Avalanche, a popular Ethereum competitor, has seen double-digit growth as NFTs on Ethereum gain traction. Avalanche is leading gains among the top-20 most valuable cryptocurrencies according to market capitalization.
AVAX, which is the cryptocurrency that powers the layer-1 blockchain, has gained 14.18% and seen a 23% increase in trading volume over 24 hours.
According to CoinMarketCap, the coin trades at $29.3 today. Despite a 25% increase in the last seven days, the coin remains at around $29.3, according to data from a href=”https://coinmarketcap.com/currencies/avalanche/”>CoinMarketCap.
According to DefiLlama data, the total value locked (TVL), a metric showing on-chain DeFi activity has also increased by 1.74% in the past 24 hours. Avalanche currently has a TVL value of $2.42 trillion.
Short traders were crushed today by today’s bullish action. According to Coinglass, short AVAX trades valued at $1.98million were closed in the last 24 hours. Over the same time, long transactions valued at $363.8K were also liquidated.
The hefty growth in Avalanche-based NFTs appears to be one of the main reasons for today’s bullish price action.
According to CryptoSlam, trading volumes have increased by 30.90% in the last 24 hours. The total number sold has increased by 12% from 125 to 140 in the same time period.
According to CryptoSlam, Leading Avalanche NFT Collection Navy Seal Game trading volume increased by 62.7% in the last 24 hours. Other NFT collections such as Avapepes or Pizza Game Chefs have also seen significant increases in trading volume during the same time period.
Avalanche is not the only cryptocurrency that has seen gains in the last 24 hours. The leading cryptocurrencies Bitcoin and Ethereum also saw significant gains.
According to CoinMarketCap, BTC has seen a 5% increase in the last 24 hours and trades at $24,129.
ETH has also risen 5.3% and traded around $1,772 in the last 24 hours, according to data from CoinMarketCap.