Avalanche (AVAX) is rallying contiguous and it has gone up by 21.48% successful the past 24 hours to commercialized astatine astir $106.84.
Today’s AVAX terms rally seems to beryllium gathering momentum towards the December 1 precocious of $127.
The bull inclination is supported by some the Moving Average Convergence Divergence (MACD) moving supra the zero enactment and the terms moving supra Moving Average (MA).
But what is causing today’s AVAX rally? Why is the coin moving up?
Here is simply a elaborate outlook of the events that person led to the Avalanche rally.
Circle USDC motorboat connected Avalanche
Today’s AVAX terms rally is highly attributed to the announcement that Circle's USD Coin (USDC) shall beryllium supported connected Avalanche.
The determination by Circle, which is simply a planetary online fiscal steadfast that provides online payments and the fiscal infrastructure for businesses to transact online, to motorboat USDC connected Avalanche is geared to propulsion much decentralized applications (DApps) connected Avalanche.
The announcement was made by the Founder and CEO of Ava Labs Emin Gün Sirer done a tweet.
— Emin Gün Sirer🔺 (@el33th4xor) December 14, 2021
The motorboat of Circle’s USDC connected Avalanche asserts the Avalanche’s propulsion for diverseness arsenic it seeks to person a stock of the DeFi ecosystem. The motorboat of USDC came aft Avalanche announced the enactment of Tether’s stablecoin USDT successful November.
USDC has go a unit to reckon among the stablecoins arsenic it emerges arsenic a cardinal rival to Tether (USDT), which is 1 of the astir utilized stablecoins wrong the crypto space. USDC presently accounts for astir a 3rd of the full stablecoin proviso wrong the crypto space.
Analysts judge USD-backed stablecoins could summation on-chain enactment connected the Avalanche web and compel DApps to physique projects connected the network.