Avalanche’s performance has remained promising since 2021. Avalanche was able to maintain its place in the DeFi market and appears to be growing in the NFT sector in the face of this year not being particularly conducive for a hike on the charts.
Not only did Avalanche improve on the DeFi front, but it also covered its investment base during the last month.
Recently, the trading volumes of non-fungible tokens started to increase following the launch of Avalanche’s new NFT marketplace JoePegs. In fact, NFT sales remained high for the entire month of July.
The sales first increased to £96k on July 1 before averaging £66k for the next 20 days. As a result, it occasionally noted surges on the charts.
At its peak, NFTs sold on Avalanche NFT marketplaces were valued at approximately £148,000. The average volume has been £25k as of this month.
The introduction of JoePegs has received praise from both investors and artists. It amassed more trades than any other marketplace in a matter of a month, making it the largest NFT marketplace on the blockchain.
This positively effected AVAX. The altcoin used the momentum to join a select group of cryptocurrencies that have increased by more than 100%.
AVAX rose from its lows of £12.4 by 100.77% over the course of approximately two months to trade at £24.8 at press time. Interestingly, it went up by 30% during the last six days.
The asset was overbought, thus it appears that it only has a few more days of rally left.
The hype made AVAX FOMO-driven, which could cause a trend reversal over the next several days. The Relative Strength Index (RSI), too, seems to support this.
This could have an impact on investors’ current bullishness responsible for more than 19 million transactions last month and more than 8.5 million transactions over the last week alone.
Avalanche could see roughly 34 million transactions by the end of August if the current conditions hold. However, given that the market will need to cool off, the possibility is slim to none.