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AXS stands out for second straight day as crypto market recovers

2021.09.23 Adam James

Though crypto bulls still have a lot of work to do, the wider cryptocurrency market's bounce has, so far, been decent.

The cryptocurrency market is recovering on Thursday after a severely rough start to the week. Its global market capitalization is up 5% off the back of strong altcoin increases — in particular, AVAX, LUNA and ATOM are all up by more than 20% over the past 24 hours. At the same time, the price of BTC and ETH are up 3.7% and 4.7%, respectively.

The cryptocurrency market is primarily green today, with the exception of some stablecoins. Source: Coin360

BTC and the wider cryptocurrency market are rising today in spite of the news that Bitcoin.org was compromised. First registered in 2008, the oldest site dedicated to the first and foremost cryptocurrency was caught promoting highly questionable BTC giveaways — which follow the tried-and-true scam formula of promising double the amount of BTC received — indicating that the website was hacked.

The website's hosted Bitcoin white paper PDF was also displaying "404 Not Found" error page — though it has since been resolved.

DeFi Digest: Cobo and Orca raise more funds

Leading headlines in the decentralized-finance space today are a pair of fundraisers.

Firstly, almost three years after its Series A funding round, Cobo closed a $40 million Series B — led by DST Global, A&T Capital and IMO Ventures. Per a widely distributed press release, the custodian and asset management firm based out of Asia plans to use the new funds to expand its services for institutional clients looking to earn DeFi yields.

Secondly, Solana-based decentralized exchange Orca has raised $18 million in a Series A — led by industry staples Three Arrows Capital and Polychain Capital, with participation from Coinbase Ventures, Sino Global Capital, DeFiance Capital and others. Per a multitude of sources, the investors will receive ORCA tokens from its treasury.

NFT Snapshot: Dapper Labs raises another $250 million

Not to be outdone by DeFi platforms, prominent nonfungible-token startup Dapper Labs also just raised another $250 million — bringing the NBA Top Shot creator's valuation up to $7.6 billion. Participating investors in the latest round include a16z, GV and Version One Ventures.

Dapper Labs plans to use the new funds to add new products to the Flow blockchain and further scale NBA Top Shot.

Top altcoin gainers and losers: AXS stands out for second day

  • CHE/USDT +77.77%
  • CVP/USDT +27.84%
  • SLP/USDT +21.68%
  • VALUE/USDT -10.11%
  • SWRV/USDT -12.08%
  • PPT/USDT -23.82%

The top-performing large-cap on OKEx today — per the exchange's default time settings — is, for the second day in a row, Axie Infinity's AXS. The GameFi altcoin is up another 9.03%.

At the same time, there aren't really any big losers among major altcoins. FTM is taking the biggest hit after dropping roughly 4%.

AXS is a standout altcoin, once again, on OKEx. Source: OKEx

BTC technical analysis: Bounce stalling where anticipated

The price of BTC has recovered to the four-hour ribbon of exponential moving averages, where it met resistance — as expected. 

Should the bulls regain control and push the price above the four-hour EMA ribbon, a fresh wave of enthusiasm could find itself injected into the market and force something of a V-shaped recovery — the most optimistic potential outcome.

OKEx's BTC/USDT 4h chart — 9/23. Source: OKEx, TradingView

ETH technical analysis: Recovering against BTC

The price of ETH has also recovered significantly against BTC but also found resistance at the four-hour EMA ribbon. Pushing through the extended lower boundary of its recent descending triangle pattern would be a bullish development and could potentially help kick-start another ETHBTC run.

OKEx's ETH/BTC 4h chart — 9/23. Source: OKEx, TradingView

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