Avalanche’s price surged following Binance’s announcement of a new deal.
A significant event occurred in the cryptocurrency world today as the price of Avalanche (AVAX) surged 12%. This leap comes shortly after leading cryptocurrency exchange Binance announced that it would launch USDC margined AVAX perpetual contracts.
Binance’s recent move to introduce USDC margined AVAX perpetual contracts to its futures platform has generated a lot of interest. This new contract, scheduled to launch at 07:00 (UTC) on March 20, 2024, is notable for allowing up to 75x leverage. This high leverage aims to improve trading options and overall user experience on Binance Futures.
Additionally, Binance is offering a 10% trading fee discount for all trades in USDC margin futures contracts until April 3, 2024. This offer is part of a broader strategy to increase trading activity and liquidity in AVAX markets. Additionally, the exchange’s multi-asset mode feature gives traders the flexibility to trade using a variety of margin assets.
Markets react positively to Binance’s support for Avalanche.
The cryptocurrency community reacted positively to Binance’s announcement, viewing it as a strong endorsement of Avalanche’s potential. This support is significant as it not only solidifies Binance’s role as a key player in the cryptocurrency exchange space, but also highlights its commitment to supporting innovative projects like Avalanche.
After this news, the price of AVAX soared to $59.74, up 11.73%, while trading volume remained stable at $1.93 billion. The currency also hit a new monthly high of $62.27, marking a stunning 50% gain.
Investors and market watchers are watching the Avalanche closely, especially after its recent 35% price rise. Contributing to the positive market sentiment, the Avalanche Foundation recently announced board expansion, signaling further growth and innovation for the platform.
As Binance users gain access to more leverage in AVAX trading, demand for Avalanche is expected to increase, potentially pushing the price further higher. These developments highlight the growing investor interest in Avalanche and their optimism about its future in the cryptocurrency market.
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