Dogecoin is flipped by Avalanche for a top ten spot.

Avalanche's native token, AVAX, is currently among the top ten cryptocurrencies in terms of market capitalization, after reaching an all-time high of $146.22 yesterday, valuing the token at $32.21 billion.

The price of AVAX has risen to the top 10 for the first time, with a market capitalization of $29.8 billion as of this writing, surpassing Elon Musk's favorite joke coin, Dogecoin, which currently has a market valuation of $29.4 billion.

The price of the AVAX token has more than doubled since the beginning of November. It began the month at $64.50 per coin, representing a 126.70 percent increase in the token's price to its all-time high.


What you need to know

Avalanche is a layer one blockchain that serves as a platform for decentralized apps (DApps) and private blockchain networks.
It is a competitor to Ethereum, with the goal of dethroning Ethereum as the most popular blockchain for smart contracts.
It intends to achieve this by providing a larger transaction output of up to 6,500 transactions per second while maintaining scalability.

The X-Chain, C-Chain, and P-Chain are the three blockchains that make up the Avalanche network.
Each chain serves a specific purpose, which is in stark contrast to Bitcoin and Ethereum's strategy of having all nodes validate all transactions.

AVAX was one of the few tokens that bucked Bitcoin's market domination by continuing to rise in price while Bitcoin plunged over 20% from its all-time high last week. During a period when Bitcoin and Ether were selling off as a result of profit-taking by whale entities, AVAX gained over 40%.

A relationship with Deloitte, one of the 'Big Four' accounting companies, is one of the key reasons behind AVAX's recent price increase. Deloitte chose the Avalanche blockchain technology to construct its disaster response tools.

"Avalanche will give a clear and cost-effective solution that saves waste and produces a more efficient system," according to the press release.
The technology is designed to help places afflicted by natural disasters recover faster by allowing them to gather papers before the event and manage operations once recovery begins. As you can expect, it's critical for places to get back up and running as soon as possible following a calamity."
 

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