- Ava Labs and Amazon Web Services (AWS) entered a partnership to scale blockchain adoption across various industries.
- AVAX price has surged by more than 21% in the last 24 hours.
- The daily trading volume and market cap of AVAX recorded significant gains in the past 24 hours.
In a characteristic rally, AVAX, the native cryptocurrency of the Avalanche network, has surged by more than 21% in the last 24 hours. From below $12.5, AVAX now trades at over $15.1 at the time of writing. The skyrocketing value of AVAX is raising inquiries among crypto users. Perhaps, a repeat of the past may be around the corner.
In a similar move in November 2021, AVAX surged upwards and climbed in rank among other cryptocurrencies. In the process, it overtook the likes of DOGE и SHIB to become the 10th-ranked cryptocurrency by market capitalization.
A decline in value saw AVAX fall behind in the pecking order. After shedding much of its value, the crypto dropped in ranking. It is currently the 17th largest crypto by market capitalization. However, the story is still unfolding, especially with the drama of the past 24 hours.
Everything about AVAX in the past 24 hours suggests that the Layer 1 blockchain is in the mood for a significant surge. The transaction volume on the Avalanche network has moved from $182 million to $1.15 billion. Consequently, there has been a massive change in the network’s market capitalization. From $3.9 billion, the AVAX market cap surged to $4.7 billion.
The activities of the past 24 hours put AVAX on the heels of Shiba Inu (SHIB), currently ranked in the 16th position by market capitalization. If AVAX sustains the momentum, it will not be long before it overtakes SHIB with a market cap of $5.0 billion.
AVAX surge comes amid news of a new partnership between Ava Labs and Amazon Web Services (AWS). The partnership between AWS, the leading cloud computing provider with Ava Labs aims to scale blockchain adoption across various industries.
According to reports, AWS promises to support the Avalanche infrastructure and DApps ecosystem through its marketplace. Ava Labs will join the AWS Activate program, supporting startups and early-stage entrepreneurs.
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Source: https://coinedition.com/avalanche-avax-set-to-flip-shiba-inu-shib-by-market-cap/