Avalanche Rockets Ahead: TVL, Active Addresses Increase, NFTs Dominate

• Avalanche’s TVL and market dominance increased last week, with active addresses also on the rise.
• Derivatives demand remained stable and indicators were bullish. Weekly highlights revealed growth in several aspects such as daily active addresses, market capitalization and transaction count.
• AVAX’s price went up by nearly 15% with its Binance funding rate towards the upper side. Sentiments were mixed with investors‘ negative sentiments still prevailing.

Avalanche Experienced Growth in Several Aspects Last Week

Avalanche had a comfortable week with growth in several aspects such as Total Value Locked (TVL) metric, market capitalization, transaction count and daily active addresses. Moreover, its NFT ecosystem grew as AVAX’s total NFT trade counts and trade volume in USD spiked. The coin’s performance on the social front was also optimistic as its social mentions and social dominance increased by over 30%.

Demand from the Derivatives Market Remained Stable

Demand from the derivatives market remained stable during the week, which further reflected positively on Avalanche’s weekly performance. Its Binance funding rate was towards the upper side which indicated that investors’ demand for AVAX futures contracts kept increasing during this period of time. Additionally, AVAX’s 1-week price volatility also went up after a brief decline indicating more activity from traders.

AVAX Price Increased By Nearly 15%

The coin’s price also remained in investors‘ favor last week due to a bullish market trend. According to CoinMarketCap, its price increased by nearly 15% last week at press time it was trading at $20.56 with a market capitalization of more than $6.4 billion. Despite these gains, investor sentiments have been mixed with negative sentiments still prevailing among some investors regarding AVAX’s potential future prospects.

Crabada Dominated The NFT Ecosystem

Talking about Avalanche’s NFT ecosystem, Crabada dominated the space with the highest number of sales followed by OG ODIN and OG THOR respectively indicating that there is still significant interest among crypto users for these digital collectibles despite their high prices tags attached to them .

Overall Bullish Indicators For AVAX

In conclusion overall indicators remain positive for AVAX as it has experienced steady growth across multiple metrics during the past seven days . It remains to be seen whether this growth can continue during upcoming weeks or if this is just another flash in pan moment for AVAX