Crypto Avalanche rises after Deloitte deal

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The Avalanche cryptocurrency has seen a big increase in recent days, following a partnership with Deloitte to build more effective disaster relief platforms.

As Bloomberg Businessweek reports, this rise briefly placed Avalanche in the top 10 cryptos by market value, ahead of Dogecoin and Shiba Inu, hitting a record high of $ 144.96 on Sunday, November 21.

“This is another example of faster, cheaper Ethereum competitors doing well,” Jonathan Cheesman of the crypto derivatives exchange FTX told Bloomberg. “There is a huge wealth effect and a lot of opportunistic and mobile capital. “

Deloitte’s partnership will leverage the Avalanche blockchain for better security, accuracy and timeliness for funding the Federal Emergency Management Agency, while helping state and local governments wishing to streamline reimbursement requests in the event of a disaster.

The Avalanche Foundation announced in September that it had raised $ 230 million through a private token sale, to participants including Polychain and Three Arrows Capital. These two investors also backed the more than $ 200 million Blizzard fund announced earlier this year to support development on Avalanche.

“This is about utility, both for traditional crypto-native and crossover technologies,” John Wu, president of Ava Labs, told Bloomberg.

According to the media outlet, Avalanche has doubled over the past month and increased 3,000% last year. The report notes the infamous crypto volatility, even those who reach the top of the market experience huge swings.

For example, Dogecoin – with a market cap of $ 30 billion – was trading at $ 0.22 on Monday (November 22), down from $ 0.74 in May but up from its low of 52. weeks of $ 0.002961. Doge has seen an increase of 4,714.59% since the start of the year.

Read more: Who wants to become a crypto millionaire?

And as PYMNTS’s Karen Webster wrote on Monday in her look at the rise of crypto-millionaires, a new coin is moving to the front of the pack, so to speak, in the form of Shib Inu, or Shib.

This coin was trading at $ 0.00004893 a coin on Monday, meaning that several hundred dollars could buy you several million coins.

And while a recent Shib analysis notes that anyone who invested $ 15 in August 2020, when trading at $ 0.0000000051 a coin, would now be a millionaire, it’s worth proceeding with caution. After all, Shib’s rise could very easily be followed by an equally dramatic fall.

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NEW PYMNTS DATA: 2021 HOLIDAY SHOPPING PERSPECTIVES

By the way: It’s almost time for the holiday shopping season, and nearly 90% of U.S. consumers plan to do at least some of their purchases online – 13% more than in 2020. On the 2021 Holiday Shopping Outlook, PYMNTS surveyed over 3,600 consumers. to find out what drives online sales this holiday season and the impact of product availability and personalized rewards on merchant preferences.

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