This Top-50 Crypto Has Risen Past Wednesday’s Market Crash

Ambar Warrick
May 12, 2022
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Axie Infinity's AXS Skyrockets 20% On Ronin Restart And Reimbursements

Axie Infinity (AXS), native token to the popular blockchain game, has vastly outpaced the crypto market in the past 24 hours.

AXS is trading up 7% in the past 24 hours at $23.1. This comes despite most other top-50 crypto tokens plummeting between 6% to 35% in the same period. Apart from AXS, the only other gainers are stablecoins.

AXS saw two bullish developments which likely supported the token through the crash. The game’s free-to-play variant went live on Android phones, while blockchain firm BTCS added the token to its infrastructure operations.

But AXS is still trading down 32% over the past week, tracking one of the worst crypto crashes in recent times. Top token Bitcoin has sunk to its lowest level since December 2020.

Advertisement
Advertisement

AXS up on mobile launch, fresh liquidity

Axie Infinity Origins is a free-to-play variant of the popular play-to-earn game (P2E). Its launch on Android is bullish for AXS, given that it could potentially attract more players into the P2E pool.

Another bullish move for the token is BTCS’ addition, which is likely to provide fresh liquidity to AXS. BTCS said in an announcement that allow its customers to stake in the token, and has already staked about 28,794 AXS.

The firm, which is listed on the Nasdaq, said it will set up an AXS validator node soon.

The news comes more than a month after AXS lost over $600 million in one of the worst crypto hacks to date. Axie has since then raised more capital, and introduced land staking in its game to win back players.

But the token has lost nearly two-thirds of its value since the hack.

Advertisement
Advertisement

Investors look to tokens with utility?

AXS’ gains may indicate a trend among traders to move into tokens with on or off-chain utility. Metaverse tokens offer such utility, given that they are part of a larger ecosystem. NFT and payment-related tokens also offer utility.

Data from coinmarketcap  shows tokens with major projects backing them- such as TRX, FTX and APE- have fallen the least in the past 24 hours.

This trend mirrors a similar scene in equity trading- where investors seek out stocks with more economic exposure during times of high inflation.

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
With more than five years of experience covering global financial markets, Ambar intends to leverage this knowledge towards the rapidly expanding world of crypto and DeFi. His interest lies chiefly in finding how geopolitical developments can impact crypto markets, and what that could mean for your bitcoin holdings. When he isn't trawling through the web for the latest breaking news, you can find him playing videogames or watching Seinfeld reruns. You can reach him at [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.