Keep an Eye on These Coins
Crypto market performance hasn't been particularly good over the last week, but it hasn't been too bad either. Bitcoin is currently above the $17,000 mark, and perhaps there is potential for it to hit $20,000 by the year's end.
This week we examine GMX (GMX), ImmutableX (IMX), Uniswap (UNI), Aptos (APT), and Fantom (FTM). In selecting these assets, we have considered several factors, including, but not limited to, positive technical developments, significant news events, and noticeable changes in price.
- The GMX (GMX) token saw its price increase by over 30% following the crypto market’s growing trend of moving towards decentralized platforms.
- The ImmutableX (IMX) token increased by over 18% as its development of the ecosystem saw progress.
- The Uniswap (UNI) token experienced a 18% increase after it introduced NFTs to the platform.
- The much-discussed Aptos (APT) project saw its token increase by 18% after it integrated with Moonpay and revealed a Web3 initiative with Binance.
- The Fantom (FTM) token shot up by over 25% after founder Andre Cronje revealed that the project had strong financial reserves.
The GMX exchange saw its token GMX jump by over 30% in the past week. The move is likely sparked by a new desire by market participants for decentralized platforms. GMX also beat Uniswap in terms of trading fees for the first time since its inception.
The crypto market has seen a noticeable move towards decentralized platforms following the collapse of FTX. Investors have become wary of centralized entities and their frailties, as displayed by the FTX incident. The GMX token is currently priced at around $54.18.
Web3 platform ImmutableX experienced an 18% increase in its IMX token over the past week as it announced a major development for its ecosystem. Namely, it announced the launch of Layer 2 bids on the network. Layer 2 features offer faster and cheaper transactions.
The feature applies to all marketplaces in its ecosystem. The team stated that it would help support liquidity and volumes and allows anyone to create permissionless, binding bids on IMX assets. At the time of writing, IMX is hovering at around $0.49.
Uniswap is one of the most recognized names in the crypto market, and its UNI token is in the top 20 by market cap. The token experienced an 18% increase in the past week as the decentralized platform introduced NFTs.
Users can now trade NFTs across major NFT marketplaces. The team also revealed that it would airdrop $5 million worth of USDC tokens to prior Genie users and offer gas rebates to the first 22,000 buyers. The UNI token is trading for around $6.25, having started last week at $5.28.
Aptos is a project that has made headlines for its origins, launch, and purpose. Created by former Meta developers, the project’s APT token experienced an 18% price increase in the past week—thanks to an integration with payment company Moonpay and a Web3 initiative with Binance.
The partnership with Moonpay takes place through integration with Petra, a wallet created by Aptos. As for the Binance Web3 initiative, Aptos has committed to the exchange’s $1 billion Industry Recovery Initiative. The APT token is currently priced at around $5.22.
As of November 2022, the project has over $100 million in stablecoins, another $100 million in other crypto assets, and $50 million in non-crypto assets. He also said that Fantom currently earns over $10 million a year, excluding capital gains. FTM is valued at around $0.24 currently.
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.