Avalanche (AVAX) is signaling a potential return to bullish territory with a surge in daily large transaction volume. According to crypto market intelligence platform IntoTheBlock, the network processed a staggering $329 million in large transactions (over $100,000) on March 11th, marking the highest level since May 2022’s bull run.
This upswing comes after a period of decline in large AVAX transactions. While December 29th, 2023 saw a similar volume of $412 million, the number of transactions then surpassed 2,800. This figure dipped significantly alongside overall volumes in January, reaching a low of around 1,600 in mid-January. However, IntoTheBlock’s data reveals a promising recovery trend.
Bullish Signs for AVAX Holders
While the current volume doesn’t quite match the peak of the last bull run, the increase is undoubtedly a positive sign for market participants. At the time of writing, AVAX is trading around $52, reflecting a 17% monthly gain. This price hike has put a significant portion of AVAX holders (around 82.4%) in profit, with only a small percentage (less than 57,000 addresses) experiencing losses.
Also Read: Dogwifhat Soars to $3: Can Memecoin Mania Push WIF to $10? (79% Weekly Gain, $700k Vegas Ad Stunt)
Recovery After Network Outage
This surge in activity comes just a month after the Avalanche network experienced a hiccup. On February 23rd, a bug in client code caused a finalization issue, halting block production on the C-Chain for several hours. The developers promptly addressed the problem, and the network resumed normal operations after roughly five hours. While the incident caused a temporary dip in AVAX price by over 3%, the asset has since made a strong comeback.
AVAX Among Top Performers
AVAX is currently one of the market’s leading altcoins alongside Solana (SOL), Toncoin (TON), and Algorand (ALGO). This impressive performance signifies renewed investor confidence in the Avalanche ecosystem. The recent rise in large transactions further bolsters this optimism, suggesting increased activity and potential for further growth.
About The Author
