- DeFi and NFT related tokens have posted double-digit gains
- Altcoins seems to be in a stealth accumulation mode
- Tortuous future for Bitcoin if bulls fail to hold on to this level
The number one cryptocurrency, Bitcoin, could be in a bearish phase, but DeFi and NFT related tokens have posted double-digit gains in the past 48 hours. Likewise, GHST, CNS, and TLM have endured the bearish phase and are posting good profits.
It was another day of struggle for the price of Bitcoin(BTC) as it struggled on July 15 and dropped to its final support zone near $31,000. Traders are predicting a tortuous future if bulls fail to hold on to this level.
The crypto market is in a state of flux, and it is surprising to see little-known altcoins like Aavegotchi (GHST), Centric Cash (CNS), and Alien Worlds (TLM) swimming against the tide and registering positive gains in the past 48 hours. The altcoins seem to be in a stealth accumulation mode.
Aavegotchi volume surges ahead of DinoSwap release
The DeFi-focused non fungible token (NFT), Aavegotchi (GHST), uses the Aave protocol and enables users to utilize in-game avatars called Gotchi’s as collateral to earn staking rewards.
GHST/USDT 4-hour chart. Source: TradingView
Data from TradingView reveals that the value of GHST rose by 21% from a low of $0.997 on July 14 to an intraday high at $1.21 on July 15 as its 24-hour trading volume doubled from the previous day.
Poring through Aavegotchi’s Twitter feed revealed the cause for this newfound optimism for GHST. It was the result of the upcoming release of DinoSwap. DinoSwap is a multi-chain farming protocol that helps, attracts, and builds liquidity on existing automated market makers (AMM).
The new route by which token owners can earn extra on the Polygon (MATIC) network has encouraged liquidity and trading volume higher, resulting in the price appreciation seen in GHST.
Centric Cash values surge after migrating to Binance Smart Chain.
Another altcoin that has managed to register a positive gain in an otherwise bearish mark is Centric Cash (CNS). Its successful migration to Binance Smart Chain (BSC) has worked wonders. CNS is a dual token protocol that gives returns for adoption in the form of fixed hourly yield. In addition, the token stabilizes over time by automated token supply as per ongoing changes in demand.
The Tron Blockchain earlier hosted the project. However, it later migrated to the Binance ecosystem to increase exposure and trading volume. As a result, BSC has a broader reach than Tron Blockchain.
Following the migration, CNS price surged by 36% from a low of $0.0003 on July 14 to an intraday high at $0.00042 as investors looked to acquire tokens and supply liquidly for its launch on PancakeSwap.
Alien Worlds shows signs of accumulation.
Alien Worlds (TLM) is another altcoin that stands apart in its performance. Alien Worlds (TLM) is a gaming platform that provides a DeFi linked NFT metaverse, which enables users to collect and play with exclusive digital items in an atmosphere that stimulates economic contests and partnership between players.
TLM/USDT 4-hour chart
The past week saw TLM prices shooting by 307% over the past week. It started from a low of $0.08 on July 9 to an intraday high at $0.33 on July 15, with a 24-hour trading volume of $884 million.
The announcement that planet Binance will soon be added to the Alien Worlds ecosystem and the release of a handful of new NFT, which can be earned through gameplay, are the events that caused the increased momentum in TLM prices.
Projects with NFT functionality and a select few DeFi protocols are doing well. At the same time, the big players in the crypto arena have been negatively impacted by Bitcoin’s repeat visit to the $31,000 level.