The cryptocurrency market has been performing well since the start of the week, and AVAX is one of the top performers.
The cryptocurrency market has been performing well since the start of the week, with Bitcoin and other leading coins recording huge gains.
Bitcoin is trading close to the $45k region after adding roughly 2% to its value in the past seven days. Ether is also trading close to the $3,200 level following its recent rally. Thanks to these positive performances, the total cryptocurrency market is now around $2 trillion.
AVAX, the native token of the Avalanche ecosystem, is one of the best performers in the market today. AVAX is up by roughly 10% in the last 24 hours, making it the best performer amongst the top ten cryptocurrencies by market cap.
The rally was fueled by an increase in decentralised finance (DeFi) activities on the Avalanche blockchain. According to the latest data obtained from Defi Llama, the total value locked (TVL) on the Avalanche ecosystem is now above $11 billion.
This is an increase from the $8 billion recorded towards the end of January. Ethereum remains the leading DeFi blockchain, with over $127 billion in TVL.
Key levels to watch
The AVAX/USD 4-hour chart is one of the most bullish amongst the leading cryptocurrencies at the moment. The coin’s technical indicators show that it is performing excellently at the moment.
The 14-day relative strength index of AVAX currently stands at 66, a sign that the coin will soon enter the overbought region if the current market momentum is maintained.
The MACD line is currently in the positive territory, thanks to AVAX’s strong performance over the past 24 hours. If the bullish momentum is maintained, AVAX will trade above the $100 mark for the first time in nearly a month.