
Avalanche foundation announced just days ago that it is partnering with one of the biggest accounting firms, Deloitte, to create better emergency response systems. The project raised about $200 million for this purpose also. The founder of Avalanche said that the project would help state and local officials better present their cases for federal funding.
Avalanche also disclosed that the partnership would help reduce people cheating the system and mismanaging resources. At the time of the deal’s announcement, the token reached a new high of $110. All of these projects and investments have put the flexibility and efficiency of the Avalanche token on display.
The Avalanche token started the trading day at about $125 price point. It has since risen to about $135. Avalanche will most likely continue to aim for new highs.