The crypto-market is like the wild west. Nothing is certain and sometimes, even unknown currencies are capable of massive gains, making the top ones seem less significant. One such recent success story is that of Axie Infinitys native token AXS after it more than doubled in just three days.

The AXS/USD exchange rate touched a record value of $32.69 on 23 July, up 31.28% intraday and up 131% up from its 20 July low of $14. Owing to the same, the crypto-asset was placed in the list of best-performing digital assets on a year-to-date timeframe with 2021 gains of around 5,000%.

Right before the tokens price pump, there were speculations about Axie Infinity revolutionizing the blockchain-enabled gaming industry and growing faster than any company.

How much truth there is to the aforementioned claims cant be assessed simply by looking at the charts. One thing that stood out the most, however, was that AXS registered higher 24-hour trade volumes than most major alts. AXSs trade volumes over the period stood at $1.63 billion, way higher than Binance Coin (BNB), Litecoin (LTC), Dogecoin (DOGE), EOS, Tron(TRX), Stellar(XLM), and even Cardano (ADA).

This isnt the first time an altcoin has made its way past the top alts when it comes to trade volumes. However, metrics, on-chain analysis, and social sentiment are what paint a true picture of the alts state.

The alts MVRV ratio registered a clear uptick fueled by AXSs bull run. The metric touched its highest level since March this year recently. This was a sign that its market value was greater than the realized value, highlighting a bullish market for the cryptocurrency.

Furthermore, AXSs social dominance climbed to a yearly all-time high, in correspondence with its price performance. However, development activity remained moderate and didnt show any signs of hiking.

In fact, on the downside, there was actually a minor downtick in development activity, at the time of writing. Additionally, the supply on exchanges continued to oscillate low levels, falling even further on 22 July.

Finally, Google trends for Axie Infinity also presented a massive spike as it climbed to 100 over the last week. This was another sign of worldwide interest in the altcoin.

Based on the aforementioned metrics, it can be argued that the altcoin is here to stay. At least for the short term.

However, weak network development and exchange supply are causes for skepticism. Nonetheless, it will be interesting to see how its price action plays out over the next few weeks.

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What contributed to this altcoin outperforming Cardano, Dogecoin, and Binance Coin - AMBCrypto News

After almost touching the USD 32,900 level, BTC corrected lower and is now (12:09 UTC) consolidating its gains below the USD 32,500 level.

BTC is still outperformed by ETH and multiple altcoins, which are also trimming their recent gains.

Total market capitalization

After extending its post-the B Word event gains, bitcoin price moved lower again. It dropped below USD 32,400, trimming its daily gains to more than 1%. The price is still up by 2% in a week.

At the same time ethereum price is consolidating its gains above the USD 2,050 after if failed near USD 2,090. ETH is now up by almost 4% in a day and 8% in a week.

Cardano (ADA) failed to stay above the USD 1.20 level, correcting towards USD 1.18. The price is now almost unchanged in a day and is down by 4% in a week.Meanwhile, litecoin (LTC) is also trimming its recent gains and corrected below its previous resistance zone of USD 120. LTC advanced by almost 2% in a day, while it dropped by almost 5% in a week.Dogecoin (DOGE) is still stuck below the USD 0.200 resistance zone and is almost unchanged in a day, while its weekly gains dropped below 5%.Earlier today, XRP price broke the main resistance of USD 0.600 but failed to stay above this level, dropping to USD 0.59. The price is still up by 3% in a day, trimming its weekly losses to less than 1%.

Several altcoins are still up over 5%, including UNI, SUSHI, and XTZ, while AMP, FLOW, TEL, and AXS rallied in double digits. AXS is still the best performing cryptoasset among the top 100 coins today, as it jumped by 31% in a day and is trading above the USD 30 level. The price is up by 28% in a week. Meanwhile, RUNE and OMI are down over 12%. _____

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Bitcoin and Ethereum Trim Gains, Altcoin Rally Slows Down - Cryptonews

BitMEX, one of the world's leading crypto derivatives platforms, today announced the launch of the BitMEX ALTMEX Basket Index (.BALTMEX) and the BitMEX DEFIMEX Basket Index (.BDEFIMEX), which track the performance of the top ten cryptocurrencies in the Altcoin and DeFi markets, respectively. BitMEX also introduced the ALTMEXUSD and DEFIMEXUSD Quanto Perpetual Swaps - innovative derivatives contracts invented by BitMEX that enable users, all of whom have completed comprehensive user verification, to gain exposure to the market's top cryptocurrencies.

The launch of the BitMEX Basket Indices represents a milestone for crypto investors who until now lacked the ability to hedge risk or trade crypto basket products on a 24/7 crypto derivatives platform with a fully verified user base and comprehensive Know-Your-Customer requirements.

