Web3 Gaming Still Growing Despite Economic Woes, According to Dappradar Report

September 14, 2022 Bitcoin.com

This Solana-Based Altcoin Is One To Watch This Month, Says Top Crypto Analyst – Here’s Why

July 19, 2022 The Daily Hodl

Total crypto market cap reclaims $1 trillion as Bitcoin, Ethereum and altcoins breakout

July 18, 2022 Coin Telegraph

Total crypto market cap reclaims trillion as Bitcoin, Ethereum and altcoins breakout

The crypto market capitalization pushed above $1 trillion after notable weekly double-digit gains from BTC, ETH and several large cap altcoins.

Crypto traders found cause for celebration on July 18 as the total market capitalization climbed back above the $1 trillion mark following weeks of widespread selling after Bitcoin (BTC) price swept yearly lows below $18,000.

The green day for cryptocurrencies largely tracks a positive day in the traditional markets, which are up modestly despite analyst estimates that the Federal Reserve intends to raise interest rates by at least 75 basis points at the Federal Open Market Committee meeting on July 27.

*Daily cryptocurrency market performance. Source:* *Coin360*

While traders will welcome July 18's positive price action, many analysts caution that the upswing is nothing more than a bear market pump. Let's take a look at the current top performers.

Bitcoin holds a 16% gain

Data from Cointelegraph Markets Pro and TradingView shows that over the past week, Bitcoin has rallied significantly and at the time of writing BTC holds a 16% weekly gain from its recent low at $18,907.

*BTC/USDT 1-day chart. Source: TradingView*

The top cryptocurrency now finds itself running square into the resistance found at its 200-week moving average, which also happens to be the upper bound of the trading range BTC has been trapped in since the middle of June.

This level has proven to be a tough nut to crack over the past five weeks as multiple attempts to break above it have been met with rejection. It remains to be seen if Bitcoin will manage to break free of this level and move higher or spend longer trading between $19,000 and $22,000.

$BTC battling that 200 Week MA again. Rejected 3 times in the last 5 weeks here.

Decision time imo.

We either have a fat breakout or fat breakdown. $ETH has been leading the market so far, along with many other altcoins. Breakouts occurring everywhere.

Can $BTC follow suit? pic.twitter.com/6Cz49po8CH
— Taner ⚡️ (@Taner_Crypto) July 18, 2022

Ethereum Merge surge presents a 43% rally

Ethereum (ETH) has also experienced a boost in momentum and price over the past week, climbing 43% from a low of $1,005 on July 13 to a daily high at $1,530 on July 18, reaching its highest price since June 12.

*ETH/USDT 1-day chart. Source: TradingView*

Ether has been showing increased momentum since the successful July 6 completion of the Merge on the Sepolia testnet. A further boost to its price was provided on July 15 when it was announced that the mainnet Merge is predicted to take place on September 19.

While the September 19 date is still tentative and should be considered as a roadmap projection and not a hard deadline, the prospect of the Merge finally taking place after years of preparation is exciting the community and possibly driving demand for Ether.

MATIC keeps moving

On the altcoin front, Polygon (MATIC) continues to lead the pack higher following a week of several major announcements including being selected to participate in Disney’s 2022 Accelerator Program, gaining 32.4% over the past 24 hours and trading near resistance at $0.94.

*MATIC/USDT 1-day chart. Source: TradingView*

Other notable gainers on the 24-hour chart include a 19.6% gain for STEPN (GMT), an 18.9% gain for Theta Fuel (TFUEL), and a 17.6% increase for Convex Finance (CVX).

The overall cryptocurrency market cap now stands at $1.019 trillion and Bitcoin’s dominance rate is 41.6%.

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.

GMT at Risk as STEPN Network Activity Plummets

July 15, 2022 The Crypto Briefing

Play-to-Earn vs. Move-to-Earn explained

July 9, 2022 Coin Telegraph

Axie Infinity

The key differences between play-to-earn and move-to-earn explained. Are you ready to earn money while you play and move?

P2E vs. M2E Games

The key differences between P2E and M2E are the rewarding system and the revenue model.

