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Biggest Movers: BNB Hits 2-Month High, ETC Extends Recent Declines

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Biggest Movers: BNB Hits 2-Month High, ETC Extends Recent Declines

After extending recent gains, bnb rose to its highest point in two months during today’s trading session. The move comes following tweets from Binance CEO Changpeng Zhao, confirming a new partnership with Swiss watchmaker Franck Muller. Ethereum classic, on the other hand, was lower for a second straight session.

Binance Coin (BNB)

BNB, the native token of the Binance ecosystem, was one of today’s biggest movers, as it rose to its highest level in two months.

The move came following the announcement of a new partnership with Swiss luxury watchmaker Franck Muller.

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Binance CEO Changpeng Zhao confirmed the news, tweeting, “Franck Muller accepts BNB payment for their watches”.

BNB/USD – Daily Chart

As a result of this, BNB/USD rose to an intraday peak of $307.76 in today’s session, less than 24 hours after trading at a low of $290.32.

The move saw BNB climb above its resistance level at $300, on its way to hitting its highest point since June 6.

Following this high, momentum has now eased, as bulls likely liquidated their earlier positions at this level, which has historically been a point of uncertainty.

In addition to this, BNB appears to have entered overbought territory, with the 14-day relative strength index (RSI) currently tracking at a four-month high of 69.77.

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Ethereum Classic (ETC)

On the other hand, ethereum classic (ETC) was down for a second straight day, as prices continue to drop following a recent high.

Since hitting a peak of $45.40 on July 29, which was its highest point since April, ETC/USD traded in the red for five of the last seven sessions.

Today’s drop saw the cryptocurrency fall to an intraday low of $35.10, which is marginally higher than a current support level of $35.00.

ETC/USD – Daily Chart

Since hitting this bottom, prices have slightly increased, with the token trading at $36.14, as of writing.

This appears to be due to the 14-day RSI moving above a floor of its own at 65, and it is currently tracking close to 67.

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Should we continue to see price strength increase, ETC bulls will likely attempt to take the token towards a ceiling of $38.90.

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Will we see ethereum classic climb to as high as $40 this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Iryna Budanova / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Analysis

Biggest Movers: AVAX Nears Highest Level Since May, ETC Moves Towards $40

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Biggest Movers: AVAX Nears Highest Level Since May, ETC Moves Towards $40

Avalanche rallied on Wednesday, as the token broke out of a key resistance level on its way towards a multi-month high. Crypto markets mostly rallied as the session progressed, following the release of the latest U.S. inflation numbers. Ethereum classic was one such token, as it moved closer to $40.

Avalanche (AVAX)

Avalanche (AVAX) was a big mover on Wednesday, as the token moved closer to its highest level since May.

Following a low of $26.71 on Tuesday, AVAX/USD surged to an intraday peak of $30.00 earlier in today’s session.

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The move sees AVAX near Monday’s peak of $30.87, which is the highest point the token has hit since May 23.

AVAX/USD – Daily Chart

Today’s price rally comes as crypto markets reacted to the latest U.S. inflation report, which showed a decline from 9.1% in June to 8.5% in July.

As a result of this, the 14-day relative strength index (RSI) raced past a resistance of its own at 69, and is currently tracking at 71.40.

Although AVAX is already overbought, bulls may look to recapture Monday’s high before potentially retreating, giving way to bears.

Ethereum Classic (ETC)

Ethereum classic (ETC) was another notable mover in today’s session, as it rebounded following Tuesday’s decline.

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Tuesday saw ETC/USD slip to a bottom of $35.75, however a day later, prices of the token surged to a peak of $38.94.

This increase in price has seen ethereum classic near a key resistance level at the $40.00 mark.

ETC/USD – Daily Chart

ETC has not broken past this ceiling since July 31, with bearish pressure preventing bulls from an escape beyond this threshold.

As of writing, the 14-day RSI is tracking at 65.84, which is marginally above support at 63.

