12/08/2022 Avalanche Jumps Nearly 15% Amid Surging NFT Volumes
Popular Ethereum competitor Avalanche has gained double-digits as NFTs on the network gain traction.
Avalanche(AVAX) is leading the gains among the top-20 largest cryptocurrencies by market capitalization.
AVAX, the coin powering the layer-1 blockchain, gained 14.18% and has seen a 23% uptick in trading volume over the past 24 hours.
The coin currently trades at around $29.3, according to data fromCoinMarketCap. Despite its 25% jump over the past seven days, the coin is still down 80.55% from its all-time high of $146.22 in November 2021.
The total value locked (TVL), a metric that shows on-chain DeFi activity, has also gained 1.74% over the past 24 hours, according to data fromDefiLlama. As of today, Avalanche has a TVL of $2.42 billion.
Todayâs bullish also action crushed short traders. AVAX short trades worth $1.98 million were liquidated over the past 24 hours, according to data fromCoinglass. Long transactions worth $363.8K were also liquidated over the same period.
Growing NFT Demand on Avalanche
One of the key reasons behind todayâs bullish price action appears to be the hefty growth of Avalanche-based NFTs.
Trading volumes have increased by 30.90% over the past 24 hours, according to data fromCryptoSlam. The total number of sales has also increased 12%, rising from 125 to 140 over the same period.
Leading Avalanche NFT collectionNavy Seal Gametrading volume jumped 62.7% over the past 24 hours, suggests data fromCryptoSlam. Other NFT collections, includingAvapepesandPizza Game Chefs,have also posted tremendous gains in trading volume over the same period.
Apart from Avalanche, leading cryptocurrenciesBitcoin(BTC) andEthereum(ETH) have also posted gains over the past 24 hours.
BTC has gained 5% over the past 24 hours and changes hands at around $24,129, according to data fromCoinMarketCap.
ETH is also up 5.3% and trades around $1,772 over the past 24 hours, suggests data fromCoinMarketCap.
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https://decrypt.co/106941/avalanche-jumps-nearly-15-amid-surging-nft-volumes
