KEY POINTS

  • AVAX made a new all-time high at $146.22
  • Avalanche replaced DOGE for the 10th position again
  • The Deloitte partnership caused the AVAX rally

Avalanche (AVAX) token found a spot on the list of top 10 cryptocurrencies on Monday, upsetting Dogecoin. The token, which announced a partnership with Deloitte, also hit a new all-time high at $146.22.

As per data from CoinMarketCap, the trading volume of AVAX rose by 31.51% to $3.64 billion as of 5:33 a.m. ET. The current market rank of the token rests at 10 with a market capitalization of $30.04 billion, up by 1.34%.

The token opened Sunday at $125.86 and rose as much as $147 on Binance exchange as per TradingView chart. The daily low of the token was $123.23 before closing at $128.

The bullish trajectory of AVAX continues Monday. The daily high of the token is $137.98, and the daily low $125.76. However, the candle hasn't closed yet, and we can see lower prices if bulls don't take control by the end of day.

The Avalanche token broke into the top 10 cryptocurrencies, pushing Dogecoin off the list, and Dogefans were not too thrilled about the development. The current market capitalization of Dogecoin rests at $29.4, which is just below AVAX's market cap.

On Sunday, Avalanche's market cap reached $30.6 billion. In comparison, the market cap of Dogecoin was $30.3 billion. This was the first time that AVAX pushed out DOGE from its 10th position. Today, the scenario was repeated and we are yet to see if Avalanche is capable of holding this position.

Over the past ten days, Bitcoin and Ethereum, the top 2 currencies, have remained bearish. But, their bearish trajectory failed to affect Avalanche, which continued to dominate with a 64% price rally in the same period.

Investors can correlate the bullish price action with the partnership between Deloitte and Avalanche. In a recent press release, Deloitte announced that the goal of the partnership will be to simplify "disaster reimbursement applications for victims of natural disaster, by aggregating and validating the documentation required for funding."

Titled "Close as You Go Service," the partnership turned investors bullish on Deloitte. A market analyst who goes by the name name 'Seq' tweeted a rocket emoji hinting at his bullish stance on Avalanche.

How to Determine a Realistic Timeframe for Crypto Trading How to Determine a Realistic Timeframe for Crypto Trading Photo: Pixabay