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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:
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AVAX is positioned for potential short-term gains due to Bitcoin’s movement near 83,000 USD and GameStop’s announcement to hold Bitcoin as a treasury asset.
As Bitcoin holds steady at 83,000 USD, institutional interest grows. GameStop’s decision has led to a new record in Open Interest, indicating market strength and bullish sentiment.
With increased adoption and lower transaction fees, AVAX addresses and transactions surged, offering a promising long-term outlook as AVAX’s performance remains closely tied to Bitcoin’s momentum.
Avalanche and Gelato have collaborated to launch a service that simplifies the deployment of independent blockchains for institutions, a significant step towards institutional blockchain adoption.
This new service significantly reduces costs and technical complexities, helping institutions navigate blockchain solutions more effectively and enhancing interoperability with Avalanche’s InterChain Messaging.
Nasdaq has submitted a filing to the SEC to list Grayscale’s spot Avalanche ETF, aiming to enhance investment access to AVAX, reflecting significant institutional interest in digital assets.
The proposed ETF will track the spot price of AVAX, the native token of the Avalanche network. Grayscale has yet to assign a ticker symbol for the ETF.
Despite the ETF proposal, there has been no immediate reaction in AVAX’s market value, which currently stands at approximately 8.4 billion USD.
AVAX has experienced more than a 11% increase recently, pushing its price above 21 USD. This comes after a previous rise of nearly 19%.
Despite recent gains, AVAX is still down 85% from its all-time high of 146.22 USD. Technical indicators show strong bullish sentiment among traders.
If AVAX can close above the resistance level of 20.99 USD, it may target a 24.99 USD price point, indicating a possible 17% increase toward the major psychological level of 30 USD.
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