Avalanche (AVAX) regains top 10 cryptos as price rises around 16%

Ethereum alternative Avalanche (AVAX) is having a tremendous the last months of the year. AVAX coin price rose to around $117 from between $10 and $11 less than 6 months ago.

Avalanche (AVAX) is up 16% in the last 24 hours
Avalanche (AVAX) | Image: Optimisus

The cryptocurrency price increased by over 31% this week and 14% over the last 24 hours, becoming the 9th-largest digital asset by market capitalization.

In November, AVAX snatched the top 10 when it kicked Dogecoin and Shiba Inu. But after a market correction, the price fell from its all-time high of $144.96.

According to crypto experts and analysts, the reason for this surge is the announcement by financial services company Circle that said its USDC stablecoin would be available on Avalanche to provide a boost of liquidity for the upcoming network on December 14.

Note that the Avalanche mainnet went live in September, giving the decentralized finance (DeFi) protocol utility. Additionally, the mainnet came completely packed with smart contract functionality so that developers could build decentralized applications (DApps) on top of it.