Avalanche, a high-speed low-cost blockchain that wants to take on Ethereum, has made its way into the top ten coins by market capitalization.
The coin’s now worth $134.74 and has a market capitalization of $30.19 billion. It set its all-time high earlier today when it peaked at $146.22.
Avalanche rose to the top 10 position eight hours after Zhu Su, the CEO of Singaporean crypto hedge fund Three Arrows Capital, tweeted that he had “abandoned Ethereum despite supporting it in the past”.
Three Arrows has invested heavily in Avalanche, similar to how Sino Global Capital and FTX’s Sam Bankman-Fried invested in Solana, another Ethereum rival. Together with Polychain Capital, Three Arrows led a $230 million funding round in Avalanche in September.