Should ETC bulls want to push price to and above $40.00, the index will need to hit a reading of 69 and greater.

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Will ethereum classic climb above $40.00 this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Analysis

What’s changed in GameFi in the last month? – July Report

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What’s changed in GameFi in the last month? – July Report

What’s changed in GameFi in the last month? – July Report Footprint Analytics · 2 hours ago · 7 min read

When will the GameFi sector see a “second growth curve” and a sustainable X to Earn model?

7 min read

Updated: August 10, 2022 at 9:36 am

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Image via Footprint Analytics

While the previous bull market saw hundreds of play-to-earn games launched, only a few were able to maintain a steady user base as the market declined. This became apparent in July, when activity continued to fall.

However, the trying market conditions also highlighted the handful of titles that managed to stand out. Splinterlands is one of those projects, retaining users thanks to its low barrier to entry, simple gameplay, and fast battle speed. Axie Infinity also continued to introduce new features to regain momentum.

Footprint Analytics data shows the overall performance of the GameFi sector in July.

  • The total number of users decreased by 21% MoM, and the growth of new users was weak.
  • Transaction activity was down 55% MoM and 737% YoY.
  • The number of projects had a MoM growth of less than 2%.
  • VC financing increased by 17% MoM and 126% YoY.

GameFi Market Overall Market Analysis

GameFi project count grew less than 2%, and new project growth in BNB lagged

Less than 80 GameFi projects were launched 3 consecutive months up to July 31. As evident in the chart, all chains saw stagnant growth (although Polygon and WAX are slightly up.)

Footprint Analytics – GameFi Protocols

Gamers pay more attention to the playability of the game and the smoothness of the network experience and have extremely high requirements for the network. On the ethereum chain, you need to pay high gas fees at every turn. When encountering the problem of on-chain congestion, it can bring players a very bad experience. Therefore, these issues are a priority for development teams creating new projects.

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Footprint Analytics – Gas Used On Chain

New projects on Ethereum face high fees and congestion, which has led to more projects moving to BSC (now BNB) since July 2021.

This has led BNB to attract a high volume of games that fail to retain users—indicating high quantity, and low quality.

Footprint Analytics – BSC GameFi Tracker
Footprint Analytics – Ethereum GameFi Tracker

Compared to both chains, Polygon has presented a faster solution with the cost per transaction is about 10,000 times lower than Ethereum, and the transaction speed is up to 7000 tx/s.

GameFi Web3 category accounts for 98% of GameFi’s total funding

With the rise of the Web3 concept in the blockchain, newer scenarios and requirements are introduced into the game industry.

Compared with June, GameFi financing activity gradually recovered in July, increasing by 17%. In terms of funding categories, with the development of blockchain technology, more and more investment funds are injected into Web3-type GameFi, among which Web3-type funding accounts for 98%.

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Footprint Analytics – Gaming Financing Distribution

Web3 has entered the public eye since November last year. It wasn’t until after April that Web3 became the focus of the crypto market. And recently, Animoca Brands announced the completion of $75.32 million in financing. It is the second tranche of funding announced following $358.8 million on Jan. 18. With a strong focus on Web3, the company aims to address existing interoperability issues in the metaverse industry to realize its vision of an open metaverse.

Footprint Analytics – Gaming Financing Ranking

A total of 22 projects received financing in July, generally following market fluctuations. Investment rounds are still active at the seed stage for many months, supplemented by other rounds. This is highly related to the active time of users after the project is launched. Judging from the number of active users of the project, the active time of multiple projects such as StarSharks and Cryptomines does not exceed 3 months. Therefore, according to the current project development trend, VC’s investment funds still remain in new projects.

