{"id":565260,"date":"2023-12-13T23:00:54","date_gmt":"2023-12-13T23:00:54","guid":{"rendered":"https:\/\/www.wncen.com\/?p=565260"},"modified":"2024-06-11T14:43:14","modified_gmt":"2024-06-11T14:43:14","slug":"avalanche-open-interest-avax-100","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/avalanche-open-interest-avax-100\/","title":{"rendered":"Avalanche Open Interest Just Smashed A New ATH, Can AVAX Reclaim $100?"},"content":{"rendered":"

Avalanche has seen its native token AVAX<\/a> rise rapidly over the last 30 days to make its way into the top 10 tokens by market cap. This rally was not exactly out of the blue as activity had begun to pick up once more on the Avalanche network<\/a>. During this time, the open interest has risen rapidly as well, eventually touching a new all-time high.<\/p>\n

Avalanche Open Interest Rises To $413 Million<\/h2>\n

On Tuesday, the Avalanche open interest<\/a> rose to the highest level since its launch following AVAX\u2019s surge to $40. The open interest reached $413 million on December 12 after continuously rising for over a month. The surge happened in tandem with the price surge and has made daily highs almost every day in December.<\/p>\n

Related Reading: Here\u2019s How Much You Would Have If You Bought Bitcoin When Jim Cramer Said Sell<\/a><\/div>\n

The surge began in October after trailing around $70 million for the better part of a month. However, in November, there was a noticeable change in the open interest as traders began to take their positions in the digital asset.<\/p>\n

\"Avalanche<\/p>\n

Source: Coinglass<\/pre>\n

Between November and December, the AVAX open interest<\/a> has risen by over 400%. On Tuesday alone, the open interest grew another 19%, bringing the total Avalanche open interest across all exchanges to 11.43 million AVAX.<\/p>\n

73% of the total open interest is actually coming from only two exchanges; Binance and ByBit. According to data from Coinglass, Binance<\/a> accounts for 44% of the total OI at $184 million (4.54 million AVAX), while ByBit<\/a> accounts for 28.8% of the OI with $119.67 million (2.95 million AVAX). BingX<\/a>, OKX<\/a>, and Bitget<\/a> make up the rest of the top 5 with $50.37 million, $43.7 million, and $41.8 million, respectively.<\/p>\n

\"Avalanche<\/p>\n

Token price retraces to $36 | Source: AVAXUSD on Tradingview.com<\/a><\/pre>\n

Rise In OI Sending AVAX Price To $100?<\/h2>\n

While the Avalanche open interest has soared to a new all-time high, there is still a long way to go for the AVAX price<\/a> before it reaches its all-time high of $146. Nevertheless, the rise in open interest is still incredibly bullish for the price.<\/p>\n

Related Reading: Bitcoin Vulnerability Discovered By A Developer Has Been Flagged By The US Government<\/a><\/div>\n

As proven by historical performance, the price of AVAX<\/a> has often risen whenever the open interest has been on the rise. This was the case between 2021 and 2022 when the price of the altcoin<\/a> rose above $100 before eventually crashing in 2022.<\/p>\n

If the Avalanche open interest continues to rise<\/a> from here, it is expected that AVAX will follow through. A break in OI over $500 million will no doubt see the altcoin clear the coveted $50 level once more. However, $100 still looks to be a long way from here and will likely be reached sometime in 2024.<\/p>\n

