Bitcoin

Why is Avalanche rallying today (AVAX).

Avalanche (AVAX) is rallying today and it has gone up by 21. 48% in the last 24 hours to trade at about $106.84. Today’s AVAX price rally seems to be gathering momentum towards the December 1 high of $127. The bull trend is supported both by the Moving Average Convergence Divergence, (MACD), moving above the…

Avalanche (AVAX) is rallying today and it has gone up by 21. 48% in the last 24 hours to trade at about $106.84.

Today’s AVAX price rally seems to be gathering momentum towards the December 1 high of $127.

The bull trend is supported both by the Moving Average Convergence Divergence, (MACD), moving above the zero line, and the price moving higher than Moving Average (MA).

But why is today’s rally in AVAX? What is driving the coin’s upward movement?

This is a comprehensive overview of the events leading to the Avalanche rally.

Circle USDC Launch on Avalanche

Today’s rally in AVAX is strongly attributed to the announcement by Circle that Circle’s USD Coin will be supported on Avalanche.

The move of Circle, a global online financial company that offers online payments and financial infrastructure to businesses to transact online online, to launch USDC in Avalanche is designed to encourage more decentralized apps (DApps), on Avalanche.

The announcement was made via a tweet by Emin Gun Sirer, the CEO and Founder of Ava Labs.

The integration of $USDC natively on #Avalanche marks another important milestone in the maturation of the platform and utility of stablecoins. https://t.co/wOiNdQAuAI

— Emin Gun Sirer (@el33th4xor) December 14, 2021

The launch of Circle’s USDC via Avalanche demonstrates the Avalanche’s drive for diversity in its quest to be part of the DeFi ecosystem. After Avalanche had announced support for Tether’s stablecoin USDT, USDC was launched.

USDC is a strong competitor to Tether (USDT), one of the most popular stablecoins in the crypto space. USDC currently represents approximately a third the total stablecoin supply in the crypto space.

Analysts think USD-backed stablecoins can increase on-chain activity and force DApps to create projects on the Avalanche network.

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