Avalanche's total value (TVL) locked in decentralized finance apps has surpassed $10 billion following the downtrend in the cryptocurrency market earlier this year.

The Avalanche network is currently up over 20% in a week, according to data from decentralized finance tracker DeFiLlama. The total market capitalization of AVAX has reached approximately $21.48 billion. The rise in question has made AVAX the fourth largest network locked in total value after Ethereum, Terra, and Binance Smart Chain. Their total value is locked at $124, 14.5 and $13.1 billion, respectively. Avalanche's rise has surpassed Fantom, which currently has $8.6 billion.

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Avalanche token AVAX was listed on Kraken as its adoption increased following the price boom in 2021. Kraken described Avalanche as “a distributed system that achieves scalability using three interoperable blockchains and a Proof-of-Stake consensus mechanism.” This listing incident increased the institutional interest in AVAX and enabled BitGo clients such as Exchange Bitstamp and Bitbuy to offer AVAX to their users.

A Strong Rally for Avax Is Coming?

Famous analyst Smart Contracter, who has been closely scrutinizing AVAX in the past days, made positive predictions for AVAX and even said that he believes the AVAX price is gearing up for a strong rally. On the other hand, Bank of America analysts think Avalanche could be a strong alternative to Ethereum (ETH) when it comes to decentralized finance, NFTs and games.

Avalanche was priced at $89.79 at the time of writing, with a 24-hour trading volume of $1,105,442,880. The price has increased by 5.1% in the last 24 hours. There is a supply of 250 Million AVAX coins in circulation, a total supply of 378 Million coins. Binance is currently the most active market where this is traded.

Avalanche is a high throughput smart contract blockchain platform. Validators secure the network through a proof-of-stake consensus protocol. It is said to be fast, low cost, and environmental friendly.