Following a recent report on Avalanche’s new collaboration with Amazon Web Services, the project’s token AVAX has gained 27% in value over the previous several hours.
Compared to BTC and ETH, which at the time of writing had registered increases of 7.8% and 11.8%, respectively, AVA, presently trading at $15.32, had the most dramatic spike of the three cryptocurrencies.
AVAX’s market capitalization was at $4,8 billion at the time of writing. Its trading volume witnessed an astounding 352% growth, bringing the total to $1 billion. Currently, there are 311,582,143 AVAX in circulation throughout the AVA system.
Avalanche partners with Amazon
The value of the AVAX token soared when it was announced that Ava Labs would be working with Amazon Web Services, as reported earlier by crypto.news. The agreement between the two companies aims to expedite the use of blockchain technology by private companies, public organizations, and governmental bodies.
According to announcements made by both companies, it gives users of Avalanche access to a straightforward infrastructure that can be used to establish and manage nodes.
The companies revealed that the arrangement will also improve the layer-1 blockchain network and expand the flexibility of the network for developers.