The cryptocurrency market just marked an important milestone this week as the VanEck Avalanche ETF (AVAX) was officially listed for trading.
This event provides investors with a safe and compliant channel to access AVAX, alleviating concerns about managing private keys or risks from traditional cryptocurrency exchanges.
Avalanche ETF (AVAX) – Leading the market trend
The launch of the Avalanche ETF has given VanEck a pioneering advantage, as competitors like Grayscale and Bitwise are still awaiting approval for their filings. VanEck quickly seized the opportunity to dominate the market.
To attract early investors, VanEck announced no management fees for the first $500 million in assets. This promotional policy lasts until February 28, after which the fund will apply a competitive fee of 0.20%.
Kyle DaCruz, Director of Digital Asset Products at VanEck, emphasized that this ETF fund prioritizes transparency, making it easier for asset managers and investment advisors to add AVAX to their portfolios. Notably, the fund also allows for staking a portion of the assets, providing investors the opportunity to earn rewards simply by holding AVAX.
AVAX and the expansion of practical applications
The launch of the Avalanche ETF occurs amid a growing and expanding Avalanche network beyond the experimental finance sector. Today, Avalanche has become a platform for large organizations and government agencies.
For example, the California Department of Motor Vehicles is in the process of digitizing 42 million vehicle title certificates on the Avalanche network, helping to mitigate fraud and shorten paperwork processing from two weeks to just a few minutes.
In Bergen County, New Jersey, authorities are also implementing a plan to bring $240 billion worth of real estate documents onto the Avalanche blockchain to ensure data security and leverage the superior processing speed of the public network.
Not only in the public sector, but also major players in the gaming industry are joining the Avalanche ecosystem with popular titles like Off the Grid and MapleStory running on separate Avalanche chains.
Price outlook for AVAX in the near future
The launch of the VAVX ETF has brought significant fundamental value to Avalanche; however, from a technical perspective, the price of AVAX still faces several challenges.
Currently, the price of AVAX hovers around $11.76, significantly lower than the nearly $145 peak at the end of 2021. However, on-chain data shows that network usage is growing strongly, with the number of active addresses increasing by over 1,700% recently. This indicates that although the price is low, the practical applications of Avalanche are still reaching record highs.
Technical analysts believe AVAX is at a critical juncture, with the price level of $12 serving as a psychological support. If this coin maintains above $11 and breaks through the resistance at $14.80, the price could quickly rise to the $18 or $20 range. Conversely, if it fails to hold the current support level, AVAX risks a deeper decline and may test the $9 threshold.
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