One of the most talked-about projects in the cryptocurrency world, Avalanche (AVAX), continues to be recognized as an “Ethereum killer” among its peers. The price of AVAX has shown a performance exceeding the general market movements, recovering from the $8 level and rising to $37.
Despite Bitcoin‘s decline, AVAX demonstrated a swift recovery, and an analyst stated that AVAX has become unstoppable. Aside from AVAX, many cryptocurrencies in the market experienced a decline. The analyst highlighted QI, which operates on the AVAX ecosystem and is among the top gainers on Binance.
According to the analyst, nearly all altcoins lost value alongside the fall in Bitcoin’s price. However, QI, the cryptocurrency that showed an increase of over 150% on Binance and became the top gainer, exhibited a market and volume increase of 155% and 253%, respectively.
The overnight increase in AVAX price pleased investors, with the price exceeding $37. The sharp drop in Bitcoin that occurred as Asian markets began trading affected the price of AVAX, which briefly reached $40,400.
Although AVAX’s price did not completely recover from the Bitcoin slump, it quickly rebounded to the $36 level. Despite a 3% decrease in the last 24 hours, it exhibited an incredible performance with a 63% increase on a weekly basis and a 144% rise over the last 30 days. However, considering that AVAX’s all-time high was $144, the current price level of $36 is trading 75% lower than its ATH level.