Avalanche cryptocurrency has grown by more than 65% in a few months

According to Messari analysts, the Avalanche altcoin (AVAX) has increased in value by more than 65% over the past four months. In the first quarter, it was able to regain the ground lost in the second half of last year.

AVAX is ranked 17th in the ranking of the best digital assets, with a market capitalization of $ 5.5 billion. At the time of writing, AVAX is trading at $ 16.70.

In January, it became known that Avalanche developers had partnered with Amazon Web Services. The price of AVAX began to rise after the startup’s developers confirmed that Amazon would use its blockchain capacity.

Avalanche’s first quarter report shows that in January-March, the number of active addresses and average daily transactions decreased by 20.7% and 31.9%, respectively.

At the same time, the developers pointed to the growth of bitcoin tokenization on Avalanche, which indicates a growing interest in this blockchain as a platform for deploying decentralized applications.

According to Messari, the amount of funds blocked in DeFi protocols on Avalanche increased by almost 4.5% in the first quarter. The largest capital inflow to blockchain projects was observed in January 2023, analysts emphasized.