Footprint Analytics – Number of GameFi Projects Funded in July
Footprint Analytics – StarSharks: Monthly New Users & Active Users

Splinterlands gamers make up the majority of Hive users

Footprint Analytics shows that the total number of monthly users is 1.19 million, of which 483,000 are new users and 710,000 are old users. At the beginning of the year, developers engaged millions of users through a variety of game genres and styles. And they keep trying them out in a wide range of games. Users profit if they can catch a bull market, but if they encounter a bear market, they are in trouble.

Footprint Analytics – Monthly GameFi Users

The overall subscriber base has decreased from 3.59 million players in January to 1.19 million in July (-69%). Here are the pain points of GameFi:

  • Lack of originality, with an economic model mainly based on mining, output and reproduction.
  • Some games require players to invest in game tokens before they can play, and users have a strong demand for capital recovery.
  • Infinite inflation model, affected by the bear market, governance token and in-game token prices bring down; their games cannot get rid of the death spiral.

As a result, most P2E games currently require new players to enter to maintain economic stability.

Take Axie Infinity and Splinterlands are two examples.

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Splinterlands has been a relatively hot game since its launch. In terms of the percentage of new users in July, Splinterlands is the project with the highest percentage among all the projects.

Footprint Analytics – New Users by Protocol %
Footprint Analytics – Top10 Gamers by Chain

In contrast to Axie infinity before March, to participate in the game to truly gain revenue, real money was required to purchase the pet P2E (expected to be about $110 at the then-currency price). But the cost is high for the average player, and the payback period will lengthen as market trends change. However, Splinterlands requires only $10 to participate in the game, which is a low barrier to entry.

In general, the development team of Axie infinity ignored interesting designs when designing the game and launched the Origin version at the end of March, adding cards and free attributes. And the virtual Land pledge function was launched in early July. I hope users can experience the fun of the game, not just make money.

Axie infinity’s fortunes are turning

From GameFi’s monthly trading volume change, only the period of October-November last year was a period of incremental trading, and after December, the overall trading volume gradually declined until the lowest value in July. This process of change is very similar to the meaning of new projects that appear to attract a large number of players to trade, and then leave after they get tired of playing.

Footprint Analytics –  GameFi Monthly Volume

Despite the decline in the GameFi trading market, Ronin was able to buck the trend of declining trading volume on mainstream blockchains and overtake BSC to regain the number one spot. This is mainly due to the launch of the virtual land pledge feature on its on-chain Axie infinity game, which has contributed to the growth of AXS prices and the gradual improvement of the trading volume.

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Footprint Analytics – Gaming Volume by Chain

Summary

In the past bull market, many new play-to-earn games were launched, but only a few were able to maintain a steady user base. Splinterlands is one of those projects, retaining users through its low barrier, simple gameplay and fast battle speed. Also, Axie Infinity never stopped innovating, adding new features to regain its status.

At the same time, more funds flowed to Web3 projects in July, aiming to solve more problems for P2E games.

July Events Review

NFT & GameFi

  • NFT authentication company optic closes $11M seed round led by Pantera Capital and Kleiner Perkins
  • Yuga Labs’ NFT series has generated over $5 billion in total sales and nearly $150 million in royalty revenue
  • Video game giant Square Enix plans to drop a final fantasy VII NFT collection in 2023
  • STEPN announces Q2 profits & initiates quarterly GMT buyback & burn
  • Solana-based MonkeyLeague game developer raises $24 million

Metaverse & Web3

  • BAI Capital completed the first fundraising of US$700 million and will focus on Web3, Metaverse and other fields
  • Web3 music platform Audius community vault attacked with loss of 18.5M $AUDIO
  • Web3 Foundation announced the 14th batch of the funding program; 36 projects were shortlisted
  • Magic Eden launches venture unit to invest in web3 gaming startups
  • Disney launches startup accelerator program focused on NFTs and the Metaverse

DeFi & Tokens

  • Curve to launch an over-collateralized stablecoin
  • Decentralized crypto exchange Hashflow raises $25M at $400M valuation
  • BTC manages to float above $20K despite recent liquidations and heavy outflows
  • Polygon (MATIC) flips this token to become the most traded crypto among ETH whale
  • Stablecoin market cap slides, BUSD and DAI valuations jump, Fiat tokens represent 70% of all crypto trades

