Avalanche has seen its native token AVAX rise quickly over the past 30 days to make its method into the highest 10 tokens by market cap. This rally was not precisely out of the blue as exercise had begun to choose up as soon as extra on the Avalanche network. During this time, the open curiosity has risen quickly as nicely, finally touching a brand new all-time excessive.
Avalanche Open Interest Rises To $413 Million
On Tuesday, the Avalanche open interest rose to the best stage since its launch following AVAX’s surge to $40. The open curiosity reached $413 million on December 12 after repeatedly rising for over a month. The surge occurred in tandem with the worth surge and has made day by day highs nearly daily in December.
The surge started in October after trailing round $70 million for the higher a part of a month. However, in November, there was a noticeable change within the open curiosity as merchants started to take their positions within the digital asset.
Source: Coinglass
Between November and December, the AVAX open interest has risen by over 400%. On Tuesday alone, the open curiosity grew one other 19%, bringing the whole Avalanche open curiosity throughout all exchanges to 11.43 million AVAX.
73% of the whole open curiosity is definitely coming from solely two exchanges; Binance and ByBit. According to information from Coinglass, Binance accounts for 44% of the whole OI at $184 million (4.54 million AVAX), whereas ByBit accounts for 28.8% of the OI with $119.67 million (2.95 million AVAX). BingX, OKX, and Bitget make up the remainder of the highest 5 with $50.37 million, $43.7 million, and $41.8 million, respectively.
Token value retraces to $36 | Source: AVAXUSD on Tradingview.com
Rise In OI Sending AVAX Price To $100?
While the Avalanche open curiosity has soared to a brand new all-time excessive, there’s nonetheless an extended option to go for the AVAX price earlier than it reaches its all-time excessive of $146. Nevertheless, the rise in open curiosity continues to be extremely bullish for the worth.
As confirmed by historic efficiency, the price of AVAX has typically risen at any time when the open curiosity has been on the rise. This was the case between 2021 and 2022 when the worth of the altcoin rose above $100 earlier than finally crashing in 2022.
If the Avalanche open interest continues to rise from right here, it’s anticipated that AVAX will observe by means of. A break in OI over $500 million will little question see the altcoin clear the coveted $50 stage as soon as extra. However, $100 nonetheless seems to be a good distance from right here and can seemingly be reached someday in 2024.
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