Avalanche (AVAX) is leading the gains among the top-20 largest cryptocurrencies by market capitalization.
AVAX, the coin powering the layer-1 blockchain, gained 14.18% and has seen a 23% uptick in trading volume over the past 24 hours.
The coin currently trades at around $29.3, according to data from CoinMarketCap. Despite its 25% jump over the past seven days, the coin is still down 80.55% from its all-time high of $146.22 in November 2021.
The total value locked (TVL), a metric that shows on-chain DeFi activity, has also gained 1.74% over the past 24 hours, according to data from DefiLlama. As of today, Avalanche has a TVL of $2.42 billion.
Today’s bullish also action crushed short traders. AVAX short trades worth $1.98 million were liquidated over the past 24 hours, according to data from Coinglass. Long transactions worth $363.8K were also liquidated over the same period.
Growing NFT Demand on Avalanche
One of the key reasons behind today’s bullish price action appears to be the...
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