Avalanche is a decentralized open-source proof-of-stake (PoS) blockchain with smart contract functionality. It has the native cryptocurrency, AVAX, which is performing quite well since the beginning of this year.
From the wake of last year’s crypto turmoil, Avalanche surged from $10.67 to $21.68 in just one month. And in one week, it followed an upward path from $16.60 to $21.68, according to the data sourced by CoinMarketcap.
At press time, Avalanche is trading at a price of $20.63 with a 24-hour trading volume of $403.48 Million. It is up 0.26% in the last 24 hours and has a market cap of $6.64 Billion. The current bullish trend in the AVAX price is boosting the confidence of crypto investors and also showing positive signals.
In addition, the recent price surge in Bitcoin which touched the $23k level last week also somewhere affected its price surge. However, it is just a possibility of the price rally of Avalanche. While many of the industry analysts are also waiting to see the gain by AVAX.
But what’s the reason for this price surge in Avalanche? The reason could be as the platform is expanding in the blockchain space and also announced its recent partnership with Amazon Web Service (AWS.)
On January 11th, 2023, Avalanche launched new infrastructure features on AWS, which include validator tools for compliance use cases. Their partnership will accelerate enterprise, institutional, and government adoption of blockchain. It must be noted that AWS supports Avalanche’s infrastructure and dApp ecosystem.
As per the multiple media sources, Amazon will be reportedly revealing a new web3 initiative.
Last week, Pentoshi, shared a tweet in which it added about the partnership of Amazon with $AVAX. It added that their partnership “can run to $28 in the upcoming month or so.”
Besides this partnership, Avalanche is also growing in the web3 sectors. As web3 gaming on Avalanche already took massive steps in the previous year. The Japanese Media Giant GREE announced their plans to build web3 games on Avalanche.
Also in the previous week, Avalanche announced that it will be the part of the upcoming Taipei Game Show, which is the largest digital contents and game related industry event in Taiwan.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/01/30/avalanche-avax-price-surge-and-its-technology-expansion/