Avalanche Breaks Record To $110, What’s Behind The Growth?

Avalanche breaks record in value again as it hit $110 after the new partnership with Deloitte, but is that the only reason for the price growth? Let’s find out in our latest altcoin news today.

Avalanche breaks record again as it jumped almost 30% in less than 24 hours and while surges like this one are not uncommon, AVAX’s rally is quite unique with the token defying all of the market downfalls. Launched in September 2020, Avalanche had a successful year so far. The fast smart contract platform prides itself on offering transactions finalization in less than a second and therefore attracted a huge number of developers and Dapps.

1/ Ava Labs is thrilled to announce its partnership with @Deloitte to build more efficient disaster relief platforms using the Avalanche blockchain.

This effort combines the speed, resilience and adaptability of Avalanche, and Deloitte’s Fortune 100 enterprise knowledge. 🧵⬇️

— Emin Gün Sirer🔺 (@el33th4xor) November 16, 2021

ITs 2021 rally culminated this week with a 30% rise that defied the wider market downfall while its native cryptocurrency AVAX jumped from $87 to $110 in less than a day. BTC on the other hand dropped below the $60,000 resistance. The rally was fueled by the news of the Avalanche new partnership with the platform announcing a strategic alliance with Deloitte as one of the “Big Four” accounting companies. According to the announcement, Deloitte will leverage Avalanche’s blockchain platform to launch a new recovery platform that will help local and state governments to show their eligibility for federal emergency funding.

The announcement however was a cherry on top because the past few months were quite stable and saw organic growth for the platform. Avalanche saw a 284% rise in the number of unique addresses since September. The growth in the number of users was followed by a huge rise in the number of daily transactions that increased by five times in the same period. Another huge contributor to the AVAX rally was the newly announced fund. The $200 million Blizzard fund will support emerging use cases for the platform like token issuance, liquidity providers and more. Aside from Ava Labs and the Foundation, Three Arrows Capital, Dragonfly Capital, and Polychain Capital all contributed to the fund.

Ava Labs CEO Emin Gun Sirer confirmed that the platform recorded about 1 million transactions on its smart contract blockchain and this increase in transaction volume happened in the past two months adding that Avalanche is now the most advanced public-goods-layer-1.

Source: https://www.dcforecasts.com/altcoin-news/avalanche-breaks-record-to-110-whats-behind-the-growth/