The price of Avalanche (AVAX) rose 12% due to Binance’s significant news, inspiring investors’ confidence.
Binance expands trading options by introducing the USDC-margined AVAX Perpetual Contract, which has a maximum leverage of 75x.
The Avalanche Foundation just revealed that its board is getting bigger.
Today, the price of Avalanche (AVAX) surged by around 12% on the cryptocurrency market. Notably, the biggest cryptocurrency exchange, Binance, made a strategic announcement shortly after this considerable surge.
AVAX’s price surge, however, indicates that investors are placing a high value on the cryptocurrency as Binance expands its backing by launching an AVAX Perpetual Contract on its Futures platform that is leveraged up to 75 times and is backed by USDC.
Price of Avalanche Rises During Binance Announcement
Both investors and cryptocurrency aficionados are paying attention to the recent spike in the price of Avalanche (AVAX). Analysts believe that a significant contributing element to this momentum is Binance’s most recent action.
Concurrently, the top cryptocurrency exchange, Binance, has declared that a USDC-margined AVAX Perpetual Contract would go live on its Futures platform on March 20, 2024, at 07:00 (UTC). This action intends to improve trading options and user experience on Binance Futures with leverage up to 75x.
Furthermore, according to the latest release, as of April 3, 2024, 12:30 (UTC), consumers can take advantage of a 10% promotional trading fee discount on all trades of USDC-margined futures contracts. Additionally, the Multi-Assets Mode functionality gives consumers flexibility by allowing trading across several margin assets.
In the meantime, Binance has demonstrated its strategic commitment to growing its product line and adapting to the changing needs of its user base with the launch of the AVAX Perpetual Contract. Binance wants to increase trading activity and market liquidity for AVAX by making more incredible leverage options available for AVAX trading.
This action highlights Binance’s support for innovative initiatives like Avalanche and solidifies the company’s status as a top cryptocurrency exchange.
Effect on Market Sentiment & Price
Binance’s support, demonstrated by the launch of the AVAX Perpetual Contract, is a sign of faith in Avalanche’s future. Following this statement, the price of AVAX surged, indicating rising investor interest and a good attitude in the market.
AVAX demand may see additional upticks when Binance users get access to trade with greater leverage, which might increase AVAX’s price.
However, the recent 35% increase in the price of Avalanche indicates that investors have been paying attention to it. Notably, the market’s optimism has been strengthened by the Avalanche Foundation’s recent announcement of its board expansion.
As of this writing, the Avalanche price was up 11.73% to $59.74, and its trading volume remained close to the flat line at $1.93 billion. In the past 24 hours, the AVAX cryptocurrency has seen a high of $62.27 and gained around 50% monthly.
