Avax and Near Beat Ether and Bitcoin in Asia as the Wall of Red Continues
Avax, the native token of Avalanche, and NEAR, the native token of Near Protocol (NEAR), both held up well in early Friday trading as the market erased gains made earlier this week.
AVAX was up 8.2% in the last 24 hours at press time, while NEAR was trading 6% higher. Bitcoin is down 2.5% in the last 24 hours and is trading below $35,500. Ether is down 3.3% over the same period, moving below $2,000.
Avax’s native token AVAX was likely a catalyst due to its inclusion in Project Guardian, the tokenization initiative for the interest of investors Monetary Authority of Singapore (MAS).
According to announcements from Avalance and MAS, Onyx, a joint venture between JP Morgan, Apollo Global and MAS, has demonstrated a blockchain proof of concept that could revolutionize wealth management. This technology is similar to Citi’s FX simulations, which use similar technology. Onyx, JP Morgan’s blockchain-based fixed income trading network, is part of Project Guardian.
$AVAX has been outperforming alternative layer-1s over the past couple of days, jumping 24.3% after JP Morgan announced that its Onyx blockchain platform is using @avax to automate asset management in an initiative called Project Guardian. pic.twitter.com/vPArE6WS3h
— The Tie (@TheTieIO) November 16, 2023
These demonstrations show how smart contracts and tokenization can automate financial services and increase their efficiency. This is a priority of the Singaporean regulator, which wants to use blockchain technology instead of cryptocurrencies for FinTech.
NEAR likely benefited from positive announcements during the Nearcon conference.
The decline of the market leaders led to large liquidations of leveraged positions. Coinglass data shows that $48 million worth of Bitcoin long positions were liquidated within 24 hours. During the same period, $30 million worth of Ether positions were liquidated.
