AVAX (Avalanche) rose 4.98% in 24 hours

Gate News Bot news, September 10, according to CoinMarketCap data, as of the time of writing, AVAX (Avalanche) is currently priced at 26.21 USD, with a rise of 4.98% in the last 24 hours, reaching a high of 26.28 USD and a low of 23.90 USD. The 24-hour volume has reached 915 million USD. The current market capitalization is approximately 11.068 billion USD, an increase of 525 million USD compared to yesterday.

Avalanche (AVAX) is an open-source platform that provides a highly scalable system for launching decentralized applications and enterprise-level blockchain deployments. It aims to address the blockchain trilemma through its innovative consensus mechanism and unique network architecture.

Important news about AVAX recently:

1️⃣ Bitwise Registers Avalanche ETF in Delaware The well-known digital asset management company Bitwise has registered an Avalanche ETF in Delaware. This marks further expansion of cryptocurrency-related ETFs in the U.S. market. The ETF is specifically targeted at Avalanche's native token $AVAX, providing investors with a new cryptocurrency investment tool. This move may attract more institutional investors to pay attention to AVAX, increasing its market exposure and potential demand.

2️⃣ The re-staking protocol Suzaku completed a $1.5 million financing The re-staking protocol Suzaku has successfully completed a financing of 1.5 million USD, with funding sources including seed rounds, public offerings, and grants. This funding will provide Suzaku with more resources to help further develop and improve re-staking services within the Avalanche ecosystem. The development of re-staking technology may attract more users to participate in AVAX staking activities, potentially reducing market circulation and driving the price of AVAX up.

3️⃣ Ecosystem financing activity increase The successful financing of Suzaku reflects investors' continued interest in innovative projects within the Avalanche ecosystem. This influx of funds may stimulate more developers to build applications on the Avalanche platform, thereby enhancing the vitality and attractiveness of the entire ecosystem. The expansion of the ecosystem helps to increase the utility and value of AVAX, supporting its price performance in the long term.

From a technical perspective, the rise in AVAX prices is accompanied by an increase in volume, indicating that the market is responding positively to these developments. The news of Bitwise registering the Avalanche ETF has further boosted investor confidence in AVAX, which may be an important factor driving the recent price increase. However, investors should still closely monitor the overall trends in the cryptocurrency market, as they may impact AVAX's subsequent performance.

This message is not intended as investment advice; investors should be aware of market volatility risks.