As you can tell, there are some differences between the P2E model and the M2E model. Both of them are so much more than virtual gaming, that’s for sure.

P2E is expected to transform from a trend to a mature concept. The gaming industry is exciting, but it should not be forgotten that relaxation and community engagement should remain central. Real gamers care more about the game and the graphics than about the revenue model.

M2E is also gaining momentum in the scene. For users who struggle to get enough exercise, a revenue model could be just the motivation they need. However, the move-to-earn concept is still at the beginning of its journey, so we will have to wait and see what the future brings.

What are the examples of move-to-earn (M2E) games?

Examples of move-to-earn games are STEPN, Sweatcoin and MetaGym.

As the move-to-earn industry is getting bigger and hotter, it’s time to make you familiar with some of the M2E games. The most well-known example of M2E is probably the Solana-based move-to-earn project STEPN (GMT).

STEPN is a Web3 lifestyle app with integrated SocialFi and GameFi functions. The project is born to make users healthier and wealthier by putting each foot in front of the other. Founders are really aiming to be the number one M2E project in the Metaverse space and even won the Solana Ignition Hackathon in 2021.

If users want to start using STEPN, they need to invest in a pair of STEPN sneakers by buying an NFT. When you accomplish the first step, it’s important to move and track your steps with GPS. The earned in-game valuta can be exchanged for crypto later on.

The second project is kinda similar to the first one: Sweatcoin. Users earn their coins by running, walking and most of all: sweating. Every 1000 steps you take will get you a reward in SWEAT, the platform’s native currency.

With their slogan, “It pays to walk,” they want to decrease the billions of dollars of cost in healthcare by making people healthier. Users can exchange the rewards they earned for products, make a donation or convert them into a currency of their choice.

The last example of the M2E projects is MetaGym. MetaGym is easy to join with the possibility to earn money while moving your body through an app and even a smart-watch application. Users get to utilize GameFi, FitFi and SleepFi functions while making themselves sweat to earn MetaGym Coin (MGCN), the platform’s own token.

MetaGym wants to help the world become a healthier place, but they’re not afraid to give you the chance to earn some money while doing it. Users earn cryptocurrencies while completing tasks like finishing cardio or strength training or getting some satisfying sleep.

What are move-to-earn (M2E) crypto games?

Move-to-earn combines moving, gaming and earning crypto on the blockchain.

Move-to-earn boomed during the height of the COVID-19 pandemic. People were mostly at home, sitting and spending their time behind the screen. Since it’s essential to move frequently for your health, M2E got really popular. It’s a new way to reward users for getting up and starting to move while using technology. Every move you make, you will earn cryptocurrency.

Maybe over the years, this M2E trend will transform into FitnessFi instead of GameFi, because of this concept’s potential and people’s willingness to be healthy and stay active due to the health problems created by the recent pandemic.

What are the examples of play-to-earn (P2E) games?

Axie Infinity, Aavegotchi and The Sandbox are examples of play-to-earn games.

One of the most known examples of crypto games is Axie Infinity which is based on the Ethereum blockchain. It’s a combination of video gaming and blockchain gameplay elements. On some days when the economy was thriving, the NFT marketplace was a booming business. Millions of dollars were being traded and Axies, the magical creatures, were being sold for thousands of dollars each.

Aavegotchi is another example of a P2E game. It describes itself as an open-source community-owned NFT gaming protocol. Users can go on adventures as pixelated ghosts, which is reminiscent of the Tamagotchi games. You can earn tokens with minigames, trade Aavegotchis or start with rarity farming.

Another game in the P2E industry is The Sandbox. This platform offers its users a unique game experience that gives them a sneak peek of what the Metaverse probably will look like. Users can play, create, build and own the future. While enjoying the immersive experience, users can monetize the game by creating, investing and earning in-game assets.

What are play-to-earn crypto games?

Play-to-earn (P2E) crypto games are giving users the opportunity to earn in-game assets that can be exchanged for cryptocurrencies.

