Avalanche (AVAX) is now the 10th-largest cryptocurrency by market capitalization after more than doubling in price since the beginning of November.

AVAX entered the peak x crypto index later on pushing out Dogecoin (DOGE). In doing so, its circulating market place valuation reached $30.60 billion for the start fourth dimension compared to Dogecoins $xxx.30 billion.

AVAX circulating market cap. Source: CoinMarketCap

AVAX price hits some other tape high

AVAX's cost climbed while ignoring toll corrections elsewhere in the crypto marketplace later on Nov. 10.

Notably, Bitcoin (BTC) plunged past nearly twenty% from its record loftier of $69,000, and Ether (ETH) — the 2d-largest cryptocurrency by market cap and Avalanche's pinnacle competitor — slipped by 19% from its all-time high at effectually $4,867.

Yet, their downside sentiment failed to impact AVAX over the past 10 days. The Barrage token rallied by more than 64% in the menstruum of Bitcoin'south and Ether'due south price correction, hitting one tape high afterwards another, as shown in the nautical chart below.

AVAX/USD daily price chart versus BTC/USD and ETH/USD. Source: TradingView

On Nov. 21, AVAX reached $141.l, its best level to appointment, after ascent past nearly 25% in two days.

Deloitte FOMO

AVAX broke its positive correlation with BTC and ETH in the days leading upwards to Big Four accounting business firm Deloitte's determination to build its disaster relief platforms atop the Avalanche blockchain platform.

According to Deloitte's press release published on Nov. 17, the "Shut every bit Y'all Go Service" aims to simplify "disaster reimbursement applications for victims of natural disaster, by aggregating and validating the documentation required for funding."

The high-profile partnership prompted analysts to conceptualize higher need for AVAX, which operates equally a basic unit of business relationship between the multiple subnetworks on the Avalanche platform and as a currency that users can pale on the network to earn a passive income.

Related: Avalanche soars to new highs later Deloitte adoption — Simply risks sally for AVAX price

Pseudonymous market annotator Seq tweeted a rocket emoji to betoken their long-term bullish outlook for AVAX, calculation that Deloitte's partnership with Avalanche would enable more than exponential partnerships.

"It can be hard to grasp the scope of Avalanche," wrote Seq, adding that the projection has witnessed "incredible growth" despite launching just one blockchain.

In detail, Avalanche aims to feature multiple chains, with some performing core functions while others being more than application-specific. Meanwhile, all non-cadre blockchains (chosen subnets) must depend on validators that stake AVAX on any of Barrage's 3 base platforms, dubbed P-Chain, 10-Chain and C-Concatenation.

Barrage network in a nutshell. Source: Avalanche Documentation

In that location is "only the C-Chain," wrote Seq, noting that it is just one blockchain "in [1] of an infinite number of subnets that are possible." The analyst added:

"We are just scratching the surface of its potential, and has only been xiv months since mainnet! Avalanche is just getting started!"

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