AVAX Continues Its Climb After J.P. Morgan Embraces Blockchain

The price of Avalanche (AVAX) is still climbing after the cryptocurrency had an extremely successful week in the market. The well-known trader and analyst Dan Gambardello also pointed out the token’s continued rise in one of his latest X posts. In fact, Gambardello believes AVAX’s success could be a “sign for altcoin bull continuation.”

AVAX making another run for it. Could be good sign for altcoin bull continuation. pic.twitter.com/ssweCQNaB9

— Dan Gambardello (@cryptorecruitr) November 17, 2023

Yesterday, AVAX saw a notable 14% upswing in its price after it was announced that the banking giant J.P. Morgan used the blockchain to tokenize portfolios. J.P. Morgan’s Onyx division collaborated with Apollo Global and the Monetary Authority of Singapore’s Project Guardian in a proof-of-concept project using an Avalanche subnet.

AVAX / Tether US 1D (Source: TradingView)

As a result of this news, the price of AVAX came close to hitting the $23 mark. This development is still having a positive impact on the price of the altcoin as it secured the 4th spot on CoinMarketCap’s trending list after its price rose by 3.38% over the past 24 hours.

Its latest price jump also caused it to break above $23 to trade at $23.43 at press time. In fact, AVAX was able to set a high price of $24.54 throughout the past day of trading. The token is, however, still down 84.08% from its all-time high price of $146.22 which was achieved in November 2021.

Along with the rise in its price, AVAX’s intraday volume increased by just over 3%, causing it to settle at $1,981,564,201. The cryptocurrency’s market cap also rose to $8,150,820,364, which ranked it as the 11th largest token by market capitalization. This placed it behind TRON (TRX) in the 10th spot.

AVAX’s great performance was also still evident in its positive 75.66% weekly performance. The altcoin’s price also managed to climb by more than 150% in the past thirty days.

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