Avalanche’s AVAX leads crypto gains following NYSE tokenization deal

Avalanche’s AVAX token jumped as much as 10% on Monday, making it the top earner among the 100 largest cryptocurrencies by market capitalization, as the New York Stock Exchange (NYSE) announced plans to use its blockchain to settle trades on a new platform for trading tokenized stocks around the clock.

AVAX later eased to $8.86, still up over 8% on the day, according to CoinGecko data as of 03:22 p.m. UTC. The token currently has a market cap of around $3.95 billion, with $439.7 million traded over the past day. The Avalanche blockchain boasts a total value locked (TVL) of $633 million, up 4% over the past 24 hours, according to DeFiLlama.