Keep an Eye on These Coins
The cryptocurrency market has finally broken out of its long slump—or so it seems. Bitcoin briefly crossed the $23,000 mark, and remains under $22,500. Similarly, other tokens have also shot up in value, with many looking like they are on the verge of a bull run.
This week, we examine Hedera (HBAR), Convex Finance (CVX), Frax Share (FXS), Enjin Coin (ENJ), and Axie Infinity (AXS). In selecting these assets, we have considered several factors, including positive technical developments, significant news events, and noticeable changes in price.
- Axie Infinity’s AXS token value increased by more than 50%, possibly because of a large increase in unique users.
- The Hedera HBAR coin surged by 34% after a rise in network activity and the release by Korean electronics maker LG of non-fungible tokens (NFTs) on the network.
- Convex Finance’s CVX token went up by 29% in value in connection with the growth of the staking platform Frax Finance, and the Convex team also updated its staking mechanism.
- Frax Share’s FXS token increased by 22% in price thanks to multiple listings on centralized exchanges.
- Enjin Coin’s ENJ token gained 23% in price after several development updates.
Axie Infinity (AXS)
Popular blockchain-based game Axie Infinity experienced a more than 50% price increase in its AXS token amid a 59% jump in the number of unique active wallets it has since the start of the year. That metric generally implies growth in the amount of gaming participation on the network.
AXS has recently been valued as high as $13.32, having started last week at $8.80 (see chart below).
The Hedera project underwent a lot of activity this week, which resulted in its token’s price going up by 34%. The likely primary reason for this is the fact that on-chain activity increased significantly, along with the total value locked (TVL) into its ecosystem. More than 26,000 smart contracts were deployed. The TVL for Hedera is nearly $38 million.
LG’s Art Lab NFT marketplace also announced that it partnered with celebrity restaurateur Jeremy Fall to release an NFT drop on Hedera. Fall is also known for his digital art among NFTs. The HBAR token is currently priced at around $0.068 (see chart below).
Convex Finance (CVX)
Convex Finance is a decentralized finance, or DeFi, platform that provides boosted rewards for staking CRV tokens. The price of Convex Finance’s CVX token increased by 29%, possibly thanks to growth in its Ethereum (ETH) staking platform, Frax Finance.
Users on the Frax platform take ETH derivatives and trade them on Convex, which results in a price boost for CVX. A week ago, CVX was valued at $4.14. It is now hovering at around $5.28 (see chart below).
Frax Share (FXS)
The exchanges FXS listed include Bybit and BitForex. Frax Share also has posted growth in ETH staking, with the total amount close to crossing 70,000 staked ETH.
Enjin Coin (ENJ)
Enjin Coin (ENJ) went up by 23% following several development updates. ENJ is now priced at around 42 cents (see chart below).
Enjin announced an update for the War of Ants mobile game in its ecosystem, including several bug fixes. The team also announced a developer update that offered several improvements to the platform.
Investing in cryptocurrencies and other initial coin offerings (ICOs) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Because each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date when this article was written, the author does not own the cryptocurrencies mentioned above.