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Coin98 gains 1,200% after Binance listing, Ampleforth soars on Aave integration

C98 rallied 1,200% from its ICO price shortly after listing on Binance and AMPL shot higher after the project integrated with AAVE.

Few things in the cryptocurrency space generate more hype than a new token listing because the prospect of finding a rare 1000x coin continues to be a top goal of many crypto investors. 

Coin98 (C98) is the most recent example of this phenomenon after the Binance Smart Chain-based decentralized finance (DeFi) solution rallied 1,200% from its initial coin offering price at $0.075 to $0.928 on its first day being listed on exchanges.

Coin98 is the 20th project to come out of the Binance Launchpad and describes itself as “a DeFi gateway for traditional finance users to access any DeFi services on multiple blockchains.”

Along with being listed on Binance, C98 is also available to trade on Gate.io and MEXC Global and token holders can also earn a yield through staking and liquidity pool options on PancakeSwap (CAKE).

Altcoins post double-digit gains

Bitcoin's (BTC) rally to $33,000 led to a prolonged boost in several altcoins and data from Cointelegraph Markets Pro and TradingView shows Ampleforth (AMPL), Amp (AMP) and Axie Infinity (AXS) as the top movers over the past 24 hours. 

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

AXS's month-long rally picked up steam again after the price rebounded from its lower support touch at $14 and the rally in AMPL demonstrates the benefit of cross-protocol integrations.

Related: Bull or bear market, creators are diving headfirst into crypto

According to Ampleforth's Twitter, the new-found interest in AMPL is the result of the token being added to the AAVE DeFi ecosystem

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AMPL on July 19, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. AMPL price. Source: Cointelegraph Markets Pro

As seen on the chart above, the VORTECS™ Score for AMPL first turned green on July 17 and climbed to a high of 75 on July 19, around 15 hours before the price increased 57% over the next three days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Irish Banks Hail EU’s ‘Radical’ Anti-Money Laundering Push

Stacks (STX) price rallies 195% after revealing plans to bring DeFi to Bitcoin

STX price rallied 195% after the introduction of smart contracts enabled the launch of DeFi and NFTs on the Bitcoin network.

Ethereum (ETH) is currently the leader when it comes to smart contract capabilities and the sheer number of projects operating on its network, but the push to build products on Bitcoin (BTC) is gaining traction with advocates like Square CEO Jack Dorsey spearheading the effort to bring decentralized finance (DeFi) to the Bitcoin network. 

One project aiming to combine the features of DeFi with the security of the Bitcoin network is Stacks (STX), a layer-one blockchain protocol designed to bring smart contracts and decentralized applications (dApps) to the Bitcoin network.

Data from Cointelegraph Markets Pro and TradingView shows that since dropping to a low of $0.50 on June 22, STX price rallied 195% to $1.47 on July 11 and now that Bitcoin has shown some bullish momentum, STX price is moving higher again with a 10% gain on  July 22. 

STX/USDT 4-hour chart. Source: TradingView

Three reasons for the recent strength in STX include the release of the Clarity programming language which brought smart contracts to Stacks 2.0 and Bitcoin, the ability for STX holders to stake tokens for BTC rewards and the arrival of DeFi and nonfungible tokens (NFTs) to the Bitcoin network.

Smart contracts come to Bitcoin

The introduction of the Clarity programming language on Stacks has been the main catalyst of growth for the Stacks ecosystem because it enabled the creation of smart contracts on the Bitcoin network.

Clarity claims to be  a “decidable language” which means that “you can know, with certainty, from the code itself what the program will do.”

The main difference between Clarity and other smart contract languages is its decidable language, which is not Turning complete, and the fact that the language is interpreted and broadcast on the blockchain as is, rather than being compiled, which “ensures that the executed code is human-readable and auditable.”

The collaboration between the two networks means popular sectors like DeFi and NFTs now have a way to operate and be recorded on the Bitcoin network without needing to worry about slow transaction times and increased costs.

STX holders can earn BTC by staking

Stacks recently rolled out STX staking for holders and this enables them to earn BTC as a reward.

The Stacks network uses a novel mining protocol called proof-of-transfer (PoX), which runs in parallel to Bitcoin and uses the BTC network as a reliable broadcast medium for its block headers.

While most proof-of-stake networks offer staking rewards paid out in the native token, members of the Stacks community can stake their STX tokens to earn BTC at an average rate of 10%.

