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Are Axie Infinity, ENJ, ALICE’s performances proof that ‘gaming summer’ is upon us

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Until a few months back, Axie Infinity was just another random token that existed in the market. Fast-forward to July 2021, and this token has already made a place for itself among the top 50 cryptos. In fact, it now boasts a market cap of over $2.56 billion.

Launched in November 2020, this token has appreciated by more than 33,000% so far. AXS is definitely among the exceptions that pulled through the scars of May’s flash crash. What’s more, the token hit its $46 ATH on 28 July, with the alt consolidating around the same range since.

Are we looking at a Gaming summer?

Notably, other gaming tokens in the space have seen massive rallies too over the past week. Take MyNeighborAlice (ALICE), the sixth-largest token in the sphere, for starters. This multi-player gaming token registered a massive uptick of 120% in the last 7 days alone. With a market cap of over $300 million, ALICE was valued at $14.12 at press time.

Other top tokens including the likes of Enjin Coin, Decentraland, and The Sandbox also witnessed noteworthy gains of up to 21% over the past week.

Source: CoinMarketCap

Last year, the crypto-community witnessed the DeFi sector boom independently. Is the same happening with the gaming sector this year? If yes, can the “Gaming Summer” of 2021 act as a prelude to the last leg of this year’s bull market? Well, only time can answer the aforementioned questions with certainty. However, the tokens’ on-chain metrics do provide certain cues about how things can unfold in the coming weeks.

Social Dominance & Social Volume

Gaming tokens have started asserting their dominance on social media. Over the past week, Axie’s social volume has been oscillating in the 150-450 range. These numbers are quite evidently higher than its single-digit social volume towards the beginning of June. In fact, on 23 July, one out of every hundred mentions on crypto-related social media had something to do with Axie Infinity and its gaming ecosystem.

What’s more, ALICE’s social volume and dominance too were sitting at new two-month highs at the time of writing. Santiment’s data indicated the same.

Source: Santiment

Volume 

Interestingly, the hike in social volume managed to translate itself into a hike in trading volume. Take the case of Enjin Coin, for instance. This altcoin’s trading volume during the initial days of July was in the $70 million to $180 million range. However, the same at press time stood at $324 million.

SAND’s volume too, for that matter, has massively jumped over the past few weeks. For the majority of June, SAND’s trading volume had restricted itself to the $20 million to $30 million range. However, the same started rising over the next few weeks and stood at a massive $1.4 billion on 24 July.

Source: Santiment

Well, the short-term RoI, social dominance, and volume (both social and trading) have been pretty intriguing of late. The “gaming token” craze is evidently gaining steam at the moment, quite similar to what DeFi tokens experienced last year.

Interestingly, at the time of writing, the cumulative market cap of all the DeFi tokens stood at $85.5 billion while the same for gaming tokens had a value of $7.7 billion.

Miles to go before making it to the mainstream

The stark difference in market cap shows that these new set of tokens have still miles to go before claiming a spot around the market’s mainstream currencies. The play-to-earn incentive mechanism does have the potential to pull new investors into this arena. Additionally, gaming, as a career, is gaining traction in many countries. If people become serious about the aforementioned trend, then “gaming summer” could eventually become the talk of the crypto-town.

At the moment, it looks like this sector is on the cusp of a boom and market participants can take full advantage of that.

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Source: https://ambcrypto.com/are-axie-infinity-enj-alices-performances-proof-that-gaming-summer-is-upon-us

