On Monday morning, crypto markets witnessed a rapid pullback, shedding $83 billion in just 13 minutes. In the last 24 hours, the majority of major cryptocurrencies faced a decline in market cap. However, Avalanche (AVAX) stood out, registering robust price gains amidst the broader market downturn.
Early on Monday, a swift correction erased billions from the crypto market, causing major tokens to lose up to 10% in value within half an hour. As of December 11, 2023, almost all top 20 coins by market cap were in the red for the past 24 hours. An exception to this trend was Avalanche (AVAX), which recorded a notable gain of over 9% during the same period.
AVAX Thrives Amidst Cryptocurrency Market Pullback
After a consistent climb throughout the month, a sudden market crash on Monday, December 11, erased gains accumulated over the past week. Beginning at 02:00 (UTC), a rapid wipeout of $83 billion in market capitalization occurred within just 13 minutes. Despite a slight recovery, the overall market, excluding stablecoins, experienced a 4.16% decline within the 24-hour period.
Total crypto market capitalization dropped sharply on Monday morning
Amidst the market pullback, Avalanche (AVAX) demonstrated resilience, standing out as one of the few cryptocurrencies to weather the downturn. With a robust recovery following the morning dip, AVAX’s price surged more than 7% within the same timeframe.
Monday’s performance concludes a bullish month for AVAX, marked by gains nearing 150% over the past 30 days. From a yearly low of $8.70 on September 25, AVAX has impressively surged by approximately 400% to reach $34.87, showcasing resilience even in the face of a $213 million token unlock.
AVAX’s Staking Rewards and Trading Activity
With a surge in trading activity reaching unprecedented levels in recent weeks, AVAX’s staking rewards have become a significant catalyst for the platform’s market momentum. Currently offering an Annual Percentage Yield (APY) of 8.67%, Avalanche’s staking yields outshine those of many competitors. This high return has led to nearly 60% of all AVAX tokens being staked, a remarkable contrast to Ethereum’s staking ratio, which stands at just 23.7%.
Impressive Autumn and Winter Trade Volumes
AVAX trading volume
During the autumn and winter of 2023, AVAX has witnessed a remarkable increase in trade volumes, reaching new peaks. Achieving an all-time high daily trading volume exceeding $1.8 billion on November 17, the cryptocurrency came close to replicating this feat on Sunday, December 10, with Token Terminal recording trades worth nearly $1.74 billion.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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