"The establishment of these basket indices is an unmistakable sign of the continued evolution of crypto as an asset class," said Alex Hptner, CEO of 100x Group, the holding structure behind BitMEX. "The cryptocurrency market demands an advanced, secure, and highly liquid trading platform like ours on which to trade. The BitMEX ALTMEXUSD and DEFIMEXUSD derivatives products are the first in the industry to be available on a 24/7 crypto derivatives platform with a fully verified user base, which will appeal to traders in an environment where compliance and security are increasingly top-of-mind." Users can also trade on the go with BitMEX Mobile, available in over 140 countries.

BitMEX has launched new products nonstop this summer, including the AAVEUSDT Perpetual Swap, MATICUSDT Perpetual Swap, VETUSDT Perpetual Swap, SOLUSDT Perpetual Swap, FILUSDT Perpetual Swap, and the introduction of the XBTEUR Perpetual Swap and Futures contracts.

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BitMEX introduces Altcoin, DeFi Basket Indices; to be available 24/7 on fully verified platform - CNBCTV18

MAHE, Seychelles, July 20, 2021 /PRNewswire/ -- BitMEX, one of the world's leading crypto derivatives platforms, today announced the launch of the BitMEX ALTMEX Basket Index (.BALTMEX) and the BitMEX DEFIMEX Basket Index (.BDEFIMEX), which track the performance of the top ten cryptocurrencies in the Altcoin and DeFi markets, respectively.

BitMEX also introduced the ALTMEXUSD and DEFIMEXUSD Quanto Perpetual Swaps - innovative derivatives contracts invented by BitMEX that enable users, all of whom have completed comprehensive user verification, to gain exposure to the market's top cryptocurrencies.

The launch of the BitMEX Basket Indices represents a milestone for crypto investors who until now lacked the ability to hedge risk or trade crypto basket products on a 24/7 crypto derivatives platform with a fully verified user base and comprehensive Know-Your-Customer requirements.

"The establishment of these basket indices is an unmistakable sign of the continued evolution of crypto as an asset class," said Alex Hptner, CEO of 100x Group, the holding structure behind BitMEX. "The cryptocurrency market demands an advanced, secure, and highly liquid trading platform like ours on which to trade. The BitMEX ALTMEXUSD and DEFIMEXUSD derivatives products are the first in the industry to be available on a 24/7 crypto derivatives platform with a fully verified user base, which will appeal to traders in an environment where compliance and security are increasingly top-of-mind."

It's a great time to be on BitMEX, with excellent platform performance alongside top tier liquidity and security. Sign up for an account here. Users can also trade on the go with BitMEX Mobile, available in over 140 countries.

MORE INFORMATION

The cryptocurrencies represented in each basket are as follows:

The BitMEX ALTMEX Basket Index (.BALTMEX):

Constituent

Index Multiplier

Market Cap Share

BNB

0.07078653

20.00%

ADA

14.89815288

20.00%

DOGE

65.55702677

15.01%

XRP

23.21700023

14.87%

DOT

0.48176854

7.10%

UNI

0.29550574

5.68%

BCH

0.00940295

4.61%

LTC

0.03359651

4.48%

SOL

0.13713494

4.36%

LINK

0.2198593

3.89%

The BitMEX DEFIMEX Basket Index (.BDEFIMEX):

Constituent

Index Multiplier

Market Cap Share

UNI

0.9859852

20.00%

LINK

1.07263338

20.00%

AAVE

0.04467642

12.13%

MKR

0.00340582

9.40%

LUNA

1.45538761

8.39%

COMP

0.01853168

8.11%

AVAX

0.59972503

7.26%

GRT

10.07942781

7.18%

YFI

0.00010012

4.14%

SUSHI

0.44255636

3.39%

Trading started at 04:00 UTC on 20 July 2021. More details are available here: https://bit.ly/3B1G7PQ.

BitMEX has launched new products nonstop this summer,includingthe AAVEUSDT Perpetual Swap, MATICUSDT Perpetual Swap,VETUSDT Perpetual Swap, SOLUSDT Perpetual Swap, FILUSDT Perpetual Swap, and the introduction of the XBTEUR Perpetual Swap and Futures contracts. To stay up to date on the latest, visit our blog, follow us on Twitter, or join our Telegram channel.

About BitMEX

BitMEX is the next-generation cryptocurrency trading platform, which supports leveraged trading via Perpetual and Futures Contracts. Our mission is to professionalise the trading of cryptocurrency derivatives. We offer a fast, safe, and liquid way to trade and hedge cryptocurrency risk. For more information, visit http://www.bitmex.com.

Media Contact

Winky Chow/Jess Lo(+852)2201-6474/(+852)2201-6473[emailprotected]/[emailprotected]

Logo - https://mma.prnewswire.com/media/1577506/BitMEX_logo_black_text_Logo.jpg

SOURCE 100x Group

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BitMEX Introduces Altcoin and DeFi Basket Indices & Derivatives Contracts, First to be Available 24/7 on Fully Verified Platform - PRNewswire

As the most popular cryptocurrency by far, Bitcoin is often assumed to represent the entire ecosystem. So when critics point out the amount of energy that is being used by the Proof of Work network, the market as a whole is affected.

