Avalanche (AVAX) Holds On to 20% December Gain Despite Recent Market Decline
This year, the token has plunged 18% alongside the wider market as top assets including Bitcoin (BTC) and Ethereum (ETH) experienced market corrections due to the impact of large liquidations.
In December, AVAX soared over 138% dominating the altcoin rally being a focal point for traders as institutional investors saw bullish sentiment become firm around the token.
The growth of AVAX saw it hit $40 with its market capitalization soaring over $14.9 billion defying a wider market plunge at the time. Last year was significant for the asset as it wiped out losses from the last bear window caused by macroeconomic factors and industry collapses.
Cryptonews reported the token’s growth at the time as its year-to-date growth rose on the back of tokenization efforts.
“ AVAX has moved up by 75.05% from November 2022 days after the FTX implosion and has a year-to-date growth of 107.18% on the back of increased activity and recent partnerships aimed at tokenization.”
This year, AVAX has plunged 18.13% at press time and 5.91% in the last 24 hours however its 24 trading volumes are up by 29.63% at $737 million. Currently exchanging hands at $32.53, the asset is ninth in market capitalization with a community expecting more inflows. Avalanche still holds a 20% monthly gain from last year amid the decline in momentum.
However, while finishing last year strong, expected inflows this year have been stunted at least in the first week as the market witnessed a major sell-off. On Jan 3, Bitcoin’s prices slumped over 10% wiping out almost all gains recorded in the first two days of the year.
The price of $BTC plummeted ~10% in a short period as #Matrixport predicted in the latest research that the #SEC will reject Bitcoin Spot ETFs.#Coinglass
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