Avalanche Price Up 15% After Adding USDC to Its Platform
Today, one of the top-performing cryptocurrencies is AVAX, with Avalanche price rising over 15% in the past 24 hours after adding USDC to its platform.
In an announcement published today on Coindesk, Ava Labs President John Wu said:
“Going forward, this partnership allows native USDC to be minted and printed right on Avalanche, which will save users costs.”
Adding the stablecoin makes sense, as USDC is used more than USDT on the platform. Moreover, US-based traders trust USDC much more than USDT, as Tether has been associated with several legal cases and controversies over the years.
In response to the announcement, AVAX’s price increased by over 15% today, peaking at $90. Avalanche is looking to test the $100 resistance level. Whether that will happen heavily depends on how the rest of the crypto market is doing.
AVAX reached its previous all-time high of $134 on November 21st, and it wouldn’t be too surprising to see Avalanche set a new ATH before the end of the year.
One reason Avalanche might soon break its previous all-time high is due to the number of dApps that will be launched on the platform in the coming months.
Moralis, the top Web3 development platform, is currently hosting a $500k Avalanche hackathon for applications built with its platform on Avalanche. The hackathon started on December 6th and will end on January 31st, meaning that by the end of January of 2022, we should see several awesome Avalanche apps come to fruition.
What Is Avalanche (AVAX)?
Avalanche is a platform for launching custom DeFi applications, tokens, and even exchanges. AVAX is the native token to the Avalanche platform with a Proof-of-Stake consensus method.
According to their official website:
“Avalanche is an open, programmable smart contracts platform for decentralized applications.”
One of the significant advantages of Avalanche is its eco-friendly network. Because AVAX is a Proof-of-Stake coin, there’s no need to waste energy for mining purposes.
Moreover, Ethereum developers can easily use the Avalanche platform to build Solidity compatible dApps. A host of documentation is available, making it easy for anyone to create smart contracts on the platform.
AVAX Price & Tokenomics
At the time of writing, Avalanche is trading at $90.73, up over 15% in the past 24 hours. Its market cap is $22 billion, placing it as the eleventh largest cryptocurrency on the market.
You can purchase AVAX on Binance, Coinbase Exchange, KuCoin, Crypto.com Exchange, FTX, Bittrex, and more.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.
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