Top 4 reasons the Avalanche crypto price is about to roar

The Avalanche crypto price has moved sideways in the past few days despite making substantial progress in its ecosystem growth. AVAX token was trading at $23.35 on Thursday, lower than the July high of $26.85. This article explores why the Avalanche price may surge soon.

Potential for SEC AVAX ETF approval

The first main catalyst for the Avalanche price is that the Securities and Exchange Commission (SEC) may approve the recently filed AVAX ETF later this year. 

Companies like VanEck, Canary, and Grayscale have filed for an ETF to track the token, and based on its fundamentals, there are chances that they will be approved. 

Recent data showed that there was vast demand for altcoin ETFs like Bitcoin, Solana, and XRP. As such, an AVAX ETF will likely lead to more sustained inflows this year.

Avalanche network is growing

The other primary reason the Avalanche crypto price is expected to surge is that its network is expanding. For example, just this week, Skybridge Capital, the firm started by Anthony ‘The Mooch’ Scaramucci, announced that it would launch a $300 million tokenized fund on the network. 

Meanwhile, Toyota, the world’s largest automaker, has launched a prototype for vehicle financing using its technology. Most importantly, the state of Wyoming launched its first stablecoin on Avalanche, a sign that it sees potential in it.