The Avalanche (AVAX) bullish trend is largely contributed by the rise of Stars Arena, a decentralized social media application, that has recorded a notable spike in transaction activity on Avalanche’s C-Chain network.
In the past 10 days, Avalanche (AVAX) price recorded a spike of over 10 percent to trade around $10, with the daily traded average volume up 53 percent to $216 million on Thursday.
Amid heightened altcoin volatility in the past week, Avalanche (AVAX), a top-rated layer one blockchain that has gained popularity as an Ethereum-killer with more than $500 million in total value locked (TVL), has gained significant on-chain traction that has resulted in a bullish outlook.
According to the latest crypto market data provided, Avalanche (AVAX) traded around $10 during the early New York session on Thursday. As a result, AVAX holders have seen their portfolio spike by about 13.5 percent in the past two weeks after getting trapped in a 10-week consecutive falling channel.
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