Cryptocurrencies To Watch: Week of January 23


Keep an eye on these coins

He cryptocurrency the market has finally broken of his long depression, or so it seems. Bitcoin it briefly crossed the $23,000 mark and remains below $22,500. Similarly, other tokens have skyrocketed in value as well, with many appearing to be on the verge of a confinement.

This week, we take a look at Hedera (HBAR), Convex Finance (CVX), Frax Share (FXS), Enjin Coin (ENJ), and Axie Infinity (AXS). In selecting these assets, we have considered several factors, including positive technical developments, important news, and notable price changes.

key takeaways

  • The value of Axie Infinity’s AXS token increased by more than 50%, possibly due to a large increase in unique users.
  • The Hedera HBAR coin surged 34% after a surge in network activity and the launch by Korean electronics maker LG of non-fungible tokens (NFTs) In the net.
  • Convex Finance’s CVX token increased 29% in value relative to the growth of the Frax Finance staking platform, and the Convex team also upgraded their staking mechanism.
  • Frax Share’s FXS token surged 22% in price thanks to multiple listings on centralized exchanges.
  • Enjin Coin’s ENJ token gained 23% in price after several development upgrades.

Infinite Axie (AXS)

Popular block chaingame based on infinity axis experienced a price increase of more than 50% in its AXS tab amid a 59% increase in the number of unique active wallets it has since the beginning of the year. That metric typically implies growth in the amount of gaming participation on the network.

AXS has recently been valued as high as $13.32, having started last week at $8.80 (see chart below).

AXS Price: TradingView.

Hedera (HBAR)

The Hedera project saw a lot of activity this week, sending its token price up 34%. The main likely reason for this is the fact that in chain activity increased significantly, along with the total value locked (TVL) in its ecosystem. More than 26,000 smart contracts have been implemented. The TVL for Hedera is nearly $38 million.

LG’s Art Lab NFT marketplace also announced that it has partnered with celebrity restaurateur Jeremy Fall to launch an NFT blob in Hedera. Fall is also known for his digital art among NFTss. He HBAR tab it is currently priced at around $0.068 (see chart below).

HBAR (commercial view).

Convex Finance (CVX)

Convex Finance is a decentralized finance, or DeFi, platform that provides enhanced rewards for staking CRV tokens. Convex Finance’s price CLC sheet increased by 29%, possibly thanks to the growth of its Ethereal (ETH) staking platform, Frax Finance.

Users of the Frax platform take ETH derivatives and change them to Convex, resulting in a price increase for CVX. A week ago, CVX was valued at $4.14. It is now around $5.28 (see chart below).

CLC (commercial view).

Frax Share (FXS)

He Share Frax (FXS) experienced a 22% increase in price as a result of multiple listings on centralized exchanges. The token is currently trading for around $10 (see chart below).

FXS exchanges listed include Bybit and BitForex. Frax Share has also seen growth in ETH staking, with the total amount close to crossing 70,000 ETH staked.

FXS (trading view).

Enjin Currency (ENJ)

enjin coin (ENJ) increased by 23% after several development updates. ENJ is now priced at around 42 cents (see chart below).

Enjin announced an update for the War of Ants mobile game in its ecosystem, which includes various bug fixes. The team also announced a developer update that brought several improvements to the platform.

ENJ (Trading View).

Invest in cryptocurrencies and others initial coin offerings (ICOs) it is highly risky and speculative, and this article is not an Investopedia or writer’s recommendation 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 decision. Investopedia makes no representations or warranties as to the accuracy or currency of the information contained in this document. As of the date this article was written, the author does not own the aforementioned cryptocurrencies.