Amid global crypto fall, this altcoin jumped over 50% in mcap to surpass Shiba Inu

 On Sunday afternoon, the market cap had risen from about $20 billion to $30.34 billion, making it the world's 11th largest cryptocurrency and exceeding Shiba Inu's $25.4 billion market worth.

Amid global crypto fall, this altcoin jumped over 50% in mcap to surpass Shiba Inu

Despite the fact that the crypto world has been in turmoil for nearly two weeks, with over $300 billion in market value destroyed, Avax – the native token of smart contract blockchain platform Avalanche – has been a notable exception. According to CoinMarketCap data, the altcoin's price has risen from roughly $90 to $137 at the time of posting this storey. On Sunday afternoon, the market cap had risen 51% from about $20 billion to $30.34 billion, making it the world's 11th largest cryptocurrency and exceeding Shiba Inu's $25.4 billion market worth.

Except for Bitcoin, which has dipped below the $60,000 market, the crypto world has been on the decline for the past seven days. 

Tether and USD Coin — the fourth and nineth largest cryptos respectively that have remained in green.

According to CoinMarketCap, Avalanche is a layer one blockchain that serves as a platform for decentralised applications and custom blockchain networks. Importantly, the price-tracking website stated that it is a competitor to Ethereum, with the goal of dethroning Ethereum as the most popular blockchain for smart contracts. Avalanche intends to achieve this by providing a larger transaction output of up to 6,500 transactions per second while maintaining scalability.

Avalanche's stock has risen as a result of its developer Ava Labs' cooperation with Deloitte, according to reports. "Ava Labs is ecstatic to announce its collaboration with Deloitte to create more effective disaster relief platforms based on the Avalanche blockchain." Last Tuesday, Ava Labs co-founder and Cornell University professor Emin Gün Sirer wrote on Twitter, "This initiative combines Avalanche's speed, robustness, and adaptability with Deloitte's Fortune 100 corporate understanding."

According to Sirer, the new platform provides state and local governments with a decentralised, low-cost, and fully immutable system that empowers both grant funders and aid recipients while utilising blockchain's transparency to reduce fraud, waste, and abuse. Binance.US, the US arm of cryptocurrency exchange Binance, announced last Wednesday that it would launch Avalanche on November 18 and begin trading on AVAX/USD and AVAX/USDT. AVAX has a total supply of 720 million coins, according to CoinMarketCap.