"The price increase by AVAX is not normal, whoever holds it must be happy, right?"
Avalanche (AVAX) is one of the best performing cryptocurrencies right now as its price managed to climb over 153% in a month to reach its all-time high for the year at $42.79.
It's true that AVAX hasn't made much of a move for most of the year, but its price started gaining traction in November and December 2023 when the entire crypto market was in bullish momentum.
Through observation, AVAX's total locked value (TVL) since September 12, 2023 has seen an 82% climb from $490 million to $894 million and at the same time, its trading volume has also increased by 2,436%.
Therefore, some analysts really believe that AVAX's recent price surge may be due to its recent partnership with JPMorgan and Citi which also caused its daily active address to be in a strong upward trend.
Many expect AVAX to make a price correction soon, but some analysts say the price has already hit lows before its latest surge, so the digital asset may try to continue its rally higher.
So here it can be seen that there is a possibility that AXAX can continue to see a follow-up surge from its cooperation with some of the most important financial institutions in the world, therefore analysts forecast its price now to target to reach $50 anyway.
As of this writing, AVAX price is up 9.39% at $38.81 in the last 24 hours with a market capitalization of $14 billion and has recorded a 48.01% increase over the last week.
