Bullish On Avalanche? AVAX Breaks Into The Top 10 Largest Cryptocurrencies By Market Cap

Key Insights

• Avalanche (AVAX) has been rallying significantly, surging by 100% YTD.
• AVAX outperformed Bitcoin and most top 20 cryptocurrencies in the past quarter.
• AVAX became the 10th largest cryptocurrency by market cap and flipped several other popular cryptos.
• AVAX attracted attention from major financial players like JPMorgan and Onyx.
• AVAX's price rally started in mid-October and is nearing $30 with overbought RSI conditions.
• Avalanche is the unsung hero of the altcoin space, aside from Solana.

Avalanche is the unsung hero of the altcoin space, aside from Solana.

At least, as far as available data is concerned. This Ethereum L2 solution has been rallying significantly over the last month, surging by a whopping 100% in YTD terms.

AVAX has outperformed most of the top 20 cryptocurrencies and is now the 10^th largest cryptocurrency by market cap.

AVAX Beats The Market Trend

The market seems particularly bullish in this final quarter of 2023, especially with how Bitcoin has rallied more than 20% over the last 30 days, and by more than 70% in the last 3 months.

AVAX, on the other hand, wasn't a mere Bitcoin follower.

The Ethereum scaling solution so far, has beaten Bitcoin in several metrics including quarterly returns according to Coinglass, in which AVAX beat Bitcoin 490% to 59%.

However, AVAX has not only followed BTC's trend but also surpassed it in terms of relative performance.

Over the last 30 days, AVAX has surpassed even Solana to become the 10^th best-performing cryptocurrency overall, among the top 100.

AVAX has also flipped several other popular cryptocurrencies, such as bitcoin cash (BCH), polygon (MATIC), polkadot (DOT), Tron (TRX) and chainlink (LINK), in terms of market cap, reaching $9.8 billion at the time of writing.

Avalanche has also attracted attention from major players in the financial industry, such as JPMorgan and Onyx, who, according to reports, want to use a new brand of crypto collectables (similar to Bitcoin Ordinals) to tokenize investment portfolios.

Avalanche's Performance

Avalanche started its bullishness sometime around mid-October. And by mid-November, it had broken past the $21 resistance.

After spending most of November consolidating around $21, AVAX entered a rebound from this zone and is now trading at $27.31 with a 22.56% gain over the last week.

The RSI on the daily Avalanche chart shows overbought conditions, increasing the likelihood of a pullback, however small.

At the same time, the bullish strength on AVAX has been remarkable, and we may soon see a retest of $30 or above.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.