P2E is a new component of the GameFi ecosystem. Normally, users are gaming online while using apps or websites like Minecraft and Roblox. But, the P2E trend takes it all a little bit further.

By using blockchain technology, it’s possible to combine gaming with the benefits of crypto. Traditional gaming allowed participants to relax, enjoy the graphics and spend some time off with friends. From now on, you can enjoy gaming with another important aspect of life: earning money.

It’s essential to play on a blockchain to earn crypto tokens or nonfungible tokens (NFTs). Additionally, you don’t necessarily have to invest in expensive NFTs to earn crypto and be part of the in-game economies and business models.

Top Crypto Trader Predicts Rally for Ethereum Rival Solana (SOL), Updates Outlook on ETH and STEPN (GMT)

July 5, 2022 The Daily Hodl

Here’s What’s Next for Cardano, Terra, STEPN and Two Additional Altcoins, According to Top Crypto Analyst

June 6, 2022 The Daily Hodl

Blockchain-based move-to-earn app Stepn under DDoS attacks after upgrade

June 6, 2022 Coin Telegraph

Coin Telegraph

Apart from trying to get rid of cheating and bots, Stepn is also working to limit its platform’s availability for users in mainland China.

Solana-based move-to-earn application Stepn has reported multiple denial-of-service (DDoS) attacks in the aftermath of the platform proceeding with a major anti-cheating upgrade.

Stepn took to Twitter on June 5 to report that the platform has suffered a number of DDoS attacks causing recovery maintenance and associated improper performance.

1/2
We have been under multiple DDOS attacks in the past hours. Securing the servers and recovery may take anywhere from 1 to 12 hours. We recommend you take some rest during the maintenance or otherwise the work-outs may not be recorded properly.
— STEPN | Public Beta Phase IV (@Stepnofficial) June 5, 2022

According to the statement, Stepn was expecting to secure and recover the servers in up to 12 hours but has not posted an update for 20 hours by the time of writing.

“Our engineers are working hard to fix the problems. We will announce here once recovery is complete. Thank you so much for everyone’s patience,” Stepn wrote.

The attacks came shortly after Stepn introduced its anti-cheating system referred to as “Stepn’s Model for Anti-Cheating,” or SMAC, on June 3. The system aims to eliminate fake users from the platform as well as to prevent fraudulent motion data on the Stepn app in an attempt to gain unfair profit from the platform.

“SMAC system specifically targets the movement simulation by amending real walking/running data, thanks to our machine learning algorithm,” the anti-cheating system’s description reads.

Stepn reported on major platform issues soon after proceeding with the upgrade, with SMAC mistakenly identifying some genuine users as bots. Other problems included network issues caused by a “25 million DDOS attack” as well as the temporary inability to track any bots on the platform.

“We are deeply sorry for the inconvenience caused to users. The anti-cheating update may seem small, but it is actually an important cornerstone of Stepn's long-term development,” Stepn said.

Despite the platform's DDoS issues, Stepn’s native token, the Green Satoshi Token (GST), has not seen any critical decline over the past several days. On the contrary, the GST is up around 10% over the past 24 hours, trading at $1.04 at the time of writing. The token’s market capitalization amounts to $624 million, according to data from CoinGecko.

*Green Satoshi Token seven-day price chart. Source: CoinGecko*

Launched in December 2021, Stepn is a major move-to-earn mobile nonfungible token (NFT) game allowing users to earn tokens by walking, jogging or running outdoors with an NFT sneaker. The game has a dual token system, including the GST token and the Governance Token (GMT).

The news comes as Stepn prepares to limit its platform’s availability for users in mainland China by mid-July.

Binance Launches Massive $500,000,000 Investment Fund To Boost Crypto and Blockchain Adoption

June 1, 2022 The Daily Hodl

Bitcoin’s recent gains have traders calling a bottom, but various metrics remain bearish

May 30, 2022 Coin Telegraph

Asia

The total crypto market capitalization recovered roughly 5%, but a variety of trading metrics show investors are skeptical about the rally being a trend change.

