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The Avalanche token, AVAX is now the tenth-largest cryptocurrency by market capitalisation after more than doubling in price since the start of November. In doing so, its circulating market valuation reached $30.60 billion for the first time compared to Dogecoin's $30.30 billion.

Avalanche, one of the largest Decentralised Finance (DeFi) blockchains, reached a record $144.96. Its market value surged after creator Ava Labs last week announced a partnership with Deloitte to build more efficient disaster relief platforms.

Avalanche has doubled in the past 30 days and is up over 3,000% over a year.

A big consulting firm stepping into blockchain technology highlights how mainstream the digital world is becoming. As per the Deloitte press release, it has formed a strategic alliance with technology firm Ava Labs in an attempt to enable a new disaster recovery platform that uses the Avalanche blockchain to help the state and local governments easily demonstrate their eligibility for federal emergency funding.

Using the Avalanche blockchain, the cloud-based platform will provide state and local officials with a decentralised, transparent and cost-efficient system that empowers both grant makers and funding recipients while minimising fraud, waste and abuse, the press release highlighted.

Deloitte has formed a strategic alliance with technology firm Ava Labs to enable a new disaster recovery platform that uses the Avalanche blockchain to help state and local governments easily demonstrate their eligibility for federal emergency funding.

The Avalanche Foundation said in September it had raised $230 million from a private sale of the tokens, with participants including Polychain and Three Arrows Capital, who also supported the $200 million-plus Blizzard fund announced several weeks ago to foster development on Avalanche.

Notably, Bitcoin plunged by nearly 20% from its record high of $69,000, and Ether, the second-largest cryptocurrency by market cap and Avalanche's top competitor, slipped by 19% from its all-time high at around $4,867.However, it has not impacted AVAX over the past week. 

(With inputs from agencies)

 

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