NFT Games Gone Wild - Weekend Altcoin Report
Welcome!
Welcome to a new edition and format of the Weekend Altcoin Report. This weekend report contains a market summary for the week, a review of the biggest movers of the week and market trends worth watching for.
In this Edition:
- Market Summary for the Week
- Top 5 Biggest Movers this Week
- Axie Infinity +60,000% in just 9 months - How did this happen?
Market Recap:
Bitcoin is trading just shy of $50,000. The price of BTC has been slowly and steadily increasing over the last month and its highly likely BTC will break the psychological barrier of $50k very soon.
While Bitcoin is continuing to slowly lose market dominance (44.19%), we are seeing increases in substantial holdings by specific coins. Ethereum (18.28%), Cardano (3.85%), XRP (2.74%), and other (18.97%).
With respect to the top 10 cryptocurrencies by market capitalization, Cardano is continuing to increase its positioning (20% gains over the last week) and now holds third place.
Solana (SOL) increased an incredible 77% in the last week mostly attributed to its NFT project release and now this project sits within the top 10 cryptocurrencies in the world.
Biggest Gainers this week (Top 100 Coins):
This week is a continuation of the steady increase in market capitalization that has been taking place over the last month.
As mentioned earlier, Solana (SOL) made an incredible leap (+77%) to gain standing within the top 10 largest cryptocurrencies.
TOP 5 MOVERS OF THE WEEK:
These top 5 projects have been identified as the biggest movers from within the top 100 cryptocurrencies (by market capitalization). In the last week:
Avalanche (AVAX) +111%
Released in September 2020 and raised over $42 million in less than 5 hours, this token has the potential to be one of the greatest projects in history. This token is seen as a direct competitor to Ethereum. Avalanche is said to be a cheaper and easier platform for the creation of Decentralized (DeFi) projects. With such potential, it's not surprising this token is doing so well.
Arweave (AR) +93%
First launched in August 2017 (under the name Archain), this well-established project offers permanent decentralized storage. This project allows for the storage of data - forever. With ever-increasing storage needs and no direct competitors, this project is well-positioned for continued growth.
This project is currently ranked 95 and up 229% in the last 30 days. This project offers the potential for worldwide adoption. It is ranked at 95 with still a lot of room for movement up the with a lot of room for growth.
Arweave has gone up +5,000% in the last year and is currently trading around $28.
Solana (SOL) +77%
Launched in March 2020 and now ranked within the top 10 cryptocurrencies, Solana is considered by many to be an "Ethereum Killer" - a project that offers smart contract functionality and the establishment of a decentralized ecosystem.
This weeks price spike was likely a result of the NFT project that was released and sold out within minutes of going live. In the last month, this project has increased in price by 176% and is currently sitting at #10 position.
Terra (LUNA) +73%
Potentially the next best stable coin project, Terra is a blockchain protocol that offers stable payments by way of pegging the value of stable coins to various fiat currencies.
About a year ago, in March 2020 Terra was trading at $0.12. A few days ago this project hit its all-time high price of $33. That is a +22,000% increase in about one year!
The Play-to-Earn Revolution: +60,000% in 9 Months
NFT's and blockchain gaming have created what is being touted as the "Play-to-Earn Revolution", with Axie Infinity as its poster child. This token has gone up over 60,000% in just over nine months and is now ranked in the top 35 cryptocurrencies. Extraordinary.
The full article is here:
Few Last Words
September is looking to be a very active month within the crypto space with a lot of investment opportunities presenting themselves. This will be especially true within the smaller cap cryptos. One niche sector I am very bullish on, for obvious reasons is blockchain indo777 games. More to come on that in future editions.
Until next time, trade safe and be legendary,
Richard