This represents one of the few opportunities across the crypto space where a token holder can stake their tokens and earn BTC as a reward.

Related: Crypto staking rewards and their unfair taxation in the US

DeFi and NFTs come to Bitcoin

On July 10 STX created and sold the first-ever Bitcoin NFT from the Stacks blockchain.

 The event was meant to mark the beginning of a new era of smart contracts on Bitcoin and additional bullish news revealed that USD Coin (USDC) will expand to the Stacks network. This prompted some pundits to cite the Bitcoin Law which states that “successful experiments in crypto will eventually come to Bitcoin.”

The arrival of NFT and DeFi capabilities have also introduced new ways to leverage these popular sectors to earn a yield in BTC and this has the potential to attract new participants.

As a result of these developments, momentum for STX has been on the rise in July as evidenced by an increase in price and 24-hour trading volume.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for STX on July 19, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. STX price. Source: Cointelegraph Markets Pro

As seen on the chart above, the VORTECS™ Score for STX climbed into the green on July 19 and reached a high of 70 roughly 34 hours before the price rallied 42% over the next two days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Irish Banks Hail EU’s ‘Radical’ Anti-Money Laundering Push

Record network activity and a second NFT boom send WAX price higher

WAXP price appears to be gaining strength after the NFT-focused project introduced staking, yield farming and partnerships with companies that offer pop culture collectibles.

Just a few days before Bitcoin (BTC) price plunged below $30,000, the NFT sector was dominating headlines for the second time in 2021, led by a month-long 972% surge in the price of Axie Infinity

Another NFT-focused protocol that has been gaining fundamental strength in recent months is Worldwide Asset eXchange, also known as WAX — a protocol that claims to “deliver the safest and most convenient way to create, buy, sell, and trade virtual items to anyone, anywhere in the world.”

WAX/USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView shows that between June 27 and July 9, the price of WAX's WAXP token climbed 70% to a high of $0.151 before the Bitcoin-led sell-off pulled the price to its current value of $0.11.

Three reasons for the rally in WAXP include the growing list of well-known brands launching collectibles on the project's blockchain, an active network with fast transaction times and its integration to decentralized finance via cross-chain compatibility with the Ethereum (ETH) network.

Popular brands launch NFT projects on WAX

Nostalgia can be a potent source for attracting an audience willing to engage with a product and WAX has managed to capitalize on this by partnering with somewell-known brands in the United States.

Current partners include Atari, Topps, William Shatner and Capcom and a scroll through the project's Twitter feed shows recent campaigns for Street Fighter V Series 2 cards and special edition Bratz collectibles.

Popular collectibles like baseball cards and Garbage Pail Kids, along with more modern games like Alien Worlds (TLM) offer users a variety of options that help attract a wide audience to the WAX network and this has resulted in an increase in on-chain activity.

WAX boasts the highest activity of any network

A second sign of the growing strength of the WAX network can be found by looking at the 24-hour activity of the top-ranked blockchains, which WAX leads by a wide margin.

Top 6 most active blockchain networks. Source: Blocktivity

Data from Blocktivity shows that the 24-hour activity on WAX is now higher than 17 million operations and more than double that of Stellar (XLM), which is its closest competitor. WAX  more than six times the amount of activity on EOS, the creator of the EOSIO software which is utilized by the WAX network.

Yield opportunities arrive through DeFi and staking

The recent introduction of a cross-chain bridge to the Ethereum network allowed WAX to of yield farming and staking on the protocol, which has been enhanced through the introduction of a cross-chain bridge to the Ethereum network.

The WAX blockchain operates with a delegated proof-of-stake consensus model, meaning the simplest way that token holders can earn a yield on their holdings is by staking WAXP on the network to earn an annualized reward rate of 4.42% according to data from Staking Rewards.

Related: Altcoin Roundup: Data shows social metrics surge ahead of DeFi and NFT price rallies

Token holders can also convert their WAXP into WAXE, a version of the token that can operate on Ethereum and be used to participate in decentralized finance (DeFi) by providing liquidity on decentralized exchanges and yield farms.

