AVAX sees 12% price jump as Grayscale launches Avalanche Trust
The post AVAX sees 12% price jump as Grayscale launches Avalanche Trust appeared on BitcoinEthereumNews.com.
AVAX, the native token of layer-1 blockchain Avalanche, has seen a rise of 12% in the past 24 hours, making it a top performer among the top 100 cryptocurrencies by market capitalization. After nearly six months of decline, Avalanche’s (AVAX) price appears to be in the early stages of a potential trend reversal. On Aug. 5, the token hit a nine-month low of $17.29. However, over the past two weeks, it has gained 48%, reaching $25.78. AVAX 24-hour price chart – Aug. 23 | Source: crypto.news At the time of writing, AVAX’s daily trading volume was around $511 million, with a market capitalization of $10.4 billion, according to data from crypto.news. Although AVAX experienced a flash crash to $17.55 during Bitcoin’s Aug. 5 correction to $49,500, similar to many other altcoins, it has underperformed the broader market since peaking at $65 on March 18. The recent positive movement in AVAX’s price may be partly driven by encouraging news. Investors have focused on the Avalanche token unlock schedule, noting that the frequency of token unlock events will significantly decrease after the end of 2024. Many believe these unlocks create selling pressure and hinder long-term ecosystem growth, which is crucial for the token’s value appreciation. After 2024 only #Avalanche Foundation will unlock tokens. All other unlocks will be done. On-chain unlocks are much more transparent than other foundations random token sales#AVAX Foundation unlocks have set dates and is on-chain, it’s predictable and everyone can plan for it.… pic.twitter.com/DtsJnH3ElC — REKTBuildr 🔺🔺🔺 (@rektbuildr) February 22, 2024 Additionally, on Aug. 22, Grayscale Investments announced the launch of the “Grayscale Avalanche Trust,” providing investors with exposure to the Avalanche ecosystem. On the same day, global asset manager Franklin Templeton expanded its Franklin Onchain U.S. Government Money Fund to the Avalanche network, responding to growing investor…
Filed under: News - @ August 23, 2024 7:24 am