Avalanche (AVAX) peaked at $20.31 on November 6th as it did its best to recover from the bearish trend that engulfed the broader crypto market in late October and early days of the current month.
However, on November 12, the cryptocurrency experienced a severe price correction that dragged it down to $12.51. The next day, the altcoin made an immediate bounce-back as it reclaimed the $15 marker.
After that, the Avalanche was once again in a downtrend which made it struggle even to climb to $14. As of tracking at the time of this writing koingeco20th The ranked digital currency in terms of market capitalization is changing hands at $13.50.
In the last seven days, the asset has declined by more than 15%, while during the last 30 days, its value has declined by 14.4%.
As it turned out, even an impressive increase gamefi The segment of the blockchain space isn’t enough to stop the bleeding for AVAX.
As Crypto Markets Suffer, Avalanche Growth Elsewhere
10 GameFi projects running on the AVAX blockchain, according to data shared on Twitter by Avalanche Talk there has been a significant increase in the amount in the last one week.
The province was the top gainer, recording an impressive 1,481.77% increase in volume in just seven days. Owl (290.98%) was second. Rounding out the top five were Dragon Crypto (279.76%), Hopper Games (118.39%) and Step App (91.87%).
Meanwhile, RaceX (68.42%), Crabada (44.02%), Zana Metaverse (43.38%), Domi Online (41.42%) and Betswirl (7.77%) also made the top 10-list of the indicator, which aims to show that How well the project is performing in a particular ecosystem.
Highest Avalanche Gamefy With Highest Rising Volume 7D#GrowingVolume7D An indicator of how well a project is performing in an ecosystem. Now, let’s take a look #avalanche Gamefy projects with the highest increasing volume in the last 7 days 👇#avax $avax pic.twitter.com/yfFJDG70JN
– Avalanche Talk (@Avalanche_Talk) November 14, 2022
However there is a clear difference between the increase in volume recorded by Top and Least BeneficiariesMost importantly, despite the crypto market being painted red once again, these projects under the Avalanche ecosystem umbrella managed to perform relatively well.
It also serves as a confirmation of the notion that the gamify segment of the vast blockchain industry has already begun rapid growth.
No immediate effect on AVAX price yet
like the case of sheeba eternity Launched in hopes of helping the Shiba Inu propel its trading value to higher levels, these games running on the Avalanche Network currently have absolutely no impact in terms of price trajectory.
This is because all of these games, and the GameFi segment as a whole, is still too young to push demand for the crypto asset (in this case AVAX) high enough to drive spot trading prices up. .
Nevertheless, it could prove to be a solid foundation that could help propel Avalanche and its AVAX token to greater heights in the near future.
AVAX total market cap at $4.07 billion on the daily chart | Featured image from Unsplash, Chart: TradingView.com