AVAX climbs 7% following Bitwise’s Avalanche ETF filing, fueling hopes for a move toward $50 and higher.
By Bhushan Akolkar
Editor Hamza Tariq
Updated
3 mins read
AVAX AVAX $29.82 24h volatility: 4.3% Market cap: $12.60 B Vol. 24h: $1.32 B , Avalanche blockchain’s native token, jumped 7% on September 15 following Bitwise’s Avalanche ETF filing.
While the overall crypto market stayed steady, analysts are eyeing potential gains pushing AVAX toward $50.
The AVAX price is showing major strength with 17.5% gains over the past week, making it one of the top-performing altcoins in the market.
The altcoin has surged past its $30 resistance, with daily trading volumes surging 10% to more than $1.25 billion, showing strong bullish sentiment.
Popular crypto analyst KALEO noted that AVAX price under $50 is a steal buy. As of now, the altcoin is approaching the top of the multi-year descending trendline.
https://twitter.com/CryptoKaleo/status/1967657673610113201
A breakout above the trendline could put an end to the long-term downtrend. This will open the gates for an AVAX price rally to $135. As of now, Coinglass data shows that the AVAX futures open interest has surged 10% to $1.45 billion.
Data from DefiLlama shows that the total value locked (TVL) in the Avalanche ecosystem has climbed to $2.09 billion, up from $1.93 billion a week earlier. This clearly highlights a major uptick in user activity on the network.
The surge comes as decentralized exchange (DEX) volumes on Avalanche have remained above $2 billion for eight consecutive weeks. On the other hand, the stablecoin market cap on the chain has surged nearly 5% to $2.31 billion.
Avalanche TVL shoots past $2 billion. | Source: DeFiLlama
Following the footsteps of Grayscale and VanEck, Bitwise submitted an Avalanche ETF filing to the U.S. Securities and Exchange Commission (SEC).
Bitwise has filed to launch an Avalanche ETF that would provide direct exposure to the token by holding it in custody.
The fund’s shares are planned to list on a U.S. exchange under a ticker symbol to be announced later, with net asset value tracking the CME CF Avalanche-Dollar Reference Rate, published daily by CF Benchmarks.
Coinbase Custody Trust Company has been appointed as custodian for the Avalanche assets held by the trust.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
