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- The price of AVAX has risen significantly over the past week.
- Its current market capitalization has surpassed DOGE.
The price of Avalanche (AVAX) has risen nearly 50% over the past seven days, surpassing all other major cryptocurrency assets and displacing Dogecoin (DOGE) as the 9th largest cryptocurrency by market capitalization.
At press time, the altcoin was trading at $40 and had a market capitalization of $14.64 billion. According to CoinMarketCap’s DOGE followed with a market capitalization of $13.76 billion, according to the data.
What is your favorite altcoin?
While the rest of the market tumbled, AVAX’s price rebounded last week, in part due to inflows into altcoin-backed cryptocurrency investment funds.
In a recent report, digital asset investment firm CoinShares noted:
“Solana and Avalanche recorded inflows of US$3 million and US$2 million respectively and remain firm favorites in the altcoin space.”
The influx of liquidity into funds exposed to AVAX hinted at increased demand for altcoins. This surge in demand was evident in the alternative spot market.
At press time, key momentum indicators on the 24-hour chart remain at overbought highs. AVAX’s Relative Strength Index (RSI) was 88.78 and Money Flow Index (MFI) was 86.05.
At these values, these indicators showed that day traders prefer accumulation over distribution.
Confirming the bullish trend in the AVAX market, Awesome Oscillator (AO) has posted only green upward histogram bars over the past seven days.
This indicator measures market momentum and identifies potential buy and sell signals. The green upward bar for an asset AO usually appears after a period of consolidation or downtrend.
This indicates that buyers have taken over the market and prices will continue to rise.
Additionally, AVAX’s Choppiness Index has been trending downward since the rally began. At press time, it was 34.74.
How much is 1,10,100 AVAX worth today?
This value of the Choppiness Index generally indicates a trending market with low price volatility.
This often means that asset prices move in a consistent direction and are less prone to sudden and unpredictable price swings, lowering traders’ risk of rapid losses.
Source: AVAX/USDT on TradingView