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AVAX, the native coin of the Avalanche blockchain, is the best performer among the top 20 cryptocurrencies by market cap. It has outperformed Bitcoin and other major coins despite yesterday’s massive dump.
The positive performance comes amid a strondevelopment for the Avalanche ecosystem, with AVAX expected to surge higher in the near term.
Anthony Scaramucci doubles down on AVAX
AVAX is up 15% in the last 24 hours and is currently trading above $35 per coin. This rally made it the best performer among the top 20 cryptocurrencies by market cap so far this week.
The rally comes after Anthony Scaramucci, Skybridge Capital founder, revealed in an interview with CNBC that he will be launching $300 million in tokenized hedge funds.
This could push AVAX’s price higher in the medium term as it would enable institutions to gain access to the cryptocurrency.
Scaramucci is doubling down on Avalanche. After announcing $300M in tokenized hedge funds, @Scaramucci is now the strategic advisor for AVAX One — a $550M AVAX-focused digital asset treasury alongside @HivemindCap.
He stated that he is optimistic about Avalanche, calling it the Swiss army knife” among Layer-1 networks.
Scaramucci is also the strategic advisor for AVAX One, a $550M AVAX-focused digital asset treasury alongside Hivemind. He stated that,
Lots of big corporate CTOs are picking up Avalanche as part of their story to tokenize their funds or potentially even tokenize their assets. I often say that Avalanche is like a Swiss army knife of Layer-1 networks, so it’s got a lot of flexibility.
According to Scaramucci, subnets are very important within the Avalanche ecosystem as they form interoperable networks that can be tailored to specific use cases.
Scaramucci also highlighted the importance of subnets, interoperable networks within Avalanche’s ecosystem that can be tailored to specific use cases.
AVAX eyes $40 amid bullish momentum
The AVAX/USD 4-hour chart is bullish and efficient thanks to the coin’s rally over the last 24 hours.
With the broader crypto market recovering from yesterday’s massive dump, AVAX is currently outperforming BTC, DOGE, ETH, XRP, SOL, and other major cryptocurrencies.
The technical indicators are also bullish, suggesting that buyers are in control of the AVAX/USD market. The RSI of 64 is above the neutral 50, and could head into the overbought region if the momentum continues.
The MACD lines are also within the positive region, suggesting a bullish trend.
If the rally continues, AVAX could surge towards the $40 psychological mark in the near term.
An extended bullish run would allow the cryptocurrency to hit the $45 mark for the first time since January.
However, AVAX could also undergo a correction following its recent rally. If that happens, AVAX could retest the low of $29 created on Monday. Failure to protect that low would see AVAX decline towards the $26 resistance level.
AVAX is extremely bullish at the moment and could continue its upward trend over the next few hours or days.
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