Avalanche Takes Flight Amidst Ethereum’s Losses
While Ethereum (ETH) has experienced a downturn in recent days, its competitor, Avalanche (AVAX), has been charting a different course. Not only has Avalanche gained 38% during the week when Ethereum saw a decline of over 4%, but it has also skyrocketed by more than 100% in the past month, leaving its rival trailing with a meager 6% gain.
Avalanche’s Impressive Performance
In recent weeks, Avalanche has made remarkable strides, briefly surpassing the significant psychological milestone of $40 before retracting just below it. This surge has made a noteworthy impact in the current market, which has witnessed a decline of nearly 7% in Bitcoin (BTC) over the past week, according to data from December 13.
Avalanche has even outperformed the flagship decentralized finance (DeFi) asset, Ethereum, boasting a remarkable annual return of over 200% based on recent chart information shared by IntoTheBlock, a renowned blockchain and crypto market analytics platform.
Currently, Avalanche is trading at $36.44, indicating a decrease of 9.63% in the last 24 hours. However, it has experienced a significant surge of 41.65% in the previous seven days and an astounding 102.22% jump in the past month, as depicted by the latest charts.
Overall, Avalanche has displayed extraordinary movements amidst the slightly bearish sentiment in the crypto sector. This resilience suggests that it might exhibit even greater strength in the long run, solidifying its position as the ninth-largest digital asset. With its impressive performance, AVAX has emerged as one of the top three DeFi projects worth considering alongside Ethereum and Solana (SOL).