Blockchain

ATOM Technical Analysis: Bulls Drive Price Above the Rising Channel

ATOM technical analysis

Rate this post The strong uptrend of the ATOM coin has given a bullish breakout of the parallel channel. Some in the cryptocurrency industry are concerned about the high degree of fragmentation that is evident in blockchain networks. There are hundreds of blockchain networks. However, only a handful can communicate with each other. Cosmos seeks to reverse this situation by making communication possible. Cosmos has been described as “Blockchain 3.00”, and it is a goal to make it simple to use. It is a software development platform that emphasizes modularity. This allows the creation of a network with code fragments that already exist. As a long-term goal, complex applications will become easier to construct. Scalability is another priority. That means transactions can be processed faster than with older blockchains such as Bitcoin and Ethereum. Blockchains must be able to handle the demands of payment processing companies, websites, and other users if they want to achieve widespread adoption. Past Performance of ATOM ATOM coin price faces a short-term retracement in spite of this, the bullish rally represents an uptrend.  On September 06, 2021, ATOM opened at $25.75. On September 12, 2021, LINK closed at $34.91. Thus, in the past week, the LINK price has increased by approximately 35.65%.  Source – Tradingview ATOM Technical Analysis ATOM coin price is trading at $37.52 at the time writing with a rise of 15.65% in the past 24 hours. The overpowered uptrend has broken out of the rising parallel channel thanks to the tremendous rise in buying pressure. Source – Tradingview The strong uptrend of ATOM cryptocurrency has given a bullish breakout of the parallel channel. Furthermore, the recently made lower price rejection near the $30 mark indicates a successful retest. Thus, the breakout of the $40 level may catalyze the bullish rally and help reach the $60 mark.   As per the pivot points, the ATOM coin price may find resistance near $50 and $60. And the support levels are at $35 and $30. The exponential moving averages of 50, 100, and 200-days rise higher in the bullish formation. They may act as support levels in case of an unexpected downfall. Currently, the RSI indicator is residing at 72% as it falls resulting in a bullish divergence pattern. The divergence forecasts a dip shortly.  Furthermore, the ATOM coin price is moving above the bullish cloud of the Super Trend projecting an uptrend in motion. The uptrend grows stronger as the price retests the bullish breakout. Day-Ahead and Tomorrow ATOM token price grows in an uptrend by breaking above the parallel channel. The possible breakout of the $40 level serves as an excellent entry spot upon retest with minimum risk.

The post ATOM Technical Analysis: Bulls Drive Price Above the Rising Channel appeared first on Cryptoknowmics-Crypto News and Media Platform.

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The strong uptrend of the ATOM coin has given a bullish breakout of the parallel channel.

Some in the cryptocurrency industry are concerned about the high degree of fragmentation that is evident in blockchain networks. There are hundreds of blockchain networks. However, only a handful can communicate with each other. Cosmos seeks to reverse this situation by making communication possible.

Cosmos has been described as “Blockchain 3.00”, and it is a goal to make it simple to use. It is a software development platform that emphasizes modularity. This allows the creation of a network with code fragments that already exist. As a long-term goal, complex applications will become easier to construct.

Scalability is another priority. That means transactions can be processed faster than with older blockchains such as Bitcoin and Ethereum. Blockchains must be able to handle the demands of payment processing companies, websites, and other users if they want to achieve widespread adoption.

Past Performance of ATOM

ATOM coin price faces a short-term retracement in spite of this, the bullish rally represents an uptrend. 

On September 06, 2021, ATOM opened at $25.75. On September 12, 2021, LINK closed at $34.91. Thus, in the past week, the LINK price has increased by approximately 35.65%. 

ATOM Technical Analysis

ATOM coin price is trading at $37.52 at the time writing with a rise of 15.65% in the past 24 hours. The overpowered uptrend has broken out of the rising parallel channel thanks to the tremendous rise in buying pressure.

The strong uptrend of ATOM cryptocurrency has given a bullish breakout of the parallel channel. Furthermore, the recently made lower price rejection near the $30 mark indicates a successful retest. Thus, the breakout of the $40 level may catalyze the bullish rally and help reach the $60 mark.  

As per the pivot points, the ATOM coin price may find resistance near $50 and $60.

And the support levels are at $35 and $30.

The exponential moving averages of 50, 100, and 200-days rise higher in the bullish formation. They may act as support levels in case of an unexpected downfall.

Currently, the RSI indicator is residing at 72% as it falls resulting in a bullish divergence pattern. The divergence forecasts a dip shortly. 

Furthermore, the ATOM coin price is moving above the bullish cloud of the Super Trend projecting an uptrend in motion. The uptrend grows stronger as the price retests the bullish breakout.

Day-Ahead and Tomorrow

ATOM token price grows in an uptrend by breaking above the parallel channel. The possible breakout of the $40 level serves as an excellent entry spot upon retest with minimum risk.

