AVAX (Avalanche) rose 7.10% in 24 hours.

Gate News Bot news, on September 18, according to CoinMarketCap data, AVAX (Avalanche) is currently priced at $32.23, rising 7.10% in the last 24 hours, with a high of $32.39 and a low of $28.29. The 24-hour volume has reached $1.362 billion. The current market capitalization is approximately $13.611 billion, an increase of $903 million compared to yesterday.

Avalanche is an open, programmable smart contract platform for the development of decentralized applications. It offers high throughput, fast finality, and strong security through a unique consensus mechanism, aiming to provide developers with an efficient blockchain infrastructure.

Recent important news about AVAX:

1️⃣ Avalanche ETF application submitted, high likelihood of approval Bitwise has submitted a spot Avalanche ETF application to the SEC, joining VanEck and Grayscale. The total number of cryptocurrency ETF applications awaiting SEC approval has now exceeded 90. Industry analysts believe that compared to other products, the AVAX ETF, due to its relatively simple structure, has a higher chance of approval. This will provide institutional investors with the opportunity to allocate AVAX, potentially attracting more capital inflow.

2️⃣ Pendle cross-chain PT product launched on Avalanche Pendle announces the launch of its cross-chain PT (Principal Token) product on Avalanche for the first time, with the first product being PT-USDe from Ethena Labs (expiring in November 2025). Silo Labs and Term Labs have accepted this PT as collateral. This cross-chain operation has been completed with the support of LayerZero, marking a further enrichment of DeFi applications in the Avalanche ecosystem and an enhancement of cross-chain interoperability.

3️⃣ Avalanche raises $1 billion to establish a cryptocurrency asset reserve company The Avalanche Foundation is in talks with investors to establish two "digital asset treasury companies" in the United States, with a total fundraising target of $1 billion. The funds will be used to purchase millions of AVAX held by the Foundation at a discount. One project is led by Hivemind Capital, aiming to raise up to $500 million among NASDAQ-listed companies; the other project is initiated by Dragonfly Capital's SPAC, also targeting $500 million. This initiative is expected to enhance the market liquidity and institutional holding ratio of AVAX.

The AVAX price recently reached a new high since February, hitting $29.9, reflecting the market's positive expectations for the development prospects of the Avalanche ecosystem. Technically, AVAX has broken through several important resistance levels, showing strong short-term momentum, but investors still need to be cautious of potential pullback risks.

This message does not constitute investment advice, and investors should be aware of market volatility risks.