The Avalanche token known as AVAX is now the tenth largest crypto by market cap. It has more than doubled its value since the start of November and has reached $30.60 billion for the first time.
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AVAX has reached a record high of $144.96, one of the largest Decentralized Finance (Defi) blockchains. After its creator, Ava Labs announced a partnership with Deloitte; its market value went even higher. Her mission is to build an efficient and steady platform.
Its value has doubled in the past 30 days and went up a total of 3,000% in a year. The Deloitte press release has allied with Ava Labs using the Avalanche blockchain to form a disaster recovery plan. This will aid the state and local governments to demonstrate their eligibility for federal emergency funding easily.
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What is the AVAX blockchain?
The Avalanche blockchain is a cloud-based platform. Its purpose is to establish a decentralized, transparent, and cost-efficient system. It will be for the state and local officials and empower grant makers and funding recipients while minimizing fraud, waste, and abuse.
The Avalanche Foundation has mentioned that they have raised $230 million in September alone from a private sale of tokens. The deal included participants of Polychain and Three Arrows Capital, who have also supported the $200 million Blizzard fund that was announced weeks ago to foster the development of Avalanche.
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Bitcoin, we have to note, has jumped a 20% from its record high of $69,000, and Ethereum, the second-largest crypto, dropped by 19% from its high of $4,867. Ether is known to be Avalanche’s top competitor.