Avalanche (AVAX) has surged into the top 10 cryptocurrencies by market capitalization, ranking 10th after a significant price rally. The token gained 16% in the past 24 hours, extending its weekly surge to 22%, and was trading at $25.80 at press time with momentum pointing toward the $30 region.
The price rally is supported by remarkable network activity and transaction volume growth. Avalanche's market capitalization jumped 15.77% in a single day, while its trading volume increased by 66% to $1.24 billion. A key catalyst has been the adoption of Ordinals, which accounted for approximately 96% of all transactions on the network last week, significantly boosting transaction volume.
Transaction volume on the Avalanche network soared 167% month-over-month to $2.73 billion in November, marking the highest level since July 2022. This surge in network activity has increased transaction fees and magnified demand for AVAX.
Furthermore, the Avalanche C-Chain (Contract Chain) has hit record operational activity and decentralized application (dApp) volume. The C-Chain, which executes smart contracts, has become a hub for liquidity, attracting DeFi protocols from other chains due to its low fees and sub-second transaction finality. The network is processing thousands of transactions per second without congestion.
Institutional interest is another major driver. Updated ETF filings by financial giants like Grayscale and VanEck, which now integrate staking rewards into their products, have repositioned AVAX as a yield-generating asset within regulated markets. This shift is attracting massive institutional capital.
Analysts and crypto enthusiasts remain optimistic about AVAX's future trajectory. Some comparisons are being drawn to the 2019/2020 altcoin season, suggesting the potential for significant gains. The current Altcoin Season Index indicates altcoins are moving at levels similar to that period, which laid the foundation for 100x gains.
