By James Davis
AVAX Surges
AVAX has continued rallying over the past 24 hours after news emerged that one of the largest banking firms, JP Morgan, adopted an Avalanche subnet to tokenize its portfolios. The bank collaborated with the Monetary Authority of Singapore’s (MAS) project, Guardian, and Apollo Global to achieve its latest milestone.
An Avalanche subnet is an individual chain that is built to meet the needs of various institutions. WisdomTree, one of the asset management companies looking to launch a Bitcoin spot ETF, has also adopted Avalanche to tokenize funds.
Guardian, a project launched last year in May, has helped MAS discover many asset tokenization use cases. Last November, the regulator partnered with JP Morgan to conduct its first test on Polygon-based Aave protocol. The pair was able to complete government bond and foreign exchange transactions on the blockchain.
Ava Labs Welcomes JP Morgan’s Adoption
While welcoming JP Morgan to its ecosystem, Ava Labs, the Foundation behind Avalanche, said the bank’s latest move aligns with Avalanche’s mission to offer tech and tools to tokenize and digitize real-world assets while taking advantaging of the blockchain’s speed, customizability, and scalability.
Meanwhile, AVAX, the native token of Avalanche, is trading at $21.87 after growing 11% over the last 24 hours, per data from CoinGecko. The token is up 62% this week.
Elsewhere, popular memecoin Dogecoin has also seen a significant rally, crossing above a key resistance at $0.074 to trade for $0.079 as of this writing. Another top 30 cryptocurrency to have posted price growth in the past 24 hours is Kaspa, which is up 7% to $0.12.
BTC and ETH Cool Down Their Rallies
Bitcoin and Ethereum, on the other hand, have dropped by 4% each to hit $36,067 and $1,976 respectively. Surprisingly, Ethereum’s sharp price depreciation comes despite news that asset manager BlackRock had filed for an Ethereum spot ETF early yesterday. On a positive note, many crypto analysts are convinced that BTC and ETH are in a price correction phase and will continue rallying over the coming days.
Solana touched a new yearly high on Thursday after crossing above $62, but it has dropped to $57 at press time.