Ethereum’s competitor and widely used Layer-1 blockchain platform Avalanche has been causing a stir in the cryptocurrency market, having surpassed the likes of Dogecoin and Shiba Inu to enter the top ten cryptocurrencies by market capitalization.
A variety of factors have contributed to Avalanche’s recent climb, but the news of cooperation with Deloitte, one of the “big four” professional services firms, is the most important. According to the release, Avalanche will collaborate with Deloitte to develop a more effective disaster-relief infrastructure based on the Avalanche blockchain.
On Sunday, November 21, Avalanche’s native token AVAX hit an all-time high of $146 (approximately Rs. 10,867), gaining over 20% in value in only 24 hours. AVAX has risen about 47 percent in seven days, 83 percent in two weeks, and more than 133 percent in the previous three months, according to CoinGecko statistics.
Avalanche is a formidable rival for Ethereum’s domination as the premier smart contract platform, with over 350 applications developed on it now and more on the way. In comparison to Ethereum, Avalanche offers a few benefits. It is easier to scale, quicker, and less expensive than Ethereum.
Deloitte’s participation demonstrates its support for Bitcoin over Ethereum. The “Close as You Go Service,” according to a news release from Deloitte, promises to streamline “disaster compensation applications for victims of natural disasters by collecting and certifying the evidence necessary for financing.”
Avalanche supporters also formed a new fund called Blizzard earlier in November, which garnered an impressive $220 million (approximately Rs. 1,638.79 crores) in early funding from donors like Three Arrows Capital, who previously supported Ethereum but switched to Avalanche because to high gas prices.