Avalanche (AVAX) is one of those altcoins that has attracted huge attention from investors in the realm of cryptocurrency. In the last 30 days, it has experienced a significant 101% upside movement. AVAX not only achieved this substantial surge but also secured itself in the top 10 positions based on market capitalization.
Avalanche’s remarkable surge in the Crypto market
AVAX has
surpassed major cryptocurrencies like Polygon (MATIC), Polkadot (DOT), and many other altcoins in just a single month. However, when we compare Avalanche in terms of price movement, it has also outperformed top cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and many more.
As of the current writing, AVAX is trading near $26.20, and in the last 24 hours, it has gained nearly 20% in upside momentum. Additionally, if we examine AVAX over a longer period than the past 7 days, it has only moved 25%. The primary reason behind this substantial surge is its recent selection as the main platform for issuing IEEE certificates.
The Institute of Electrical and Electronics Engineers (IEEE), a major professional association, is set to utilize the Avalanche blockchain for issuing secure certificates in India.
IEEE’s strategic selection of Avalanche
In collaboration with LegitDoc, a blockchain-based credential management system developed by Zupple Labs, IEEE aims to enhance the verification process for certificates. The move towards blockchain technology is driven by the desire for tamper-proof, instant, and secure credentialing.
Neil Martis, co-founder of Zupple, explained that the decision to use Avalanche’s C-Chain as the primary settlement layer is rooted in the platform’s compatibility with the Ethereum Virtual Machine (EVM). Devika Mittal, head of Avalanche’s India arm, endorsed the decision, citing Avalanche’s EVM compatibility as a facilitator for deploying widely used applications such as credential registries and identity management.
Noting the preference of top institutions like SK Planet and JP Morgan Onyx for Avalanche, Mittal advised organizations looking to adopt blockchain to identify their pain points and choose a chain that ensures the immutability, longevity, and security of solutions. This might be the reason behind this massive surge. Additionally, AVAX also made its new 52-week high; as of December 6, 2023, it hit the $26.96 level for the first time since August 2022.
