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  • The cryptocurrency diver Bitgo has announced that he will now support Avalanche, which leads to his listing on the stock markets Bitstamp and Bitbuy.
  • The Bank of America published a report in which Avalanche describes a practical alternative for Ethereum, since Avax listed the top 100 coins for profits last week.

In a week in which Bitcoin, Ethereum and most top coins have either fallen or acted sideways, an Ethereum competitor has shot up. Avalanche had a great week and recorded the second highest profits in the top 100 coins. This happened after one of the greatest custodian of cryptocurrencies added support for Avax and the Bank of America had advertised it as a practical alternative to Ethereum.

avalanche is traded at $ 115 at the time of going to press, an increase of over 8 percent last day. It increased 38 percent last week, with only Yearn Finance increased in the top 100 with 41 percent more.

avalanche is now $ 28.1 billion in the top 10 coins after market capitalization and is therefore just below XRP. The trading volume has also been quite good and is higher at over $ 2.4 billion than with Binance Coin, XRP and Tron.

relatives: Avalanche (Avax) is the new Don of the Defi city, here is everything about it

a great week for avalanche

The price increase is no coincidence for Avalanche. Last week the cryptocurrency project received a large thrust through positive developments and partnerships.

The greatest was an announcement by Bitgo, which revealed that it would add support for Avax. Bitgo is one of the world's largest storage of cryptocurrencies with a managed assets of over $ 64 billion. It was acquired by Mike Novogratz’s Galaxy Digital for $ 1.2 billion at the beginning of the year and has since added more than $ 24 billion to his managed assets. She looks after over 400 institutional customers and over 150 stock exchanges.

John Wu, the President of Ava Labs, the developers of Avalanche, commented:

Bitgo is not only trustworthy and enables us to offer more access to our native tokens on Avalanche, but in view of the company boost and the institutional support of avalanches, this is really a very powerful company that can be used to work with.

Bitgo was also enthusiastic to include Avax in his list of supported cryptocurrencies. In an explanation, CEO Mike Belshe said that his company was attracted to the project after his explosive growth last year. in which it increased over 3,400 percent.

he commented:

Institutional investors can now access Avax within the safest custody offer, and tens of millions of private users have the potential to receive safe access through the stock exchanges and platforms based on our technology.

Integration can listen to AVAX without any problems with the integration that rely on Bitgo, the CEO announced. The first two are Bitstamp and Bitbuy who will be listed in early 2022.

avalanche develops into one of the best up-and-coming Ethereum competitors. The Bank of America described it this week as a practical Ethereum alternative because of its scaling ability through its subnet function.

"Subnows enable faster final (processing) and lower costs as alternative blockchains with the validation of around 4,500 transactions per second," says the bank's report.

according to Defi Llama, Avalanche has the fifth highest totally value locked (TVL) in the defi world. With $ 11.85 billion, it is within reach of Solanas $ 11.87 billion and twice as much as the sixth-placed tron with $ 5.38 billion.