Avalanche Rumbles Higher, as Token Unlock Headwind Passes
The 12th most valuable cryptocurrency in the world, Avalanche (CRYPTO: AVAX), is a top digital asset many investors watch closely. The Layer-1 blockchain powers much of the decentralized finance (DeFi) world, with its own unique smart contract-based DeFi ecosystem that continues to see strong growth, gaining market share on other leading networks in this space.
Avalanche's technological advancements have allowed this network to process up to 6,500 transactions per second, while retaining some of the best security and scalability functionality in the digital asset space. That's enticing to investors in its own right, many of whom are clearly in buying mode today. Avalanche's native AVAX token is up 7.8% over the past 24 hours, as of 2:30 p.m. ET.
Today's move brings Avalanche's weekly return into the green, with some significant selling pressure for the token seen in yesterday's session. This selling pressure appears to have been a result of a major token unlock, in which 9.54 million AVAX tokens were released to the market on Aug. 19.
Source Fool.com
