Avalanche pushes out Dogecoin from top-10 after AVAX price soars 100% in November

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Avalanche (AVAX) is now the tenth largest cryptocurrency by market cap after more than doubling its price since early November.

AVAX entered the top 10 of the crypto index after releasing Dogecoin (DOGE). In doing so, its outstanding market valuation reached $ 30.60 billion for the first time, compared to $ 30.30 billion for Dogecoin.

AVAX circulating market capitalization. Source: CoinMarketCap

AVAX price reaches new record

The AVAX price has climbed while ignoring price corrections elsewhere in the crypto market after November 10.

Notably, Bitcoin (BTC) plunged nearly 20% from its all-time high of $ 69,000, and Ether (ETH) – the second largest cryptocurrency by market cap and Avalanche’s main competitor – slipped by 19% from its all-time high of around $ 4,867. .

Nonetheless, their bearish sentiment has not impacted AVAX in the past 10 days. The Avalanche token rose more than 64% during the Bitcoin and Ethereum price correction period, hitting one high after another, as seen in the chart below.

AVAX / USD daily price chart against BTC / USD and ETH / USD. Source: TradingView

On November 21, AVAX hit $ 141.50, its best level yet, after rising nearly 25% in two days.

Deloitte FOMO

AVAX broke its positive correlation with BTC and ETH in the days leading up to “Big Four” accounting firm Deloitte’s decision to build its disaster relief platforms on top of the Avalanche blockchain platform.

According to the Deloitte press release published on November 17, the “Close as You Go Service” aims to simplify “claims for reimbursement in the event of a disaster for victims of natural disasters, by aggregating and validating the documentation necessary for financing”.

The high-level partnership prompted analysts to anticipate higher demand for AVAX, which functions as a basic unit of account between the multiple subnets of the Avalanche platform and as a currency that users could bet on. network to earn passive income.

Related: Avalanche Hits New Highs After Deloitte Adoption – But Risks Emerge For AVAX Price

Pseudonymous market analyst Seq 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 partnerships.

“It can be difficult to grasp the reach of Avalanche,” Seq wrote, adding that the project has seen “incredible growth” despite launching a single blockchain.

In detail, Avalanche aims to present several channels, some fulfilling essential functions while others are more specific to the application. Meanwhile, all non-essential blockchains (called subnets) must depend on validators that stake out AVAX on one of Avalanche’s three core platforms, called P-Chain, X-Chain, and C- Chain.

The avalanche network in brief. Source: Avalanche documentation

There is “only the C chain,” Seq wrote, noting that it is only a blockchain “in [one] an infinite number of possible subnets. ”The analyst added:

“We’re only scratching the surface of its potential, and it’s only been 14 months since the mainnet! Avalanche has only just begun! “

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