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One of the best-performing crypto belongings in the mean time is the layer-1 blockchain Avalanche (AVAX). The token is outperforming its high-cap brethren for one more day, however what’s driving momentum? 

AVAX costs made nearly 10% over the previous 12 hours or so, returning the token to the $23 value degree. It has outpaced other altcoins and total crypto market features, that are up round 2.3% on the day.

Avalanche Hype Driven by RWA Tokenization 

There is quite a lot of narrative surrounding the layer-1 high-throughput blockchain in the mean time, a lot in order that it has pushed AVAX costs a whopping 80% over the previous fortnight. 

Moreover, a collection of latest bulletins, partnerships with main establishments, and a surge in GameFi and NFTs have propelled AVAX by more than 140% prior to now month.

One of the primary narratives is the pivot to real-world asset tokenization, which Avalanche goals to grow to be the usual chain for.

In latest days, it has introduced partnerships with JP Morgan and Citi. Both are experimenting with RWA tokenization utilizing Avalanche know-how.

DeFi researcher ‘Emperor Osmo’ said that this,

“Resurgence of excitement will trickle across the ecosystem from both retail and institutions looking to get exposure.”

Read extra: How to Buy Avalanche (AVAX) with a Credit Card: A Step-by-Step Guide

RWA tokenization has been touted as the subsequent massive factor in crypto. It primarily entails placing conventional belongings similar to gold, commodities, treasuries, and actual property on the blockchain.

Earlier this 12 months, non-public wealth administration agency Bernstein estimated that roughly 2% of the worldwide cash provide, or round $3 trillion, could possibly be tokenized over the subsequent 5 years.

The massive banks clearly desire a slice of that tokenization pie and can flip to present know-how, similar to Avalanche, moderately than constructing methods from scratch. 

In July, the Avalanche Foundation introduced the launch of Avalanche Vista, a $50 million initiative to spend money on RWA tokenization.

Furthermore, on Nov. 20, Blockworks researcher Dan Smith reported that Avalanche has its personal ordinals standard called ASC-20.

Over the previous day, ASC-20 minting has surged, accounting for 96% of transactions with over 170,000 wallets minting ordinals. 

Avalanche AVAX Price Outlook 

The optimistic momentum pushed AVAX costs to an intraday excessive of $23.18 in the course of the Monday morning Asian buying and selling session. 

It is at present buying and selling up 7% on the day at $22.58, having held on to final week’s features. 

AVAX hit a yearly excessive of simply over $24 on November 17, and it stays up nearly 25% over the previous week. 

However, the asset continues to be down 84% from its all-time excessive two years in the past of $145, so there may be loads of room for additional features.