Through offering opportunities related to NFTs and DeFi, two of the hottest sectors in the cryptocurrency ecosystem, the WAX network is well-positioned to continue to attract new users and maintain a high level of on-chain activity.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Irish Banks Hail EU’s ‘Radical’ Anti-Money Laundering Push

Altcoins secure double-digit gains after Bitcoin surges toward $33K

TEL, MATIC and AXS soared higher as Bitcoin’s relief rally to $32,800 lifted the entire market.

Charts turned green as Bitcoin (BTC) price rallied to $32,858, but a number of analysts also cautioned that the market may not be out of the woods yet. 

Data from Cointelegraph Markets Pro and TradingView shows that the top movers over the past 24-hours were Telcoin (TEL), Polygon (MATIC) and Axie Infinity (AXS), indicating that the recovery is widespread and not just confined to large-cap cryptocurrencies.

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

As seen in the list above, the top-performing tokens represent a variety of cryptocurrency subsectors, including nonfungible tokens, artificial intelligence and decentralized finance projects.

Telcoin secures new trading pairs on QuickSwap

Telcoin (TEL), a blockchain protocol focused on sending and receiving mobile-based global remittances, was the top performer over the past 24-hours.

TEL/USDT 4-hour chart. Source: TradingView

TEL rallied 71% from a low of $0.0091 on July 20 to an intraday high at $0.0158 to as its 24-hour trading volume surged 136% to $43 million.

Interest in the project received a noticeable uptick following the introduction of “DeFi agents” on the Fetch protocol, which are designed to help users manage their liquidity and protect it from impermanent loss or rug pulls.

MATIC price surges after the release of Polygon Studios

The second-best performing token on the 24-hour charts is Polygon (MATIC), the popular layer-two solution for the Ethereum (ETH) network that has seen a significant increase in adoption over the first half of 2021.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for MATIC on July 20, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. MATIC price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for MATIC first turned green on July 19 and climbed to a high of 77 on July 20 as its price reached a low of $0.62, just one hour before its price rallied 52% over the next 29 hours.

The surging momentum for Polygon is in large part due to the release of Polygon Studios, the protocol’s “new arm for the blockchain gaming and NFT ecosystem.”

Related: Trading firm of richest crypto billionaire reveals buying ‘a lot more’ Bitcoin below $30K

AXS regains momentum

The third-best performer over the past 24-hours was Axie Infinity (AXS), an NFT-focused protocol that rallied more than 1,000% over the past month thanks to soaring user activity and the income opportunities it offers users in economically disadvantaged countries.

According to data from Cointelegraph Markets Pro, market conditions for AXS have been favorable for some time.

VORTECS™ Score (green) vs. AXS price. Source: Cointelegraph Markets Pro

As seen in the chart above VORTECS™ Score for AXS has been elevated for the majority of the past week and reached a high of 77 on July 20, around one hour before the price increased 46% over the next sixteen hours. Currently, AXS price trades at $18. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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3 reasons why Bitcoin Standard Hashrate (BTCST) price rallied by 50%

BTCST earnings per staked token increased after China cracked down on Bitcoin miners and the network’s hashrate dropped.

China’s ongoing crackdown on Bitcoin (BTC) mining resulted in a mass relocation of mining operations out of the country and it has led to a more than fifty percent drawdown in the Bitcoin network hashrate from an all-time high of 197.9 exahash per second (ehash/s) on April 15 to its current rate at 97 ehash/s. 

Bitcoin network mean hash rate. Source: Glassnode

One token that was hit especially hard by the hashrate drop was the Bitcoin Standard Hashrate Token (BTCST), a project that collateralized the Bitcoin hashrate with each token representing 0.1 TH/s of Bitcoin mining power.

Data from Cointelegraph Markets Pro and TradingView shows that BTCST recently began to show signs of recovery after its price rallied 57% from a low of $13.57 on July 18 to an intraday high at $27.38 on July 19 as the Bitcoin hash rate begins to stabilize near 100 ehash/s.

BTCST/USDT 4-hour chart. Source: TradingView

Three reasons for the recent boost in BTCST include increased earnings due to the decline of the Bitcoin network hashrate, the ability to stake BTCST to earn rewards and a functioning community governance system that is able to compensate users who lose funds while being liquidity providers for the ecosystem.

Bitcoin’s hashrate reverses course

While the decline in the BTC hash rate has widely been seen as a negative, the BTCST ecosystem actually benefited as the declines in mining difficulty translated into increased earnings per token.

