AVAX, the native token of the Avalanche blockchain, has hit a wall in its current aid bounce. After a pointy rally from $14 on March 11 to $19 on March 12, a sudden transfer from US authorities coincides with worth correcting to $18 on March 13.
The 35% aid bounce follows a previous bearish pattern the place AVAX fell from $21-$22 between March 7 and March 10.
Including to the market dynamics the US authorities has moved round 230 AVAX tokens to a brand new pockets, sparking hypothesis about potential promoting stress or strategic fund administration.
In a current put up on X, Arkham Intelligence disclosed this switch the place AVAX is valued at about $5,500 AVAX. The switch is made after AVAX skilled a pointy rally, with Arkham’s alert garnering consideration throughout current worth actions.
Regardless of the retreat, AVAX is in excessive spirits, with a market capitalization of $7.52 billion and 24-hour buying and selling quantity at $340.04 million, capturing 28.66%. At the moment, it stands at place 16 on CoinMarketCap.
Prior to now, market sentiment has been impacted by the U.S. authorities’s cryptocurrency transactions, usually with conjecture about potential impacts on asset costs. Even when the 230 AVAX token transaction may be very minor, it has the potential to spark dialogue about market dynamics and authorities intervention within the cryptocurrency house.
It’s additionally value noting that VanEck, a outstanding funding agency, lately filed for an Avalanche ETF within the U.S.
Additionally Learn: Can Avalanche (AVAX) Hit $200 After Recent Surge?
