The cryptocurrency markets have performed well over the past 24 hours, and the overall market cap could soon surpass the $1.8 trillion mark.
Broader cryptocurrency markets are accelerating toward the end of the week. Markets have gained nearly 3% in the last 24 hours, bringing total market capitalization to over $1.79 trillion.
Bitcoin may be on the verge of reclaiming the psychological $40,000 level after rising about 1.6% in recent hours. Ether is also trading in positive territory and appears poised to challenge the $3,000 resistance level soon.
AVAX, the native token of the Avalanche blockchain, is the best-performing asset by market value among the top ten cryptocurrencies. AVAX has climbed 9% in the last 24 hours and is currently trading at $66.11 per coin.
The rally follows the announcement that crypto investment firm Valkyrie will launch an Avalanche Trust (VAVAX) for traditional investors seeking exposure to the Avalanche ecosystem.
Sources familiar with the matter report that the foundation has already raised $25 million.
Key Levels to Watch
The AVAX/USD 4-hour chart is trending higher, reflecting continued positive momentum for Avalanche. Technical indicators have improved following the recent pullback.
The 14-day Relative Strength Index (59) indicates AVAX is no longer in oversold territory. If the rally persists, the RSI could move past 60 and head toward overbought levels.
The MACD line crossed into positive territory a few hours ago, signaling upward momentum.
If buying pressure continues, AVAX could clear the first major resistance at $72.33 before the day ends. However, broader market support will be needed for a move above the next resistance level at $79.65.