Since each token represents 0.1 TH/s of Bitcoin mining power, the earning power of each token has increased by 34% as a result of the reduction in total hashpower, which in turn, provides increased rewards for participants in the ecosystem.

Stakers can earn BTC, BTCST and DOGE

A second reason for the growth seen in BTCST is the growing number of opportunities to earn a yield through staking or providing liquidity.

Standard Hashrate vaults. Source: Standard Hashrate dApp

As seen in the image above, BTCST holders currently have the opportunity to stake their tokens to earn rewards paid out in BTCB, which is the wrapped version of BTC on the Binance Smart Chain (BSC), or the native BTCST token.

The platform also includes options for staking or earning Dogecoin (DOGE), shown above as DOGE or Tau DOGE (τDOGE), but at the time of writing the APY offered was listed at 0%.

Related: Malaysia is literally crushing thousands of illegal Bitcoin miners

Governance voting helps users recover losses

A third reason for the recent strength seen in BTCST is the recent passage of STP 14, which is a one-time compensation plan for liquidity providers who suffered losses as a result of the recent ‘Restorative Rebase’

Tau assets on the network include τBitcoin and τDOGE and they are primarily used as a staking token that pays out rewards in τDOGE.

The passage of a new governance proposal suggests that the project is attempting to respond to negative developments and user’s loss of funds within the ecosystem but it is yet to be seen whether the current rally will find the momentum to continue higher.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Irish Banks Hail EU’s ‘Radical’ Anti-Money Laundering Push

NEM, Augur and District0x price push higher while Bitcoin trades below $32K

Massive spikes in trading volume sent the price of XEM, REP and DNT higher even as Bitcoin price hit a weekly low at $31,000.

Bitcoin (BTC) is on the verge of closing another week that saw the price dip closer to $30,000 but the same bearish observation cannot be made for all altcoins. On Friday, several smaller-cap altcoins managed to shake off the bearish assault and post-double-digit gains before traditional markets closed for the weekend. 

Data from Cointelegraph Markets Pro and TradingView shows that the top movers over the past 24 hours were NEM (XEM),  Augur (REP) and district0x (DNT).

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

It's worth noting that four of the top seven gainers are layer-one protocols, an interesting development that comes at a time when Ether’s (ETH) price is struggling below the $2,000 level and the community anxiously waits to see if the upcoming London hard fork improves Ether price and the process of transacting on the network.

NEM/USDT

Data from Cointelegraph Markets Pro and TradingView shows that after a month where the average 24-hour trading volume for NEM was $50 million, demand for the token surged on July 16 as the volume increased to $532 million and the price rallied 35% to $0.151.

XEM/USDT 4-hour chart. Source: TradingView

The uptick in price follows the July 13 announcement that Symbol (XYM), an enterprise blockchain protocol developed by the NEM group, had agreed to a collaborative project with the government of Colombia.

REP/USDT

According to data from TradingView, REP price began to surge on July 13 after the 24-hour trading volume spiked from a daily average of $17 million to more than $521 million on July 14.

REP/USDT 4-hour chart. Source: TradingView

As a result of the sudden increase in trading volume, the price of REP rallied 57% from a low of $14.60 on July 13 to an intraday high at $22.97 on July 16.

While there is no readily identifiable cause for the sudden increase in interest, a scroll through the Augur's Twitter feed shows that forecasting on the network remains active with the most recent polls asking “Who would win the 2021 Major League Baseball Home-run derby?” and “Who will win the Ultimate Fighting Championship fight between Connor McGregor and Dustin Poirier?”

Related: Cardano grows closer to launching smart contracts with new testnet

DNT/USDT

The third-largest gainer on July 16 was Distric0x, a protocol that bills itself as a "network of decentralized markets and communities" and specializes in helping users launch their own decentralized autonomous organizations (DAO).

DNT/USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView shows that DNT's trading volume spiked from $3 million to more than $60 million on Friday, which led to a 73% rally from $0.112 to an intraday high at $0.193.

At the time of writing the price of DNT had since retraced to $0.133 which represents a 17.35% gain on the day.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Irish Banks Hail EU’s ‘Radical’ Anti-Money Laundering Push

3 altcoins showing signs of accumulation while Bitcoin price is down

DeFi and NFT-related tokens like GHST, CNS and TLM defied the market’s bearish mood to post double-digit gains in the past 48-hours.

