Avalanche’s AVAX token has surged over 19% in the past 24 hours on December 12, despite a noticeable downturn in the cryptocurrency market.
AVAX has recorded a gain of 86% in the past 7 days and a whopping 155% gain during the past month. The native token of the Avalanche blockchain is currently trading at $42.5, according to crypto market data from Coinmarketcap.
Out of all other leading blockchain and layer 2 networks, Avalanche has outperformed in terms of the highest cumulative transfer totals, which saw nearly 1,000 transactions consisting of greater amounts than $100,000 last week.
The cumulative volume of transferred amount has only surged since Avalanche’s inception, as per a Dune dashboard.
Avalanche (AVAX) is also one of the best-performing blue-chip assets over the past 7 days which neglected a sharp decline earlier on Monday that pushed Bitcoin below $41,000 and caused high volatility in the crypto market.
The surge in AVAX price is attributed to a major factor that points to its emerging role in real-world asset (RWA) tokenization after JPMorgan and Apollo announced that they would be using Avalanche to test tokenization.