Avalanche pushed DOGE from the top-10 digital assets by market cap, according to CoinMarketCap. Meme-coins have seen tremendous adoption since the beginning of this year, and have made its investors billionaires. While witnessing massive gains, Dogecoin was able to acquire the position among the top-10 crypto assets by market capitalization. However, AVAX has recently hit a new milestone taking the position of DOGE with more than $30 billion. It is also noteworthy that while surpassing the benchmark level, AVAX has achieved a new all-time high market cap.
Avalanche is now the tenth largest crypto by market cap
Avalanche has doubled its price since the beginning of this month, and has become the tenth largest cryptocurrency by market cap. Thus, hitting another record high, AVAX price surged while ignoring the price retracements elsewhere in the digital assets market since November 10, 2021.
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It is also notable that Bitcoin (BTC) price plunged by nearly 20% from its ATH, when AVAX was soaring. On the other hand, AVAX’s top competitor Ethereum (ETH) was also observed declining by more than 19%. However, the major asset’s downtrend failed to impact Avalanche’s sentiment over the last few days. Notably, when Bitcoin and Ethereum were losing their momentum AVAX gained more than 64%, and continued to hit new milestones.
Deloitte has helped AVAX to roar
Deloitte is one of the big four largest and leading accounting firms. The firm has announced that it will build its disaster relief platforms atop the Avalanche blockchain network. It has been noted that amid the decision of Deloitte came, AVAX broke its positive correlation with the major crypto assets in the market.
According to the announcement, the “Close as You Go Service” aims to help disaster reimbursement applications for victims of natural disasters. Notably, the platform will do so by aggregating and validating the documentation required for funding. According to analysts, the high-profile partnership could bring a surge in demand for AVAX.
Long-term bullish outlook on AVAX
A pseudonymous market analyst has recently tweeted to indicate its long-term bullish outlook for Avalanche. The analyst also highlighted that Deloitte’s partnership with the blockchain network would enable more exponential partnerships. The analyst further cited that it can be difficult to grasp the scope of AVAX and added that the project has witnessed incredible growth despite launching a blockchain.