Avalanche price surges as active wallet count rises 80%

• Avalanche (AVAX) price rose 9% to above $18 as markets bounced on easing geopolitical tensions.
• The AVAX price spike came amid a significant increase in on-chain activity, including active addresses and transactions.
• Crypto was up as Israel and Iran agreed to a ceasefire, which could see AVAX break to $30 or higher in coming weeks.

Avalanche (AVAX) price experienced a notable price surge on Tuesday morning as cryptocurrencies gained on easing geopolitical tensions.

The AVAX token surged to highs of $18.40, with a 9% increase in the last 24 hours also coming amid a significant spike in on-chain activity.

Avalanche traded as one of the top gainers during Asian hours, mirroring gains for Bitcoin, Ethereum and Solana.

Most cryptocurrencies are back at key levels after the US announced both Israel and Iran had agreed to a ceasefire to end the “12-day war.”

Avalanche on-chain activity spikes

The Avalanche network is buzzing with unprecedented on-chain activity.

Indeed, Avalanche has looked bullish since late May when Bergen County in New Jersey announced its plans to tokenize $240 billion in property deeds on the Avalanche blockchain.

The mega 5-year project seeks to digitize over 370,000 property deeds using blockchain technology across the county.

As highlighted by Nansen, a leading blockchain analytics platform, “something is brewing” for AVAX. The surge in active addresses and transactions over the past 24 hours suggests so.

The Avalanche Foundation also shared the chart below showing transaction growth over the past year.

Avalanche transactions over the last year