J.P. Morgan’s Onyx tapped an Avalanche subnet, a dedicated version of the blockchain, in a proof-of-concept with Apollo Global and the Monetary Authority of Singapore’s Project Guardian. As a result, Avalanche (AVAX) has surged nearly 14% in 24 hours, Dogecoin (DOGE) has gained 4%, Cardano (ADA) has made gains of more than 3%, and Ordi (ORDI) has jumped by more than 16%. Meanwhile, Bitcoin (BTC) is up just 0.3% and Ethereum (ETH) has fallen by nearly 1%. Solana (SOL), which received a boost yesterday and touched a new yearly high, was down nearly 1%.
This news is good for those invested in Avalanche and other cryptos, as they have made gains in the past day and week. It also shows that major companies such as J.P. Morgan are taking an interest in blockchain, which is beneficial for the industry as a whole.
You can read more about this topic here: Decrypt: Avalanche Pumps 14% After JP Morgan Adoption, Bitcoin’s ORDI Pops 16%