Avalanche (AVAX) is currently the 10th largest cryptocurrency by market capitalization, having more than doubled in price since early November.
AVAX enters Major 10 in the crypto index after Dogecoin (DOGE) was ousted. In doing so, the circulating market valuation hit $ 30.60 billion for the first time, compared to Dogecoin $ 30.30 billion.
AVAX price reaches another record high
AVAX price rose while price corrections elsewhere in the crypto market after November 10th were ignored.
Notably, Bitcoin (BTC) is down nearly 20% from its record high of $ 69,000, and Ether (ETH) – the second largest cryptocurrency by market cap and Avalanche’s biggest competitor – is down 19% from its all-time high of around $ 4,867 . .
However, AVAX has not affected your bearish sentiment for the past 10 days. The Avalanche token has rallied over 64% during Bitcoin and Ethereum price corrections, making record highs after another, as shown in the graph below.
On November 21, AVAX hit its best ever level at $ 141.50 after gaining nearly 25% in two days.
AVAX broke its positive correlation with BTC and ETH in the days before the accounting firm “Large 4” Deloitte decided to build their disaster relief platforms on the Avalanche blockchain.
According to a press release published by Deloitte on November 17, the “Service” Near as You Go aims to simplify civil protection applications for victims of natural disasters by compiling and validating the documents required for funding. “
The well-known partnership has led analysts to anticipate higher demand for AVAX, which serves as the basic unit of account between multiple subnets on the Avalanche platform and the currency that people buy and sell. Users can bet online for residual income.
Related: Avalanche rises to new highs after Deloitte adoption – but there are risks for AVAX price
Market analyst with a pseudonym Seq tweeted a rocket emoji to indicate a long-term bullish outlook for AVAX, adding that Deloitte’s partnership with Avalanche will enable “exponentially more partnerships”.
“It can be difficult to grasp the scope of Avalanche,” wrote Seq, adding that despite the introduction of just one blockchain, the project has seen “incredible growth”.
Deloitte, the largest professional services company in the world with over 150 countries and 20,000 professionals, provides consulting and solution solutions for companies, including 90% of the Fortune 500
Not only is this a great partnership, but one that makes exponentially more possible https://t.co/Y005ZPzr5w
– Seq (@CryptoSeq) November 20, 2021
In particular, Avalanche aims to offer multiple chains, some of which perform core functions while others are application specific. Meanwhile, all non-core blockchains (called subnets) must depend on validators that contribute AVAX to one of Avalanche’s three base platforms known as the P-Chain, X-Chain, and C-Chain.
Seq wrote “only the C chain” and stated that it was just a blockchain “in [one] an infinite number of possible subnets. The analyst added:
“We are only at the beginning of its potential, and only 14 months have passed since the mainnet! Avalanche has only just started! “