AVAX(Avalanche)fall 3.70% in 24 hours

Gate News Bot News, September 25, according to CoinMarketCap data, as of the time of writing, AVAX( Avalanche) is currently priced at $32.44, falling 3.70% in the last 24 hours, with a high of $35.91 and a low of $30.15. The 24-hour volume reached $1.415 billion. The current market capitalization is approximately $13.697 billion, a decrease of $526 million compared to yesterday.

Avalanche is an open, programmable smart contract platform for decentralized applications. It uses an innovative consensus protocol and subnet architecture to provide high throughput, rapid finality, and strong scalability while maintaining decentralization and security. Avalanche supports the Ethereum Virtual Machine, allowing developers to easily port Ethereum dApps to Avalanche.

Important news about AVAX recently:

1️⃣ Avalanche decentralized exchange volume surges The decentralized exchange within the Avalanche ecosystem processed approximately $860 million in volume over the past 24 hours, with a weekly volume reaching $4.46 billion, reflecting a 6.8% increase month-over-month. The daily volume is close to the $1 billion mark, reinstating the trading activity levels seen in 2022. This significant increase in volume reflects the robust growth of DeFi activities on the Avalanche network, which may attract more users and capital into the ecosystem.

2️⃣ Large investors are actively increasing their holdings of AVAX A large investor opened a long position of approximately 514,906 AVAX with 5x leverage, worth about $17.2 million. At the same time, another well-known investment advisor opened a long position of 66,479 AVAX with 10x leverage, worth about $2.2 million. The establishment of these large long positions indicates that institutional investors are optimistic about the long-term prospects of AVAX, which may trigger broader market attention and a following effect.

3️⃣ Cryptocurrency whales are making a big entrance A cryptocurrency whale used 3.29 million USDC as collateral on the HyperLiquid platform to establish a 5x leveraged long position in AVAX. Subsequently, the investor added another 7 million USDC as collateral, further strengthening their trading position. This large-scale leveraged long operation demonstrates the strong confidence of some large capital in the price trend of AVAX.

Despite a 3.70% pullback in the AVAX price over the past 24 hours, recent trading activity and investor behavior indicate that the market remains optimistic about the long-term development of the Avalanche ecosystem. However, given the current high leverage operations and rapid growth, investors should still be cautious of potential short-term volatility risks.

This message is not intended as investment advice; investors should be aware of market volatility risks.