Crypto markets faced another day of struggle on July 15 as the price of Bitcoin (BTC) dropped to its "final support zone" near $31,000, which prompted traders to issue dire predictions about the future should bulls fail to hold this level. 

Despite the struggles facing the crypto market at large, relatively obscure altcoins like Aavegotchi (GHST), Centric Cash (CNS) and Alien Worlds (TLM) posted positive gains in the past 48-hours and appear to be in a stealth accumulation mode.

Aavegotchi volume spikes ahead of DinoSwap release

Aavegotchi (GHST) is a DeFi-focused nonfungible token (NFT) that operates on the Aave protocol and allows users to utilize in-game avatars called Gotchi’s as collateral to earn staking rewards.

GHST/USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView shows that the price of GHST has rallied 21% from a low of $0.997 on July 14 to an intraday high at $1.21 on July 15 as its 24-hour trading volume doubled from the previous day.

A scroll through Aavegotchi’s Twitter feed indicates that the newfound enthusiasm for GHST is a result of the upcoming release of DinoSwap, a multi-chain farming protocol that helps attracts and builds liquidity on existing automated market makers (AMM).

The new way for token holders to earn an extra yield on the Polygon (MATIC) network has helped drive liquidity and trading volume higher, resulting in the price appreciation seen in GHST.

Centric Cash rallies after migrating to Binance Smart Chain

Centric Cash (CNS) is another token that has managed to post a positive gain in an otherwise red market thanks to its successful migration to the Binance Smart Chain (BSC).

CNS is a dual-token protocol that offers rewards for adoption in the form of a fixed hourly yield and “stabilizes over time as it self-regulates token supply to meet ongoing changes in demand,” according to the project’s website.

The project’s migration away from the Tron blockchain to the BSC was done as a way to help increase exposure and trading volume through gaining access to the wider Binance ecosystem.

As a result of the increased attention and trading volume that CNS garnered following the migration, its price rallied 36% from a low of $0.0003 on July 14 to an intraday high at $0.00042 as traders looked to acquire tokens and supply liquidy for its launch on PancakeSwap.

Alien Worlds shows signs of accumulation

Alien Worlds (TLM) has also outperformed the field this week. The blockchain gaming platform provides a DeFi-connected NFT metaverse where users can collect and play with unique digital items in an environment that stimulates economic competition and collaboration between players.

TLM/USDT 4-hour chart. Source: TradingView

The price of TLM skyrocketed by 307% over the past week, rising from a low of $0.08 on July 9 to an intraday high at $0.33 on July 15 with a 24-hour trading volume of $884 million.

Related: New data hints why Bitcoin price action has spent two months at $30K

While there has not been a major protocol announcement that is readily identifiable as the cause for increased momentum, the project’s Twitter feed shows a handful of new NFT releases recently that can be earned through gameplay, as well as an announcement that the planet Binance will soon be added to the Alien Worlds ecosystem.

Overall, projects that include NFT functionality and a select few DeFi protocols continue to perform well while the large-cap projects in the crypto market are negatively impacted by Bitcoin's repeat excursions to the $31,000 level.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Irish Banks Hail EU’s ‘Radical’ Anti-Money Laundering Push

Nonfungible tokens soar even as Bitcoin price drops close to $32,000

Data from Cointelegraph Markets Pro shows NFT-related platforms like AUDIO, AXS and SLP as the top 24-hour gainers of the day.

Today the wider cryptocurrency market finds itself looking for something to spark some momentum as Bitcoin (BTC) price dropped to $32,300 and altcoins sustained 2% to 5% losses.

Data from Cointelegraph Markets Pro and TradingView shows that the top three performers over the past 24 hours are Audius (AUDIO), Axie Infinity (AXS) and Small Love Potion (SLP).

Top-performing assets over the last 24-hours. Source: Cointelegraph Markets Pro

The multifaceted use cases and applications of nonfungible tokens continue to be a source of strength for the NFT sector as a whole, primarily because they open the door for different sources of revenue via gameplay, music and art sales.

Audius pulls in new artists and users

According to data from Cointelegraph Markets Pro, the outlook for AUDIO has been climbing for the past few days after new users and popular bands like Wheezer flocked to the decentralized music-sharing and streaming protocol.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AUDIO on July 9, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. AUDIO price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for AUDIO turned green on July 8 and climbed to a high of 73 on July 9, roughly 32 hours before its price rallied 55% over the next two days.

