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Avalanche knocks Dogecoin out from the top 10 as the AVAX price surged by 100% in November.

3 min reading

The market capitalization of AVAX reached $30.32 billion for the first time in history.

Avalanche (AVAX) has more than doubled in price since the beginning of November, becoming the tenth-largest cryptocurrency by market cap.

AVAX has pushed Dogecoin off of the top-10 crypto index (DOGE). As a result, its circulating market capitalization surpassed Dogecoin's of $30.30 billion for the first time.

The price of AVAX sets a new record high

After November 10, the AVAX price increased despite price corrections elsewhere in the crypto market.

Bitcoin (BTC) has dropped over 20% from its all-time high of $69,000, while Ether (ETH), the second-largest cryptocurrency by market cap and Avalanche's main competitor, has declined 19% from its all-time high of $4,867.

Even though their downside viewpoint failed to affect AVAX over the past 10 days. In the era of Bitcoin and Ethereum's price corrections, the Avalanche token rebounded by more than 64%, setting record high after record high.

After surging around 25% in two days, AVAX hit $141.50 on Nov. 21, its highest level to date.

Deloitte FOMO

In the days leading up to "Big Four" accountancy firm Deloitte's plan to develop its disaster relief systems on the Avalanche blockchain platform, Deloitte FOMO AVAX broke its positive connection with BTC and ETH.

The "Close as You Go Service," according to a press release issued by Deloitte on Nov. 17, seeks to facilitate "disaster compensation applications for victims of natural disasters, by collecting and verifying the documents necessary for financing."

Seq, a pseudonymous market analyst, tweeted a rocket emoji to signify a long-term optimistic view for AVAX, noting that Deloitte's partnership with Avalanche will allow for additional exponential partnerships.

"It can be difficult to grasp the scope of Avalanche," Seq said, adding that despite establishing only one blockchain, the project has seen "incredible growth."

Avalanche intends to have several chains, some of which will execute core functions and others that will be more application-specific. Moreover, all non-core blockchains (known as subnets) must rely on validators who stake AVAX on one of Avalanche's three basic platforms, which are known as P-Chain, X-Chain, or C-Chain.

Seq wrote that there is "just the C-Chain," emphasising that it is merely one blockchain  "in [one] of an infinite number of subnets that are possible." The analyst went on to say: "We are just scratching the surface of its potential, and has only been 14 months since mainnet! Avalanche is just getting started!"

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