On November 6, Avalanche (AVAX) reached its all-time high at £17.09 as it made every effort to recover from the bearish trend that had gripped the broader cryptocurrency market in the latter part of October and the first few days of the current month. However, the cryptocurrency’s price underwent a dramatic correction on November 12 that sent it down to £10.53. The alternative currency immediately recovered the next day and recaptured the £12.62 mark.
After that, Avalanche was back on a negative trend, making it difficult even to maintain a rise at £11.78. The 20th-ranked virtual currency in terms of market capitalization is now trading at $11.36, according to data from Coingecko.
The asset’s value has plummeted by more than 15% during the last seven days and 14.4% over the past 30. It turns out that AVAX can continue the bleeding despite GameFi’s tremendous expansion in the blockchain industry. 10 GameFi projects using the AVAX blockchain have seen large increases in volume over the past week, according to data that Avalanche Talk tweeted.
Province was the biggest gainer, with volume growth of an astonishing 1,481.77% in just seven days. Owloper came in second (290.98%). Step App (91.87%), Dragon Crypto (279.76%), and Hoppers Game (118.39%) completed the top five.
Additionally, the top 10 list of the indicator, which tries to demonstrate how well a project is operating in a certain ecosystem, included RaceX (68.42%), Crabada (44.02%), XANA Metaverse (43.38%), Domi Online (41.42%), and BetSwirl (7.77%).
The most important conclusion is that these projects, which fall under the Avalanche ecosystem, managed to perform reasonably well despite the crypto market being painted in a negative light, despite a glaring gap between the increase in volume recorded by the top and the least gainer. These games currently have very little to no impact on price trajectory, much to the Shiba Eternity game, which was released to help Shiba Inu boost its trading price to greater heights.
This is because these games and the GameFi industry are still too new to drive demand for cryptocurrency assets to levels high enough to raise the spot trading rates of an investment (in this example, AVAX’s) price.
Nevertheless, this could be a strong base that enables Avalanche and its AVAX token to reach new heights shortly. This backed the concept that the GameFi sector of the massive blockchain business has already begun to expand rapidly.
