Why is Avalanche up over 13% on Tuesday?

Avalanche is the best-performing cryptocurrency among the top 50 cryptocurrencies in terms of market capitalization.

AVAX, the Avalanche blockchain’s native coin, has up more than 13% in the previous 24 hours. As a result, market capitalization is the best-performing cryptocurrency among the top 50 cryptocurrencies.

The improved performance of AVAX comes as the broader cryptocurrency market recovers after a rough start to the week. The crypto market has increased by more than 4% in the last 24 hours, bringing the total crypto market valuation close to $1 trillion.

Bitcoin is now trading above $20k after increasing in value by more than 3% in the last 24 hours. After an almost 10% gain today, Ether, the second-largest cryptocurrency by market cap, is approaching the $1,600 barrier level.

There is no obvious trigger driving AVAX’s continued favorable performance. AVAX has suffered massive losses in recent days and is just now beginning to recover.

Despite today’s rebound, AVAX is still down more than 9% in the last seven days, indicating that the bearish trend is far from ending.