Users embrace income opportunities on Axie Infinity

Axie Infinity (AXS) has been one of the strongest performing tokens in the month of July as users from economically disadvantaged regions embrace the blockchain-based trading and battling game for the income opportunities it provides.

According to data from Cointelegraph Markets Pro, market conditions for AXS have also been favorable for some time.

VORTECS™ Score (green) vs. AXS price. Source: Cointelegraph Markets Pro

As seen on the chart above, the VORTECS™ Score for AXS began turned dark green on July 7 and climbed to a high of 89 on July 9, around 5 hours before the price increased 97% from $11.18 to a new record high at $22.14 over the next four days.

Related: Nifty News: Amex and SZA sell-out debut drop, Asics launches tokenized footwear, Space Jam gets looney for NFTs

Small Love Potion gets a boost from a new exchange listing

The third top performer on the day is Small Love Potion, a token that is part of the Axie Infinity ecosystem that is utilized in the process of breeding Axies, the nonfungible token-based creatures that populate the Axie Infinity world.

SLP/USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView shows that over the past 24-hours the price of SLP has rallied 55% from a low of $0.264 on July 12 to $0.41 on July 13, less than two cents shy of its all-time high of $0.419.

The strong showing from SLP on Tuesday was in part thanks to the token being listed on the FTX cryptocurrency derivatives exchange, which enabled spot and perpetual futures trading.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Irish Banks Hail EU’s ‘Radical’ Anti-Money Laundering Push

Synthetix hits one-month high as SNX rallies 25% ahead of layer 2 exchange launch

The SNX/USD exchange reached $13.76 on Monday for the first time since June 3.

Synthetix (SNX) prices reached a one-month high on Monday as traders looked for alternative upside bets against a mixed cryptocurrency market.

Bids for SNX/USD achieved an intraday high of $13.76 during the Asia-Pacific trading session, following an approximately 25% price rally that started Sunday. A flurry of technical and fundamental factors contributed to the sudden market demand for Synthetix tokens, including founder Kain Warwick's update on the project's much-awaited layer 2 solutions.

A new synthetic exchange underway

Layer 2 refers to the techniques for scaling blockchains by taking computation and transaction load from the parent layer and put them onto a base layer. Synthetix, an Ethereum-based synthetic asset platform, has been testing such scalability solutions since October 2020 to limit its dependency of Ethereum's higher gas and transaction fees model.

Last Saturday, more than 12 hours before the SNX/USD rate started rallying, Warwick announced Synthetix would launch a layer 2 exchange in the week beginning July 26. He also revealed Optimistic Ethereum (OΞ) has the underlying technology that would back the synthetic asset (or Synths) trading platform.

Synthetix posted a lagging rally after Warwick's layer 2 exchange announcement. Source: TradingView

"The initial Synths supported will be sETH, sBTC, and sLINK. In addition, the price feed for SNX will also be deployed by Chainlink," Warwick stated.

Optimistic Ethereum, formerly known as Plasma Group, proposes to scale Ethereum blockchain via a unique mechanism called Rollup. Rollups are Ethereum-based Smart Contracts that receive transaction data from the blockchain's main layer and send it to L2, where the computations take place. It then receives the computational result from the L2.

Rollups process more transactions than Ethereum's parent chain by compressing block sizes. Source: Messari

So far, the Optimism team has demonstrated that it could process more transactions with lower fees than Ethereum. Meanwhile, Synthetix has chosen to become one of the earliest Optimism adopters in anticipation that it would inspire other decentralized finance projects to adopt it as well.

"If other major DeFi protocols can adopt Optimism, all transactions between them will be able to remain on L2," wrote Will Comyns, a researcher at Messari, in his June 23 report.

"This means users will not have to wait an entire week for their funds to be integrated back on the Ethereum main chain before they can interact with another protocol."

So far, the "optimistic" fundamental has proved beneficial to raise the Synthetix prices. That is partly because SNX serves as a collateral token to create Synth. In return, stakers receive additional SNX on their staked amount through Synthetix's "inflationary supply" model. They also receive a fixed amount of fees in SNX on the trading of the Synth.

