Avalanche (AVAX) is up by over 14%, trading at $40

Avalanche (AVAX) has defied the current market downturn, gaining 13% in the last 24 hours. This outstanding performance has propelled AVAX into the coveted top ten cryptocurrencies by market cap.

Notably, the value of AVAX has more than doubled since the beginning of 2023, and it has gained 84.28% in the last week, reclaiming the $40 level for the first time since May of the previous year.

Avalanche (AVAX) has now surpassed Dogecoin (DOGE) to become one of the top ten cryptocurrencies by market capitalization. The crypto's rising market cap puts it on a path similar to Solana's recent meteoric rise.

According to DefiLlama's data, Avalanche has experienced significant growth in the decentralized finance (DeFi) sector.

Notably, on December 11th, Trader Joe's, a leading decentralized exchange (DEX) on the Avalanche network, reached a significant milestone.

The platform's revenue increased to $145,000, and its fee revenue increased to $1.23 million, the second-highest level of the year.

According to IntoTheBlock's on-chain analytics, the frequency of large AVAX transactions has increased. Over 1,000 transactions worth $100,000 or more were recorded last week, indicating increased optimism among large-scale traders.

According to the most recent CoinMarketCap data, AVAX is currently trading at $40.81, representing a 13.54% increase in the last 24 hours.

Furthermore, the trading volume has increased by 20.74%. AVAX recently broke through key resistance at $38.5, adding to its bullish momentum.

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