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Avalanche and Near tokens rally amid broader crypto market slump

Published Nov 17, 2023 17:16
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AVAX/USD
-0.22%
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NEAR/USD
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NEW YORK - In a contrasting move to the broader cryptocurrency market, AVAX and NEAR tokens experienced significant gains today, with AVAX surging 8.2% and NEAR climbing 6%. The uptick for these tokens is attributed to recent developments in the blockchain space, including Avalanche's inclusion in the Monetary Authority of Singapore's (MAS) Project Guardian and encouraging news from the Nearcon conference.

Project Guardian, which features contributions from Onyx by J.P. Morgan and Apollo Global, represents a forward-thinking initiative that leverages blockchain technology to innovate asset management. The project demonstrates a blockchain Proof of Concept that echoes Citi’s foreign exchange trade simulation technology. This initiative underscores the growing interest in tokenization and smart contracts as tools to enhance efficiency in financial services, aligning with MAS's strategic focus on FinTech and blockchain applications.

While AVAX and NEAR tokens enjoyed their ascent, major cryptocurrencies like Bitcoin and Ether faced downward pressure. Bitcoin saw a decline of 2.5%, falling below the $36,500 mark, while Ether dropped 3.3%, trading under $2,000. These declines have had a tangible impact on traders using leverage, as data from Coinglass indicates substantial liquidations. Leveraged positions in Bitcoin resulted in $48 million being wiped out, alongside $30 million in Ether liquidations.

The divergence between the performance of AVAX and NEAR compared to Bitcoin and Ether highlights the heterogeneous nature of the cryptocurrency market where different tokens can react differently to industry-specific developments. The gains for AVAX and NEAR may also point to a keen investor interest in projects that contribute to advancements in blockchain technology and financial services innovation.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Avalanche and Near tokens rally amid broader crypto market slump
 

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