An Ethereum competitor, The Avalanche Foundation spiked nearly 60%, hitting its all-time high this week. Despite, Other Major Crypto Project moving downwards on the price charts.
CoinGecko reports, The smart contract platform Avalanche (AVAX) is trading at $65.02 price mark, after seeing am all-time high of $68.34 on Thursday.
The Avalanche Foundation pulled out a $230 million private token sale to a blockchain asset investment firms. Namely, crypto hedge funds, angel investors, and family offices, including Polychain Capital and Three Arrows Capital.
The sale finished up in June.
AVAX sets out the money into expanding decentralized finance (DeFi), enterprise applications, and other use cases on Avalanche public blockchain.
The Avalanche Foundation director Emin Gün Sirer,
“Despite being years younger than its peers, Avalanche has quickly turned promise and potential into real-world impact and value creation for DeFi users and developers. The community of builders rallying around the network is a testament to its competitive edge, and there is still so much potential yet to be tapped at the intersection of institutional and decentralized finance on Avalanche.”
Furthermore, Venture capital firm Outlier Ventures recent survey shows that Avalanche has massive growth. This is in terms of developer activity in past year.