Cryptocurrency Avalanche has soared in recent days, briefly becoming one of the top ten by market capitalization, overtaking Dogecoin and Sheba Inu, after a deal to improve disaster relief financing in America.
Avalanche, better known by the code AVAX, reached a record high of $144.96 on Sunday before paring some of the gains, according to CoinGecko pricing, and is now ranked 11th among With a market capitalization of about $29 billion between Dogecoin and Shiba Inu.
It rose after creator Ava Labs announced last week a partnership with Deloitte to build more efficient platforms for disaster relief.
The Close As You Go platform is leveraging the Avalanche blockchain network to improve the security, speed, and accuracy of FEMA funding, according to a post from Ava Labs, and will help government officials Local governments to simplify disaster compensation applications.
Avalanche's price has doubled in the past 30 days, and is up more than 3000% over the year. However, cryptocurrencies are notoriously volatile, and even those that reach the highest level of market capitalization can experience a rapid decline. For example, Cardano's ADA token is down more than 40% from its all-time high in early September, and Polkadot's DOT is down 25% from a multi-week high.
