AVAX sees 12% price jump as Grayscale launches Avalanche Trust

AVAX, the native token of layer-1 blockchain Avalanche, has seen a rise of 12% in the past 24 hours, making it a top performer among the top 100 cryptocurrencies by market capitalization.

After nearly six months of decline, Avalanche’s (AVAX) price appears to be in the early stages of a potential trend reversal. On Aug. 5, the token hit a nine-month low of $17.29. However, over the past two weeks, it has gained 48%, reaching $25.78.

At the time of writing, AVAX’s daily trading volume was around $511 million, with a market capitalization of $10.4 billion, according to data from crypto.news.

Although AVAX experienced a flash crash to $17.55 during Bitcoin’s Aug. 5 correction to $49,500, similar to many other altcoins, it has underperformed the broader market since peaking at $65 on March 18.

The recent positive movement in AVAX’s price may be partly driven by encouraging news. Investors have focused on the Avalanche token unlock schedule, noting that the frequency of token unlock events will significantly decrease after the end of 2024. Many believe these unlocks create selling pressure and hinder long-term ecosystem growth, which is crucial for the token’s value appreciation.