Avalanche (AVAX) has surged to its highest price since August 2022, topping $24 today. Furthermore, the layer-1 blockchain token is the market’s top performer at the moment with nearly every other high-cap coin taking losses. 

AVAX has doubled in price over the past fortnight and made a whopping 166 over the last month, but what is driving momentum?

RWA Tokenization Moving Markets

On Nov. 16, DeFi researcher ‘AlΞx Wacy’ offered some insights as to what was driving the performance of AVAX.

Major banks are actively researching real-world asset (RWA) tokenization. JP Morgan is tokenizing funds for blockchain integration, Citi is testing blockchain for forex trades, and Bank of America is bullish on asset tokenization, he said.

All of them are using Avalanche technology and Subnets for their blockchain solutions.