Avalanche (AVAX) Price Rallies 12% As Binance Announcement Boosts Market Sentiment

The crypto market witnessed a jump in Avalanche (AVAX) price today, as it soars nearly 12%. Notably, this significant rally comes in the wake of a strategic announcement from Binance, the leading crypto exchange.

Meanwhile, the rally in AVAX price suggests that the investors are showing strong confidence in the crypto as Binance extends its support, introducing a USDC-margined AVAX Perpetual Contract with up to 75x leverage on its Futures platform.

Avalanche Price Rallies Amid Binance Announcement

The recent surge in Avalanche (AVAX) price has caught the attention of crypto enthusiasts and investors alike. Analysts point to Binance’s latest move as a significant factor fueling this momentum.

Meanwhile, the leading crypto exchange Binance has announced the launch of a USDC-margined AVAX Perpetual Contract on its Futures platform, scheduled for March 20, 2024, at 07:00 (UTC). With leverage of up to 75x, this move aims to enhance trading options and user experience on Binance Futures.

In addition, the recent announcement highlights that the users can enjoy a 10% promotional trading fee discount until April 3, 2024, 12:30 (UTC) on all trades of USDC-margined futures contracts. Besides, the Multi-Assets Mode feature enables trading across multiple margin assets, providing flexibility to users.

Meanwhile, the introduction of the AVAX Perpetual Contract reflects Binance’s strategic commitment to expanding its offerings and meeting the evolving needs of its user base. By providing access to AVAX trading with enhanced leverage options, Binance aims to stimulate trading activity and bolster market liquidity for AVAX.

This move not only strengthens Binance’s position as a leading crypto exchange but also underscores its support for promising projects like Avalanche.

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Impact On Price & Market Sentiment

Binance’s endorsement through the introduction of the AVAX Perpetual Contract signals a vote of confidence in the potential of Avalanche. The surge in AVAX price following this announcement indicates growing investor interest and positive market sentiment.

Notably, as Binance users gain access to AVAX trading with increased leverage, the demand for AVAX may experience further upticks, potentially driving its price higher.

Meanwhile, the Avalanche price has been on the investors’ radar lately, as evidenced by the surge of around 35% in its price. Notably, the Avalanche Foundation has recently announced its board expansion, which has also bolstered market sentiment.

As of writing, the Avalanche price was up 11.73% to $59.74, with its trading volume staying near the flat line at $1.93 billion. The AVAX crypto has touched a high of $62.27 in the last 24 hours while noting a monthly gain of around 50%.

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.