Cryptocurrency News

Avalanche (AVAX) Starts Trading on Kraken as Price Soars 10%

AVAX has managed to increase the stakes up to 10% in the last few days as different platforms came in to support. Avalanche’s native coin AVAX made it to the top 10 list in the last few days. This happens just a couple of days after Kraken has officially listed AVAX on its website.

The AVAX Coin

Despite being much younger than most altcoins, Avalanche’s native AVAX token has pulled one of the greatest feats in a short time. While most of the available tokens lurk far below the value of the USD, the AVAX token has soared up higher and values a little over a hundred USD as of yesterday’s reports. Avalanche’s blockchain also offers the recent installment of smart contracts for AVAX transactions. The growth of AVAX tokens is often seen as a competition for Ether, the native token of Ethereum. It is indeed a fact given that Avalanche blockchain is designed to imitate the model of Ethereum, except that the former is much faster and more affordable than the latter. 

Kraken’s Support for AVAX

Kraken, the mammoth crypto exchange, has announced on the 16th of December that it will henceforth allow its users to trade in AVAX. The trading of AVAX was allowed against the likes of the USD and the Euro. Within days since the listing, AVAX has shown exponential growth and comfortably entered the terrain of the popular coins. The reports show that the AVAX landed a huge 10% increase in a matter of days and is likely to keep the streak for a long time. It should be noted that Kraken listed SHIB, the meme-coin, for trading not very long ago.

The Increasing Market for AVAX

Following Kraken, several other communities and platforms have extended their hands towards the AVAX tokens. The USDC, under the control of Circle, had decided to offer its support for AVAX last Tuesday. BitGo, with a braggable 64 billion volume, also turned up for this new marriage of convenience. All these aspects are cooking up to be a new alliance in the world of cryptocurrency to get the crumbs left by Bitcoins. There is a potential rivalry brewing up between Ethereum and Avalanche, and the so-called “Ethereum killer” is now dominating the field.

The premiere crypto research firm reports that there have been more than 70 thousand new contracts in the last few days alone in the C-Chain of Avalanche. In another report, the Bank of America mentions AVAX to be a potential replacement for Ethereum tokens. All things considered, the crypto market is clearly about to witness a storm of changes as there could be countermeasures from the part of Ethereum to hold its position.

Erica Lee

Erica is a finance professional who has over a decade of experience in the finance sector as a management consultant. After years of reporting on forex, stock markets, and finance, she now contributes her strong financial skills with the CoinNewsSpan team. Since 2014, she has been deeply involved in the blockchain and cryptocurrency space. She believes that blockchain technology has tremendous potential to make our lives better.

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