LAGOS (CoinChapter.com) — Avalanche native token AVAX has recorded a double-digit price rally in the last 24 hours outperforming the rest of the crypto market.
In detail, AVAX is kicking off the new year with impressive price action after its value plummeted significantly in 2022. According to data from Coingecko, AVAX at press time was up more than 30% and trading at around $16.
Currently, the leading gainer among the top 20 cryptocurrencies by market capitalization, AVAX’s price jumped from a daily low of $12.2 to an intraday high of $16.06 where it currently trades.
Going further AVAX 14 days trade volume also surged by almost 45% due to new development in Avalanche network. Notably, AVAX initiated a recovery this year after hitting a base of $10.5 on Dec. 30, after which its price recorded a massive uptick. Interestingly, since 2023 began the token has seen 11 out of 12 days in the green zone.
In addition, AVAX’s market cap has also gained about $1.2 billion over the past 24 hours. The token market cap currently stands at $4.9 billion with a 24-hour trading volume of $1.1 billion. It also has a circulating supply of 310 million AVAX coins and a total supply of 417.7 million tokens.
However, it is worth noting that despite AVAX’s impressive gains, the token is still down 90% from its all-time high of $144.97, attained on November 21, 2021.
Amazon (AWS) Partners With Avalanche
Meanwhile, Avalanche’s new partnership with Amazon Web Services (AWS) has been credited for AVAX’s recent price rally. AWS recently tapped Avalanche to help boost blockchain adoption across various enterprises and institutions.
According to the announcement, the partnership aims to make it easier for individuals and organizations to launch and manage nodes on Avalanche, Ava Labs’ layer-1 blockchain. It will also focus on providing more strength and flexibility for developers using the network.
AWS will now support Avalanche’s infrastructure and decentralized application (dApp) ecosystem through its marketplace. Howard Wright, VP and Global Head of Startups at AWS noted that the partnership will increase blockchain adoption.
“Looking forward, web3 and blockchain is inevitable. No one can call the time or date or quarter that it’s going to happen and it’ll be mainstream, but we’ve seen the cycles of growth before. The velocity of this one seems like it’s accelerating and we’re just excited to be a part of this.”
Howard Wright said.
Furthermore, as a result of the partnership Ava Labs is also now a member of the AWS Partner Network (APN). The network enables the firm to help customers deploy custom offerings on AWS that are connected to more than 100,000 partners across more than 150 countries.
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