The price of AVAX soared by 12%, attracting US$7 million in investment with the concept of "price less than a penny"

Avalanche has increased in price by 16.5% in the past week, reaching a new peak of $31.75, and has continued to rise by approximately 3% in the past 24 hours.

Avalanche rallied about 9% from a low of $30.16 on Sunday night, briefly reaching a high of $32.89, but then fell back about 3.5% just after midnight.

Even so, this means that AVAX, which ranks 12th by market capitalization, is expected to surpass Bitcoin (BTC), the world's most popular cryptocurrency, this week. Bitcoin has gained 5.6% in the past seven days.

When we zoom out and observe the price trend of Avalanche over the past three months, we can see that this token is still some distance away from returning to the high of $40.

But AVAX reached an all-time high of $60.39 on March 19, 2024, so current levels can be seen as close to a 50% retracement.