Avalanche (AVAX) Soars to Become Market's Biggest Gainer After Grayscale Launches New Investment Fund

The $10 billion capitalization token jumped more than 13% over the last 24 hours, even as market heavyweights Bitcoin (BTC) and Ethereum (ETH) traded flat.

Cryptocurrency prices remained largely unchanged Thursday morning, with Bitcoin and Ethereum showing flattish price movements. However, among the top coins, Avalanche showed a significant surge in its price.

Avalanche Price Surges 13%: Cryptocurrency prices showed mixed movements on Thursday, with some showing gains while others faced losses. However, among the top coins, Avalanche (CRYPTO: AVAX) showed a significant surge in its price.

Avalanche’s price soared to its highest level in over three weeks, showing a 13.90% surge in the last 24 hours. The coin’s price showed a strong rally after largely facing losses since the start of the month.

The coin showed a 39% surge in its 24-hour trading volume, surging to become the biggest market gainer for the day.

Grayscale Launches New AVAX Trust: The rally in Avalanche’s price comes after digital asset management giant Grayscale Investments announced the launch of a new investment fund that tracks the cryptocurrency.

Grayscale, known for its Bitcoin and Ethereum trusts, launched the Grayscale Avalanche Trust, which will offer investors a way to gain exposure to the price movements of AVAX.

The trust is touted as the latest addition to Grayscale’s lineup of cryptocurrency investment offerings.

Avalanche is the 12th-largest coin by market capitalization, and the launch of the trust could significantly boost the cryptocurrency’s accessibility to investors.

Franklin Templeton Expands Blockchain Fund to Avalanche: In another development that could be driving up demand for Avalanche, leading asset manager Franklin Templeton announced the expansion of its blockchain-based money market fund to the Layer-1 network.

The fund, known as BENJI, is now available to users on Avalanche, enabling them to earn interest on their cash holdings through a decentralized protocol.

Franklin Templeton launched the fund last year, and its integration with Avalanche could be a valuable addition for users seeking to participate in DeFi protocols.

Avalanche’s network is designed to facilitate fast and low-cost transactions, making it a suitable platform for a wide range of decentralized applications.

Recently, the Department of Motor Vehicles in California digitized 42 million car titles using the Avalanche blockchain, aiming to drastically reduce the time required for transferring vehicle titles.

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