The cryptocurrency market digest. Overview for 11.02.2022

Article By RoboForex.com

SLP rose, ADA was bought by an unknown investor, while ETH remains attractive.

The dynamics of events in the cryptocurrency sector remains quite high, and that makes investors respond and attracts new users.

First of all, it’s SLP, which added 220% over the week. It happened after developers of Axie Infinity changed the rules and cut the supply of tokens for taking part in daily quests. It means that the daily issue of tokens will lose 45 million and helps the project economy to reach stability. As of now, the SLP capitalisation is about $ 1 billion. The Axie Infinity game is based on a blockchain platform and implies players fighting each other using avatars. Each of these avatars is presented as an NFT token. Nowadays, the entertainment industry is light years away from what it used to be. By the way, the Axie Infinity has been one of the most popular lately. From the technical point of view, the asset is heading to reach 0.05. However, before moving towards the target, the price may form a slight correction.

Other assets popular with investors are ETH, Polygon, Fantom, Chainlink. As for ETH and Polygon, they added almost 13% and 19% respectively over the last week. Investors see the prospect here: it’s an Ethereum-compatible sidechain, which operates faster and cheaper than the initial network. Curve DAO Token is also experiencing intense interest – its price has lost about 1% recently but investors remain quite active. The nature of Curve Finance lies in the exchange of cryptocurrencies and stable coins within the decentralised trading platform. Owners of CRV coins may take part in the platform development. Considering how fast global Central Banks are regulating the activities of the cryptocurrency world, decentralised platforms will remain the most protected solutions. One of the big-time investors acquired 5 million Cardano (ADA) worth $6 million – the commission for this transaction was just $2. Cardano is now having hard times. Still, its capitalisation is $38 billion and the token ranks seventh among top cryptocurrencies. The key trend in Cardano remains descending. The Asset is moving between resistance and support at 1.3500 and 0.6610 respectively.

Article By RoboForex.com

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