Avalanche crypto rises 16%: Is it due to comments on 3AC crypto fund?

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Avalanche crypto rises 16%: Is it due to comments on 3AC crypto fund?

Avalanche crypto
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Highlights

  • The AVAX crypto is listed on major cryptocurrency exchanges worldwide.
  • AVAX crypto is the native utility token of the smart contracts’ platform, Avalanche.
  • The total supply of the Avalanche crypto is 404.22 million tokens.

The cryptocurrency market has bounced back in the last 24 hours after declining massively over the last few days. The major cryptocurrencies' prices were in the green as trading activity picked up on June 20.

Also Read: What is Firepin token? All you need to know about FRPN crypto

As of writing, Bitcoin price was up by 7.2 per cent to US$ 20,850.33 per token after dropping to US$ 18,000. Meanwhile, the valuation of the crypto market worldwide recorded a surge of 6.2 per cent to reach US$ 912.04 billion.

Amid the rising virtual currency market, the price of Avalanche (AVAX) crypto shot up by 16.3 per cent to US$ 17.5 apiece and its volume soared around 10 per cent to US$ 596.2 million.

The AVAX crypto is listed on major cryptocurrency exchanges worldwide and is currently available on Bitget, Binance, OKX, and FTX. However, if you are interested in Avalanche crypto, it is advisable to assess your risk capacity as the crypto market is experiencing high volatility this year.

What is Avalanche crypto?

It is the native utility token of the smart contracts’ platform, Avalanche, which claims to be the fastest, low-cost, and eco-friendly.

Avalanche crypto
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The whitepaper of Avalanche network claims to have the following use cases:

  • Building permissioned (private) and permissionless (public) blockchains for specific applications.
  • The network is involved in developing and launching decentralized, highly scalable decentralized applications (Dapps).
  • Creating digital assets with arbitrary complexity and unique rules and covenants.

Meanwhile, the Avalanche crypto can be used to pay the platform's fees and secure the network. On September 21, 2020, Avalanche became live on the mainnet. Since then, the platform has secured more than 450 individual projects and AVAX crypto worth US$ 118 million have been burned.

Bottom line

The Avalanche crypto could be rising as it recently distanced itself from Three Arrows Capital after some reports had claimed that it is facing liquidity issues.

The treasury funds of Avalanche, a Three Arrows Capital project, were neither custodied nor maintained by the crypto hedge fund, according to Avalanche network. The project tweeted that due to recent rumours, Avalanche is clarifying that Three Arrows Capital has never managed or custodied any Avalanche Foundation treasury monies.

As per CoinMarketCap data, the total supply of the Avalanche crypto is 404.22 million tokens, and the maximum supply is 720 million. Meanwhile, the circulating supply of Avalanche crypto is 281.04 million.

Also Read: 3AC crypto hedge fund insolvent? Do crypto investors need to worry?

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

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