(AVAX) is leading the gains among the top-20 largest cryptocurrencies by market capitalization.
AVAX, the coin powering the layer-1 blockchain, gained 14.18% and has seen a 23% uptick in trading volume over the past 24 hours.
The coin currently trades at around $29.3, according to data from CoinMarketCap. Despite its 25% jump over the past seven days, the coin is still down 80.55% from its all-time high of $146.22 in November 2021.
The total value locked (TVL), a metric that shows on-chain DeFi activity, has also gained 1.74% over the past 24 hours, according to data from DefiLlama. As of today, Avalanche has a TVL of $2.42 billion.
Today’s bullish also action crushed short traders. AVAX short trades worth $1.98 million were liquidated over the past 24 hours, according to data from Coinglass. Long transactions worth $363.8K were also liquidated over the same period.
Growing NFT Demand on Avalanche
One of the key reasons behind today’s bullish price action appears to be the hefty growth of Avalanche-based NFTs.
Trading volumes have increased by 30.90% over the past 24 hours, according to data from CryptoSlam. The total number of sales has also increased 12%, rising from 125 to 140 over the same period.
Leading Avalanche NFT collection Navy Seal Game trading volume jumped 62.7% over the past 24 hours, suggests data from CryptoSlam. Other NFT collections, including Avapepes and Pizza Game Chefs, have also posted tremendous gains in trading volume over the same period.
Apart from Avalanche, leading cryptocurrencies (BTC) and (ETH) have also posted gains over the past 24 hours.
BTC has gained 5% over the past 24 hours and changes hands at around $24,129, according to data from CoinMarketCap.
ETH is also up 5.3% and trades around $1,772 over the past 24 hours, suggests data from CoinMarketCap.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.