What occurred
Avalanche (CRYPTO:AVAX) is up huge in right now’s buying and promoting regardless of bearish strain impacting the broader cryptocurrency space. The token was up roughly 13% over the earlier 24-hour interval as of 4 p.m. ET.
Ava Labs CEO and Avalanche founder Emin Gun Sirer introduced A mannequin new partnership with consulting and monetary advisory agency Deloitte on Nov. 16 Which will contain constructing disaster aid Computer software platforms on the Avalanche blockchain. It was The latest signal that the blockchain community and its Avax token are seeing quickly strong adoption and funding.
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So what
Emin Gun Sirer’s announcement that Ava Labs is working with Deloitte and using Avalanche To reinforce The safety, velocity, and accuracy of Federal Emergency Administration Firm (FEMA) funding has assisted spur huge positive elements for the community’s cryptocurrency. The Shut As You Go platform is assembleed on the Avalanche blockchain And might current authorities officers with a safe, low-value system Which will hopefully reduce fraud and waste As a Outcome of of strengthened transparency. The Avax token is now up roughly 26% Over the previous seven days of buying and promoting.
Now what
Avalanche is a competitor to Ethereum. It currents a blockchain community for constructing decentralized finance (DeFi) purposes. Clients spend its Avax tokens So as to facilitate providers and transactions. Deloitte is A critical supplier Of monetary advisory and consulting providers, and The company opting To assemble tasks on Avalanche is a promising signal. If extra primary tasks proceed to be assembleed on the Avalanche blockchain, That Ought to work to drive The worth of the Avax token greater.
Avalanche now has a market capitalization of roughly $23.7 billion, and it ranks As a Outcome of the twelfth-largest cryptocurrency by market cap.
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Source: https://www.fool.com/investing/2021/11/17/heres-why-avalanches-cryptocurrency-is-surging-tod/