Avalanche (AVAX), a popular cryptocurrency investment, saw a surge of about 15% today. The AVAX crypto was leading the gains of the top 20 cryptocurrencies by market capitalization. The Avalanche gains extended due to the rise in NFT trade volume recently. The bullish rally also resulted in crushing the short-position traders. The short holdings worth $1.98 billion had been liquidated in the last 24 hours on Monday.
Avalanche Gains Today
According to data from CoinMarketCap, the Avalanche price today was up by 12.52% and traded at $29.74 at the time of writing on Monday, August 8, 2022. The market capitalization of the AVAX token stood at $8.4 billion, up by 12.54%. In addition to the Avalanche gains in price, the 24-hour trade volume of the crypto also increased by 52.67% to $990.61 million. The crypto recorded its 1-month high of $30.10 crossing the $30.00 mark for the first time since May 20, 2022. The coin saw a spurt of over 27.04% in the last 7 days, which was the most prominent one among the top 20 cryptocurrencies.
Rising NFT Demand
One of the primary reasons that induced an upward movement for the AVAX crypto was the surge in demand for the Avalanche NFT collections. The 24-hour trade volume for this NFT collection had spurted by 30.90%, according to statistics by CryptoSlam. The total number of sales also surged 12% witnessing an increase from 125 to 140 in the last 244 hours. Navy Seal Game, one of the most popular Avalanche NFT collections, saw its trade volume jump by a huge 62.7%. Other collections, like Pizza Game Chefs and Avapepes, too saw significant growth in demand.
Avalanche gains surpassed that of the crypto behemoths, Bitcoin (BTC) and Ethereum (ETH), which gained 4.75% and 6.17%, respectively, at the time of writing.
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