Avalanche Open Interest Just Smashed A New ATH, Can AVAX Reclaim $100?
Summary
Avalanche's native token AVAX has seen a rapid rise over the past month, leading it to enter the top 10 tokens by market cap. The open interest on the Avalanche network has also seen significant growth, reaching a new all-time high of $413 million on Tuesday. Binance and ByBit account for 73% of the total open interest. The surge in open interest is seen as bullish for AVAX's price, with historical data showing that the price tends to rise along with open interest. While reaching $100 seems distant, a continued rise in open interest could propel AVAX in that direction by 2024.
