Crypto News- AVAX and NEAR Outshine Ether and Bitcoin Amidst a Red Wave in Asia: In the ever-evolving landscape of the cryptocurrency market, AVAX (Avalanche’s native token) and NEAR (representing Near Protocol) exhibited remarkable resilience in the early hours of Friday, navigating through a market that experienced a moderation in gains compared to the earlier part of the week. This trend appeared to mirror the fluctuations observed in traditional equities.
As of the most recent update, AVAX proudly showcased a 24-hour gain of 8.2%, while NEAR demonstrated a commendable 6% increase in trading activity. In stark contrast, Bitcoin grappled with a 2.5% dip over the preceding 24 hours, sliding below the $36,500 mark. Simultaneously, Ether faced a decline of 3.3%, with its valuation resting just under $2,000.
AVAX and NEAR Outshine Ether and Bitcoin Amidst a Red Wave in Asia
One of the pivotal contributors to AVAX’s positive performance was its recent inclusion in the Monetary Authority of Singapore’s (MAS) ambitious tokenization initiative, Project Guardian. This strategic move significantly ignited investor interest in AVAX. MAS’s Project Guardian garnered attention through impactful demonstrations conducted by Onyx, a blockchain initiative by J.P. Morgan, and Apollo Global.
These demonstrations featured a blockchain Proof of Concept with a clear goal of revolutionizing asset management. Noteworthy, too, was Citi’s parallel utilization of similar blockchain technology for FX trade simulations. These combined efforts underscored the industry’s commitment to harnessing blockchain for financial innovation, aligning seamlessly with Singapore’s regulatory agenda of driving FinTech adoption, a distinct trajectory from the conventional cryptocurrency space.
On the NEAR Protocol front, the positive trajectory observed in its performance could be attributed to a series of uplifting announcements unveiled during the Nearcon conference. However, against the backdrop of these success stories, the broader market experienced a downturn, marked by substantial liquidations of leveraged positions.
Coinglass data brought to light a noteworthy $48 million liquidation in Bitcoin long positions within a 24-hour timeframe. Concurrently, ether long positions witnessed a significant $30 million liquidation during the same period. These developments underscore the nuanced and dynamic nature of the current cryptocurrency landscape, where both triumphs and challenges coexist in shaping the market’s narrative.
Avalanche (AVAX) Hits Annual Peak Driven by Major Bank Adoption of RWA Tokenization
Avalanche (AVAX) has catapulted to its highest price point since August 2022, reaching an impressive $24 today. Notably, it stands out as the current market frontrunner, defying the trend of losses that has gripped nearly every other high-cap coin.
Over the past fortnight, AVAX has experienced a remarkable doubling in price, marking an extraordinary 166% surge in the last month alone. The question on everyone’s mind is, what is the driving force behind this formidable momentum?
Insights from DeFi researcher ‘AlΞx Wacy,’ shared on November 16, shed light on the factors propelling AVAX’s outstanding performance. Major banks are actively exploring real-world asset (RWA) tokenization, with JP Morgan leading the charge by tokenizing funds for seamless blockchain integration. Citi is diligently testing blockchain applications for forex trades, while Bank of America expresses a bullish stance on asset tokenization. Significantly, all these financial giants are leveraging Avalanche technology and Subnets for their blockchain solutions.
RWA tokenization entails placing traditional assets like gold, commodities, treasuries, and real estate on the blockchain, and it is anticipated to burgeon into a multi-trillion-dollar industry. The colossal banks are keen to secure a piece of this promising pie. Earlier this year, Bernstein, a private wealth management firm, estimated that around 2% of the global money supply, approximately $3 trillion, could be tokenized in the next five years. The necessity for a high-throughput blockchain to process these transactions has positioned Avalanche as the network of choice, a decision validated by the growing ecosystem.
In a strategic move, the Avalanche Foundation announced the inception of Avalanche Vista, a $50 million initiative dedicated to investing in RWA tokenization, back in July.