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Q2 2021 hedge fund letters, conferences and more

In reality, many cryptocurrencies use a different technology to secure and operate their networks called Proof of Stake, which does not require the electrical load of Bitcoin. The comparatively negligible environmental impact of Proof of Stake based cryptos is an important advantage, but the opportunity is much larger than that. These protocols have a number of other positives, most importantly scalability and speed, which facilitate a wide range of new and exciting uses.

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Nowhere is this more evident than in Ethereum, the second largest crypto by market capitalization. Ethereum introduced the most important advancement in crypto use cases: the ability to make them programmable with Smart Contracts, which enable transactions to be both traceable and transparent. As a result, the majority of cryptos are now applications running on the Ethereum network. However, Ethereum is currently a Proof of Work based protocol, and it can no longer remain competitive while dealing with the resulting limitations. The platform is trying to solve this problem by converting to Proof of Stake, but plans are behind schedule.

Although Ethereum is currently the most popular Smart Contract platform, it has a number of competitors that have already solved the big technical challenge of implementing a Proof of Stake consensus mechanism. These five have the potential to drive the future of cryptocurrency, and see significant user adoption and price appreciation along the way:

Cardanois already Proof of Stake. Its research-driven approach utilizes academic resources to create an inclusive blockchain ecosystem that will enable users to build smart contracts.

Ethiopias Ministry of Education recently partnered with Cardano to create a blockchain-based platform for 5 million of the countrys students and teachers, which is being billed as the largest blockchain development in the world. It will perform such tasks as verifying grades and monitoring performance.

TheCardanonetwork also allows users to exchange funds instantly at lower fees than Bitcoin or Ethereum. Investors can gain exposure to Cardano through Coinbase, Gemini, Graph Blockchain, and other Altcoin and DeFi sources.

Launched in 2020, Polkadot is a programmable blockchain that enables cryptocurrencies to be built. Polkadot is widely considered faster and potentially more scalable than Ethereum. The third-generation Altcoin is also designed to work with other networks, making it more inclusive than Bitcoin or Ethereum.

Polkadots stated goal is to enable a completely decentralized web where users are in control, and allow independent blockchains to exchange information and transactions. Polkadot will plug into Ethereum and likely port over its own platform if Ethereum is not converted over to Proof of Stake quickly enough.

Other interoperable platforms competing with Polkadot include Binance Smart Chain and Polygon, a framework for building and connecting Ethereum-compatible blockchain networks.

Solana differentiates itself as a fast, secure, and censorship resistant blockchain. The company recently raised $314 million led by Andreessen HorowitzandPolychain Capital to accelerate its development. Like Cardano and Polkadot, Solana is more environmentally friendly than Bitcoin and Ethereum. It also champions Proof of History (PoH), which provides a permanent record for each transaction, resulting in more transparency and security. The PoH facilitates Solanas Proof of Stake mechanism, which produces a blockchain that can process more than 50,000 transactions per second. However, it still has a long way to go to equal the popularity of Cardano or Polkadot, which have large communities supporting them.

Avalanche is a smart contract platform designed to create custom blockchain networks and decentralized applications (dApps). Essentially, dApps run on a network of computers, making them uncontrollable by a single entity. In existence for less than a year, the open-source platform has already gained a reputation for being fast and highly customizable. Avalanche is compatible with Ethereum.

Another relative newcomer is Algorand, which developed a blockchain infrastructure to serve as a bridge between centralized and decentralized financial systems. Algorand also offers smart contract capabilities and strong transaction speeds. Its technology is being utilized by hundreds of organizations including The Hemp Blockchain, Inc., which recently selected the platform to provide supply chain management solutions for the industrial hemp industry.

Bitcoin is currently the elephant in the cryptocurrency room, but the future is arguably in Proof of Stake and Smart Contracts. Ethereum has not been able to capitalize on that market yet, but a multitude of third generation cryptocurrencies are poised to fill the gap. While the majority may not gain enough traction to succeed, Altcoins such as Cardano, Polkadot, Solana, Avalanche, and Algorand are finding ways to improve energy efficiency, stability, speed, transparency, and security.

About the Author

Paul Haber is CEO of Graph Blockchain, an Altcoin and DeFi company that provides shareholders with exposure to various areas of decentralized finance. Focusing on Altcoins through its wholly owned subsidiaries Babbage Mining Corp. and Beyond the Moon Inc., Graph gives investors exposure to the vast emerging market of cryptocurrencies with the significant technological disruption and potential gains Altcoins represent. Through its recent acquisition of New World Inc., an art-focused non-fungible tokens (NFT) business, Graph gains exposure to one of the fastest growing segments of the art world.

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These Altcoins Are The Future Of Cryptocurrency - ValueWalk