Network & Infrastructure

  • Polygon Launches zkEVM scaling solution for Web3 adoption
  • Vitalik Buterin discusses Ethereum’s upcoming “Merge” and “Surge” at EthCC in paris
  • Matter labs schedules zkSync 2.0 mainnet launch for October
  • Terra-based projects begin exodus to Polygon following Terra collapse
  • Solana and Avalanche poised for gains as crypto market enjoys new tailwinds

Institutions

  • Three Arrows Liquidators seize $40 Million as asset probe widens
  • SEC lists nine crypto tokens as securities following Coinbase insider trading charges
  • Tesla dumped 75% of its BTC holdings
  • Blockchain.com cuts 25% of its workforce amid a crypto bear market
  • Crypto.com integrates Google Pay for users to buy cryptocurrencies

Worldwide

  • Reserve Bank of India is working on “Phased Implementation” of Central Bank Digital Currency
  • After Terra LUNA Crash S. Korea delays crypto tax
  • Ghana ranked as the country with the second-highest debt default risk globally
  • Australian regulator trials auto take-down of crypto scam sites
  • Bank of Russia says stablecoins are not suitable for settlements

This piece is contributed by the Footprint Analytics community

Aug. 2022, Vincy Data Source: Footprint Analytics – July 2022 GameFi Report

The Footprint Community is a place where data and crypto enthusiasts worldwide help each other understand and gain insights about Web3, the metaverse, DeFi, GameFi, or any other area of the fledgling world of blockchain. Here you’ll find active, diverse voices supporting each other and driving the community forward.

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$FIL

Biggest Movers: UNI Drops To 1-Week Low, While FIL Extends Recent Declines

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Biggest Movers: UNI Drops To 1-Week Low, While FIL Extends Recent Declines

Uniswap moved to a one-week low on Tuesday, as crypto markets were mostly in the red during today’s session. The latest red wave in crypto markets comes days after several high profile tokens rose to multi-month highs. Filecoin was one such token, however it too declined today, falling for a third straight day.

Uniswap (UNI)

Uniswap (UNI) fell to a one-week low on Tuesday, just over ten days after the token was trading above a three-month high.

Following a high of $9.84 last Monday July 28, UNI/USD dropped to an intraday low of $8.37 earlier today.

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This drop sees UNI extend recent price uncertainty, which comes after failing to break out of a resistance point of $9.30 over the weekend.

UNI/USD – Daily Chart

From a failed breakout of this key price ceiling, it now looks like the token is heading for a floor of $8.20.

However, this could be a positive, as history has shown that there is significant bullish pressure at this level.

Today’s decline comes as the relative strength index (RSI) fell below a floor of 57, and now looks to be heading for another support at 53.

Should the RSI reach this point, and bulls buy at the floor of $8.20, it is likely that UNI may attempt to climb back towards $9.30.

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Filecoin (FIL)

Filecoin (FIL) was another notable mover on Tuesday, as the token fell by close to 10% in today’s session.

FIL/USD dropped to a low of $8.26 earlier today, which comes less than a day after trading at a high of $9.24.

Similar to UNI, the decline comes as the token slipped for a third consecutive session, days after trading at a multi-month high.

FIL/USD – Daily Chart

This most recent streak of declines began on Sunday, when the token failed to overcome a strong ceiling at $9.50.

As of writing, the 14-day RSI is tracking at 56.46, which is the lowest point for the index in over two weeks.

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This could be an opportunity for bulls looking to buy the dip, as prices seem to be relatively oversold. However, this may also be a trap, with prices set to fall below the current floor.

Register your email here to get weekly price analysis updates sent to your inbox:

Could we see filecoin rebound in the coming days, and move back above $9.00? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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