Grayscale launches Avalanche Investment Trust, a fund dedicated to AVAX token, amidst growing demand for digital assets.
AVAX token price surges 28% in a week, reaching $25.77, potentially surpassing 100 and 200-day EMA.Â
Grayscaleâs move expands its crypto offerings despite massive outflow from its BTC and Ether ETF.Â
Despite experiencing a significant outflow of over $19 billion from its ETF products recently, Grayscale, the worldâs largest digital currency asset manager, has announced the launch of the Avalanche Investment Trust.Â
An investment fund solely dedicated to the AVAX token, further expanding its portfolio of cryptocurrency investment products and demonstrating its commitment to providing investors with access to a diverse range of digital assets.
On August 22, Grayscale announced the launch, which captured massive attention from digital currency enthusiasts. Following the announcement, the AVAX token price, trading volume, and market capitalization skyrocketed, marking a new milestone.Â
Grayscale has deep ties to crypto, and its evolution has been tracked since the early days of digital assets. At the time, the crypto fund manager was one of the leading institutional holders of Bitcoin, but following an outflow of over $19 Billion, it was surpassed by BlackRock.
Avalanche (AVAX) Token Price Overview
On August 16, 2024, AVAX Token shifted its gear with a significant bull dominance, reaching $23.54. However, the announcement pumped confidence among the AVAX community.Â
Source: TradingView
When writing, the AVAX token was trading at $25.77, adding more than 28% weekly. Despite this growth, its price fell over 13.27% in the past 30 days and -32.17% in a quarter. Â
According to market watchers, if AVAX prices continue to grow, it could surpass the 100 and 200-day EMA in the coming week. The nearest visible resistance is $31.12 and $33.76.Â
If the AVAX price mirrors a rejection, then it will likely mark the nearest support of $22.58 and $19.94.Â
As per TradingView, the market capitalization of Avalanche surged over 194.84% in the past 52 weeks. When writing, its cap was $10.50 Billion, with an addition of 31.79% in the past seven days.Â
Other Market News
Google, the leading internet giant, recently revised its digital advertising guidelines due to surging cryptocurrency scams. The updated guidelines are especially for Switzerland, likely to be implemented in September 2024.Â
Earlier on August 22, 2024, a Taiwan court jailed eight spies working in the region for China. A person aware of the information states that the imprisoned people were accused of sending crucial information to China in exchange for cryptocurrencies. Â
Tether, the issuer of USDT, recently announced its plan to launch a stablecoin pegged by the traditional currency of the United Emirates. In the past few Dubais and some other cities of the Gulf nation have evolved as leading crypto hubs globally.Â
On August 21, 2024, Todayq reported that the official Instagram account of McDonaldâs was hacked to promote a cryptocurrency scam based on the Solana blockchain.Â
Crypto Market Price UpdateÂ
When writing, the cryptocurrency market capitalization was $2.17 Trillion, with a growth of 6.41% in the past seven days. In the past 52 weeks, the cap grew over 103.09% and 32.28% YTD, according to the data from TradingView.Â
Bitcoin price grew by 1.35% intraday, reaching $61,211; despite the intraday surge, it lost 7.20% in a month and 10.73% in a quarter.