Golden cross

Synthetix's latest 25% pump has pushed its 20-day exponential moving average (20-day EMA; the green wave) above its 50-day simple moving average (50-day SMA; the blue wave). As a result, the 20-50 MA golden cross has been instrumental in predicting the price rally from November 2020 to March 2021.

The Fibonacci level confluence coupled with 20-50 MA crossover. Source: TradingView

Nonetheless, SNX/USD remains at crossroads with the $13.85-$14.80 resistance area, a range with a history of capping the pair's upside attempts, and which was also holding as support during its correction period between February and May 2021. Closing above the resistance area would have bulls test the following Fibonacci range of $16.37-$17.69.

Conversely, a sharp pullback from the $13.85-$14.80 would likely push SNX/USD towards the $11.92-$10.74 range. Such a move would also risk invalidating the 20-50 golden cross setup.

VORTECS™ data leaned bullish prior to SNX rally

Meanwhile, VORTECS™ data from Cointelegraph Markets Pro started rising 24 hours ahead of the Sunday rally, thereby detecting a bullish outlook for SNX  prior to the recent price rise.

VORTECS™ Score (transitioning from saffron to green) vs. SNX price. Source: Cointelegraph Markets Pro

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points, including market sentiment, trading volume, recent price movements, and Twitter activity.

As seen in the chart above, the VORTECS™ Score flashed green at midnight Sunday with a peak score of 79 — up from as low as 47 in 24 hours — with the price continuing to climb higher to $13.88 thereafter.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Small Love Potion (SLP) price doubles as Axie Infinity user growth explodes

Rapid expansion in the Axie Infinity ecosystem and a parabolic rally from AXS triggered a 100% surge in the price of SLP.

Last week Axie Infinity's AXS token went on an impressive parabolic run and hit a new all-time high at $19.60. 

Small Love Potion (SLP), a token in the Axie Infinity (AXS) ecosystem that is minted through gameplay as a reward to users, also broke out with a triple digit gain. SLP can then be used as a currency to breed Axies, which are nonfungible token-based creatures that populate the Axie Infinity world. 

SLP/USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView shows that the price of SLP has surged 102% from $0.127 on July 1 to a weekly high at $0.257 as new users flood into the play-to-earn digital battle pet game and drive the revenue of the Axie Infinity ecosystem to new highs. 

New users drive up demand for Axie breeding

The success of SLP depends in large part on the overall growth and adoption of Axie Infinity, which has seen a significant uptick in new users since the protocol migrated to the Ronin sidechain of the Ethereum network at the beginning of May.

A recent report from Delphi Digital highlighted that interest in the Axie ecosystem has grown at an “exponential rate since the launch of Ronin,” with the biggest growth seen in the Phillippines, Venezuela, Cuba, Qatar and the United Arab Emirates (UAE) beginning near the end of April.

Daily Google interest and geographical split for Axie Infinity. Source: Delphi Digital

The increase in interest has led to an influx of new users over the past two months as evidenced by the growth in daily active users, unique Axie holders and the number of Discord members.

Axie Infinity community growth statistics. Source: Delphi Digital

As new users enter the ecosystem, more Axies are needed in order for them to engage in gameplay, which has led to an increased demand for SLP since it is required in the process to breed Axies.

Gameplay provides users with a daily income

One reason for increased usage in certain geographical reasons relates in large part to the economic struggles of the population in those regions.

With users able to earn SLP daily through gameplay or farming SLP, some participants have been able to make more money through Axie Infinity than college graduates earn from working.

The process of breeding can also be quite lucrative for users fortunate enough to receive a “Mystic Axie,” a rare form of Axie that now have a price floor of 30 Ether while genesis plots of land in the Axie Universe can fetch nearly 270 Ether.

Related: Argentine lawmaker introduces bill for workers to be paid in crypto

As a result of the growth the ecosystem has undergone since early May, the daily volume of sales on Axie recently surpassed $25 million with more than 50,000 NFTs being sold per day.

Axie Infinity USD volume vs. sales count. Source: Twitter

To help put the significance of the growth seen in the income generated from the Axie Infinity ecosystem into context, over the past week the protocol generated more fees than all other crypto applications combined.

Seven-day protocol revenue. Source: Twitter

While the recent growth for Axie Infinity is impressive, it remains to be seen if the current pace is capable of being maintained into the future and the long-term success of SLP hinges upon a sustained expansion of the Axie ecosystem.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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