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Information about Avalanche (AVAX)
Avalanche is an open-source platform for developing decentralized finance (DeFi) apps, financial products, and transactions, as well as other services. Avalanche was created to become a global exchange that allows anyone to launch a DApp, support the trade of any type of property and control it in a decentralized way by using smart contracts and other advanced technologies. The developers claimed that Avalanche would be the first smart contract to complete a transaction in less than a second.
Avalanche was founded and developed by a group of computer science experts and PhDs from prominent US universities. It features CEO Emin Gün Sirer, who successfully developed and implemented the first cryptocurrency that used Proof-of-Work (PoW) to mint coins, and COO Kevin Sekniqui, a doctorate candidate with extensive software experience at companies like Microsoft and NASA JPL.
AVAX is the original token of the Avalanche platform, which serves as a payment and reward system for users and implements various tasks within Avalanche’s protocols. It serves the following purposes:
News
Solana, Cardano, and Avalanche have faced significant losses, declining by approximately 5.6%, 5.5%, and 5.8% respectively. Overall, the crypto market sees a 4.3% drop, with Bitcoin down 2.2%.
Despite recent setbacks, Solana has seen a notable 17.5% growth this week, now priced at 125.32 USD, yet it remains down by 2.8% for the month.
Positive news for Solana includes Canadian regulators approving spot-traded Solana ETFs, indicating potential growth for its ecosystem, despite ongoing challenges in the U.S. Market.
Avalanche (AVAX) experienced a strong weekly gain of 16%, leading the top-10 cryptocurrencies. Its Total Value Locked (TVL) bounced back to 1.63 billion USD, suggesting a potential turning point in market sentiment.
Currently traded at 20 USD, AVAX faces significant resistance at 30 USD. To realize this potential movement, it must overcome the critical levels between 24 and 26 USD.
The cryptocurrency market saw a decline of 1.56%, reducing the global market cap to 2.66 trillion USD. Bitcoin continues to dominate with a price of 83,781 USD, experiencing a minor drop of 1.35%.
Among top altcoins, Solana (SOL) and Avalanche (AVAX) stood out with significant weekly gains, 11.72% and 15.64% respectively. XRP also saw a 3.96% increase, now priced at 2.14 USD.
Standard Chartered predicts XRP could rise to 12.50 USD by 2028, driven by ETF approvals. Regulatory changes and its expanding role in the tokenization market are expected to enhance XRP’s position in institutional finance.
Bitcoin (BTC) faced fluctuations, dropping to 78,000 USD before a strong recovery, reflecting ongoing volatility in the market.
North Carolina proposes cryptocurrency tax payments, and Arizona has passed a Bitcoin mining rights bill. The SEC has updated its guidance on cryptocurrency offerings, impacting regulations.
VanEck has filed for an ETF for Avalanche (AVAX) on Nasdaq, indicating growing institutional interest in cryptocurrency assets.
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