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Avalanche (CRYPTO: AVAX) soared to become the market’s biggest gainer Thursday after digital asset management giant Grayscale Investments launched a new investment fund tracking the cryptocurrency.
What Happened: The $10 billion capitalization token jumped more than 13% over the last 24 hours, even as market heavyweights Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) traded flat.
The coin pumped to its highest value in more than three weeks, wiping off the losses incurred since the beginning of the month. AVAX recorded a 39% jump in trading volumes in the last 24 hours.
The rally followed the launch of Grayscale Avalanche Trust, the latest addition to Grayscale’s cryptocurrency investment offerings. The trust would provide investors with a way to gain exposure to the price moves of AVAX, the 12th largest coin by market capitalization.
Another potential bullish trigger was leading asset manager Franklin Templeton’s expansion of its blockchain-based money market fund to Avalanche, the Layer-1 network that powers AVAX.
Why It Matters: Avalanche, like Ethereum, is a smart contract-based network, enabling the development of decentralized applications on top of it.
Grayscale and Franklin Templeton’s endeavors came amidst the increasing adoption of Avalanche’s technology.
Last month, the Department of Motor Vehicles in California digitized 42 million car titles using the Avalanche blockchain. The initiative aimed to drastically reduce the time required for transferring vehicle titles.
Price Action: At the time of writing, AVAX was exchanging hands at $26.47, rallying 13.90% in the last 24 hours, according to data from Benzinga Pro.
Photo by CMP_NZ on Shutterstock
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