On May 30, the total crypto market capitalization gained 4% and currently is within reach of a $1.3 trillion market capitalization. The move was enough to erase the losses from the previous seven days and was driven mainly by Bitcoin's (BTC) 4.9% gain during that time frame.

*Total crypto market cap, USD billion. Source: TradingView*

Apart from Bitcoin, Cardano (ADA) was the only large-cap cryptocurrency that managed to close the week with a positive 4.5% performance. Meanwhile, Ether (ETH), BNB, Ripple (XRP) and Solana (SOL) failed to present weekly gains.

Bitcoin’s turn-around happened after the United States stock market presented gains for the first time after seven consecutive negative weeks. The longest losing streak in over a decade for the S&P 500 was followed by a 6.6% positive performance at the closing bell on May 22.

According to Yahoo! Finance, “a favorable batch of quarterly results from major retailers helped at least temporarily mitigate concerns over the toll [that ...] inflationary headwinds could take on profit margins.” For instance, Macy’s (M) gained 29.1% in the week, followed by Nordstrom (JWN) 25.4% positive performance and Ross Stores (ROST) rallied by 21.5%.

Curiously, JP Morgan sent out a research note to clients on May 25, claiming that $38,000 was the fair value for Bitcoin. The global investment bank also said that Terra's (LUNA) collapse did not harm the crypto venture capital demand.

On May 23, during the World Economic Forum (WEF) in Davos, Switzerland, PayPal vice president Richard Nash stated the company’s intention to embrace all possible crypto and blockchain services. After rolling out its Bitcoin trading across the United States in 2020, PayPal continues to expand its digital currency-related offering.

Below are the winners and losers from the past seven days. While the leading cryptocurrencies presented modest movements, some mid-capitalization altcoins presented high volatility.

*Weekly winners and losers among the top 80 coins. Source: Nomics*

Synthetix (SNX) rallied 15.8% after Kwenta, a zero-slippage derivatives trading application powered by Synthetix, reached $325 million in volume.

Helium (HNT) gained 15.2% after details regarding improvement proposal #51 were released on May 27. The change introduces a framework to enable subnets with their own token and governance.

STEPN Governance (GMT) lost 14.6% after blocking users based in mainland China from its mobile app.

Terra Luna Classic (LUNC), previously known as LUNA, moved down 12.2% after the South Korean authorities summoned all employees at Terraform Labs as part of a full-scale investigation.

Due to the mixed performance of altcoin markets, it is worth investigating how traders are positioned according to trading and derivatives indicators.

The Tether premium shows a lack of retail demand

The OKX Tether (USDT) premium is a good gauge of China-based retail trader crypto demand. It measures the difference between China-based peer-to-peer (P2P) trades and the United States dollar.

Excessive buying demand tends to pressure the indicator above fair value. On the other hand, during bearish markets, Tether's market offer is flooded, causing a 4% or higher discount.

*Tether (USDT) peer-to-peer vs. USD/CNY. Source: OKX*

Between May 23 and 30, the Tether premium in CNY terms has averaged a 2% discount, signaling a lack of retail demand. More importantly, the 4% crypto market capitalization rally on May 30 did not change investors' sentiment.

Derivatives indicators are slightly bearish for altcoins

Perpetual contracts, also known as inverse swaps, have an embedded rate that is usually charged every eight hours. Exchanges use this fee to avoid exchange risk imbalances.

A positive funding rate indicates that longs (buyers) demand more leverage. However, the opposite situation occurs when shorts (sellers) require additional leverage, causing the funding rate to turn negative.

*Accumulated perpetual futures funding rate on May 30. Source: Coinglass*

Perpetual contracts reflect mixed sentiment as Bitcoin and Ether held a slightly positive (bullish) funding rate, but altcoins signaled the opposite. For example, Solana's negative 0.20% weekly rate equals 0.8% per month, which is irrelevant for most derivatives traders.

The data suggests that investors are not rushing in to confirm that the recent price recovery represents a trend change. While the total crypto market capitalization broke above the $1.3 trillion support, traders are pricing higher odds of a downturn. So far, there is no clear indication of a market bottom according to trading metrics.

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

STEPN