Avalanche (AVAX) Price Jumps 12% After Binance Announcement
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The price of Avalanche (AVAX) surges by 12% due to Binance’s strategic announcement, which strengthens market sentiment and suggests a positive trajectory for the crypto.
Today, the cryptocurrency market saw a substantial 12% surge in the price of Avalanche (AVAX), notably propelled by a strategic announcement from Binance, the prominent cryptocurrency exchange.
The rally in AVAX price indicates robust investor confidence in the cryptocurrency, especially with Binance expanding its support by introducing a USDC-margined AVAX Perpetual Contract with up to 75x leverage on its Futures platform.
Avalanche Witnesses Price Rally Following Binance Announcement
The recent surge in Avalanche (AVAX) price has captured the attention of both crypto enthusiasts and investors. Analysts attribute this momentum largely to Binance’s latest initiative.
Meanwhile, Binance, the leading cryptocurrency exchange, has revealed plans to introduce a USDC-margined AVAX Perpetual Contract on its Futures platform, slated for launch on March 20, 2024, at 07:00 (UTC).
With leverage of up to 75x, this move aims to enrich trading options and user experience on Binance Futures.
Furthermore, the recent announcement highlights a 10% promotional trading fee discount available to users until April 3, 2024, 12:30 (UTC) on all trades of USDC-margined futures contracts. Additionally, the Multi-Assets Mode feature facilitates trading across multiple margin assets, offering users enhanced flexibility.
The rollout of the AVAX Perpetual Contract underscores Binance’s strategic dedication to broadening its range of services and addressing the changing requirements of its user community.
Through offering AVAX trading with augmented leverage possibilities, Binance seeks to stimulate trading engagement and fortify market liquidity for AVAX.
Influence on Price & Market Sentiment
Binance’s backing with the introduction of the AVAX Perpetual Contract signals confidence in Avalanche’s potential. The subsequent surge in AVAX price reflects growing investor interest and positive market sentiment.
With Binance users gaining access to AVAX trading with increased leverage, demand for AVAX may experience further upticks, potentially driving its price higher.
Recent attention on Avalanche’s price is evident from a 35% surge, along with the recent expansion of the Avalanche Foundation’s board, further boosting market sentiment.
As of press time, Avalanche’s price has risen by 11.73% to $59.74, with trading volume remaining stable at $1.93 billion. AVAX has reached a high of $62.27 in the last 24 hours, with a monthly gain of around 50%.
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