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Avalanche (AVAX) Price Analysis: Unraveling the Factors Driving Upward Momentum

Over the past week, Avalanche (AVAX) has experienced an unprecedented surge in its price, outpacing many of its counterparts in the crypto market.

Amid the buzz about Bitcoin returning to it's pre-FTX price levels, another token has been making headlines with its remarkable surge in value: Avalanche (AVAX).

According to Messari data, AVAX has surged nearly 130% in the last 30 days, outperforming other Ethereum rivals like Solana. The token recently surpassed TRON's market cap, placing it in the top 10 tokens, with a 24-hour trading volume of $1.24 billion on Wednesday.

We've previously covered AVAX, during the bull run of 2022, when it's price stood at $66.97. But for the uninitiated, the Avalanche blockchain is a PoS (Proof-of-Stake) Layer 0 network that has emerged as a close rival to Ethereum due to its scalability and low network fees.

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