Avalanche Surges 12% Following Binance Announcement

The price of Avalanche surged over 12% after Binance announced the launch of a USDC-margined AVAX Perpetual Contract.

Today, the price of Avalanche (AVAX) on the cryptocurrency market increased by over 12%, resulting in a significant increase. Specifically, Binance, the most prominent cryptocurrency exchange, made a strategic announcement that led to this enormous increase. 

Avalanche Price Rallies Amid Binance Announcement

The surge in the price of AVAX, on the other hand, indicates that investors are demonstrating a high level of trust in the cryptocurrency.

This comes as Binance expands its support for cryptocurrency by creating a USDC-margined AVAX Perpetual Contract on its Futures platform, which offers leverage of up to 75x.

Cryptocurrency enthusiasts and investors alike have taken notice of the recent spike in the price of Avalanche (AVAX), which has captured their interest.

According to analysts, the most recent action taken by Binance is a crucial aspect of feeding this trend. Binance, the most prominent cryptocurrency exchange, has recently introduced a USDC-margined AVAX Perpetual Contract on its Futures platform.

The launch is expected on March 20, 2024, at 07:00 (UTC). By allowing for leverage of up to 75x, this move intends to improve the trading choices available on Binance Futures and the user experience. 

Furthermore, the current release stresses that users can use a 10% promotional trading fee reduction on all trades of USDC-margined futures contracts until April 3, 2024, 12:30 (UTC).

This discount is valid until the end of the day. In addition, the Multi-Assets Mode function gives users the ability to trade across several margin assets, which provides them with more freedom. 

Meanwhile, the launch of the AVAX Perpetual Contract demonstrates Binance’s strategic commitment to broadening the scope of its offerings and catering to the ever-evolving requirements of its user base.

Binance’s goal is to increase the amount of trading activity and market liquidity for AVAX by giving it access to trade in AVAX and greater leverage options.

This decision not only contributes to Binance’s strengthening of its position as a major cryptocurrency exchange but also highlights the company’s support for innovative initiatives like Avalanche.

The fact that Binance has shown its support for Avalanche by launching the AVAX Perpetual Contract indicates that the company has faith in the potential of the cryptocurrency.

The increase in the price of AVAX that occurred after this news is indicative of the increased interest of investors and the excellent sentimentthe market’s. 

It is important to note that when users of Binance acquire access to AVAX trading with more leverage, the demand for AVAX may significantly increase, potentially influencing the cryptocurrency price.  

Investors have been paying attention to Avalanche, as evidenced by its recent price increase of almost 35 %. Recent announcements made by the Avalanche Foundation regarding the expansion of its board of directors have also contributed to an improvement in market mood. 

As of the writing of this article, Avalanche’s price surged by 11.73% to $59.74, while its trading volume stayed relatively stable at $1.93 billion.

In the past 24 hours, the AVAX cryptocurrency has reached a new high of $62.27, achieving a monthly gain of about fifty percent.