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Source: https://www.cryptoknowmics.com/news/atom-technical-analysis-bulls-drive-price-above-the-rising-channel/

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Blockchain

TIME100: Why Ethereum’s Vitalik Buterin Deserves The Spot

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TIME100: Why Ethereum's Vitalik Buterin Deserves The Spot

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The annual ultra-prestigious Time 100 Most Influential List is out featuring everyone from Apple’s Tim Cook to Tesla’s Elon Musk and the World Trade Organization’s first female boss Ngozi Okonjo-Iweala. The cryptocurrency industry had just one slot and 27-year-old billionaire and Ethereum co-founder, Vitalik Buterin clinched the spot.

Nominated by Reddit’s co-founder, Alexis Ohanian, Vitalik made his debut on the influential list under the innovators’ category for his magnificent strides in the world of blockchain through the creation of Ethereum. Ohanian, who has been an ardent follower of Buterin from the infant stages of his career, was quick to add:

“No other person could have possibly come up with all of the uses of Ethereum, but it did take one person’s idea to get it started. From there a new world has opened up, and given rise to new ways of leveraging blockchain technology — some of which I’ve invested in.” Ohanian said in response to the global strides of Ethereum. “Whether it is start ups like Sorare reinventing fantasy sports or Rainbow users showing off their NFT collections, none of this would’ve existed without Vitalik’s creation.”

Why Buterin? Well, here are the top reasons we think.

A builder of builders

In one of Ohanian’s remarks, he referred to Vitalik as a builder’s builder and it’s not so hard to see. With a solid $400 billion community harboring a plethora of life-changing DeFi’s and pleasure-giving NFTs, the Ethereum blockchain has successfully set the ball rolling for one of the most ingenious use cases for blockchain.

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Beyond payment solutions and cryptocurrencies, newer startups are developing tools that leverage blockchain technology in areas of real estate, supply chain management, voting, user privacy and security, statistics, etc. There are now close to a 3.5 million registered DeFis and over 2000 registered DApps fully operational and domiciled on the Ethereum mainnet.

A hub for all

Bitcoin may have the magic of low transaction fees and more popularity but Ethereum has the record for the largest number of innovative developers on a single platform. There are over 40 million unique addresses with over 250,000 developers working out close to half a million daily transactions amounting to approximately $1.5 billion per day in volume. This makes Vitalik’s Ethereum the busiest tree for many birds in the crypto ecosystem. 

Bitcoin’s Satoshi Nakamoto and Cardano’s Charles Hoskinson may have earned premium accolades within the community for bringing up the first crypto and becoming the first to deploy its technology to Africa on a significant scale respectively, but Vitalik’s achievement stands true. It’s been a phenomenal year for the 27-year-old, first stepping into the Forbes billionaire club back in March and now cementing his place as an undeniably global person of influence — and he’s only 27 yet.

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Source: https://zycrypto.com/time100-why-ethereums-vitalik-buterin-deserves-the-spot/

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Ethereum Competitor Announces $230,000,0000 Token Sale After Surging 80% This Week

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An Ethereum competitor has surged nearly 60%, hitting its all-time high this week, even while the majority of other crypto projects have moved sideways on the price charts.

The smart contract platform Avalanche (AVAX) is trading at $65.02 at time of writing, having achieved an all-time high of $68.34 at one point on Thursday, according to CoinGecko.

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The Avalanche Foundation also announced on Thursday that it had completed a $230 million private token sale to a slew of blockchain asset investment firms, crypto hedge funds, angel investors, and family offices, including Polychain Capital and Three Arrows Capital.

The foundation plans to allocate this money into expanding decentralized finance (DeFi), enterprise applications, and other use cases on the Avalanche public blockchain. The sale was completed in June.

According to Avalanche Foundation director Emin Gün Sirer,

“Despite being years younger than its peers, Avalanche has quickly turned promise and potential into real-world impact and value creation for DeFi users and developers.

The community of builders rallying around the network is a testament to its competitive edge, and there is still so much potential yet to be tapped at the intersection of institutional and decentralized finance on Avalanche.”

Recent research from the early-stage venture capital firm Outlier Ventures indicates that Avalanche has demonstrated explosive growth in terms of developer activity during the past year.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Source: https://dailyhodl.com/2021/09/17/ethereum-competitor-announces-2300000000-token-sale-after-surging-80-this-week/

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