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Avalanche’s Price Soars Following Binance’s New Contract Announcement

Avalanche's Price Soars Following Binance's New Contract Announcement

The cryptocurrency world saw a significant event today as Avalanche (AVAX) experienced a sharp 12% price increase. This jump comes right after Binance, a leading cryptocurrency exchange, announced it would launch a USDC-margined AVAX Perpetual Contract.

Binance’s latest move to introduce a USDC-margined AVAX Perpetual Contract on its Futures platform has sparked a lot of interest. This new contract, set to go live on March 20, 2024, at 07:00 (UTC), is drawing attention for allowing leverage of up to 75x. This high leverage aims to enhance trading options and the overall user experience on Binance Futures.

Moreover, Binance is sweetening the deal with a 10% trading fee discount for all trades of USDC-margined futures contracts until April 3, 2024. This offer is part of a broader strategy to increase trading activity and liquidity in the market for AVAX. Additionally, the exchange’s Multi-Assets Mode feature is providing traders with the flexibility to trade using various margin assets.

Market Responds Positively to Binance’s Support for Avalanche

The cryptocurrency community has reacted positively to Binance’s announcement, seeing it as a strong endorsement of Avalanche’s potential. This support is significant, as it not only cements Binance’s role as a key player in the crypto exchange space but also highlights its commitment to supporting innovative projects like Avalanche.

Following the news, AVAX’s price surged to $59.74, marking an 11.73% increase, with its trading volume remaining stable at $1.93 billion. The currency also hit a new monthly high of $62.27, showcasing a remarkable 50% gain.

Investors and market watchers are closely observing Avalanche, especially after its recent 35% price rally. Contributing to the positive market sentiment, the Avalanche Foundation recently announced an expansion of its board of directors, 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 rise, potentially leading to further price increases. This development underscores the growing investor interest in Avalanche and the optimistic outlook for its future in the cryptocurrency market.

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Kshitij Chitransh