Follow Best Owie on X (formerly Twitter)<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from Coin Culture, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Avalanche has seen its native token AVAX rise rapidly over the last 30 days to make its way into the top 10 tokens by market cap. This rally was not exactly out of the blue as activity had begun to pick up once more on the Avalanche network. During this time, the open interest has risen rapidly as well, eventually touching a new all-time high. Avalanche Open Interest Rises To $413 Million On Tuesday, the Avalanche open interest rose to the highest level since its launch following AVAX\u2019s surge to $40. The open interest reached $413 million on December 12 after continuously rising for over a month. The surge happened in tandem with the price surge and has made daily highs almost every day in December. Related Reading: Here\u2019s How Much You Would Have If You Bought Bitcoin When Jim Cramer Said Sell The surge began in October after trailing around $70 million for the better part of a month. However, in November, there was a noticeable change in the open interest as traders began to take their positions in the digital asset. Source: Coinglass Between November and December, the AVAX open interest has risen by over 400%. On Tuesday alone, the open interest grew another 19%, bringing the total Avalanche open interest across all exchanges to 11.43 million AVAX. 73% of the total open interest is actually coming from only two exchanges; Binance and ByBit. According to data from Coinglass, Binance accounts for 44% of the total OI at $184 million (4.54 million AVAX), while ByBit accounts for 28.8% of the OI with $119.67 million (2.95 million AVAX). BingX, OKX, and Bitget make up the rest of the top 5 with $50.37 million, $43.7 million, and $41.8 million, respectively. Token price retraces to $36 | Source: AVAXUSD on Tradingview.com Rise In OI Sending AVAX Price To $100? While the Avalanche open interest has soared to a new all-time high, there is still a long way to go for the AVAX price before it reaches its all-time high of $146. Nevertheless, the rise in open interest is still incredibly bullish for the price. Related Reading: Bitcoin Vulnerability Discovered By A Developer Has Been Flagged By The US Government As proven by historical performance, the price of AVAX has often risen whenever the open interest has been on the rise. This was the case between 2021 and 2022 when the price of the altcoin rose above $100 before eventually crashing in 2022. If the Avalanche open interest continues to rise from here, it is expected that AVAX will follow through. A break in OI over $500 million will no doubt see the altcoin clear the coveted $50 level once more. However, $100 still looks to be a long way from here and will likely be reached sometime in 2024. Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet\u2026 Featured image from Coin Culture, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":565263,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[9885,90336,90856,87282,83347,89169,90221,86413,86511,83609,54146],"class_list":["post-565260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-avalanche","tag-avalanche-news","tag-avalanche-open-interest","tag-avalanche-price","tag-avax","tag-avax-news","tag-avax-open-interest","tag-avax-price","tag-avaxusd","tag-avaxusdt","tag-open-interest"],"acf":[],"yoast_head":"\nAvalanche Open Interest Just Smashed A New ATH, Can AVAX Reclaim $100?<\/title>\n<meta name=\"description\" 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/www.wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Avalanche Open Interest Just Smashed A New ATH, Can AVAX Reclaim $100?","url":"http:\/\/www.wncen.com\/news\/avalanche-open-interest-avax-100\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.wncen.com\/news\/avalanche-open-interest-avax-100\/"},"thumbnailUrl":"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/12\/Avalanche-AVAX-price.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/12\/Avalanche-AVAX-price.jpeg?fit=1000%2C563"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["avalanche","avalanche news","avalanche open interest","avalanche price","avax","avax news","avax open interest","avax price","avaxusd","avaxusdt","open interest"],"dateCreated":"2023-12-13T23:00:54Z","datePublished":"2023-12-13T23:00:54Z","dateModified":"2024-06-11T14:43:14Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Avalanche Open Interest Just Smashed A New ATH, Can AVAX Reclaim $100?\",\"url\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/avalanche-open-interest-avax-100\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/avalanche-open-interest-avax-100\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Avalanche-AVAX-price.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Avalanche-AVAX-price.jpeg?fit=1000%2C563\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"avalanche\",\"avalanche news\",\"avalanche open interest\",\"avalanche price\",\"avax\",\"avax news\",\"avax open interest\",\"avax price\",\"avaxusd\",\"avaxusdt\",\"open interest\"],\"dateCreated\":\"2023-12-13T23:00:54Z\",\"datePublished\":\"2023-12-13T23:00:54Z\",\"dateModified\":\"2024-06-11T14:43:14Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/12\/Avalanche-AVAX-price.jpeg?fit=1000%2C563","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/565260"}],"collection":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/comments?post=565260"}],"version-history":[{"count":0,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/565260\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media\/565263"}],"wp:attachment":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media?parent=565260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/categories?post=565260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/tags?post=565260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}