DeFi and NFT-related tokens such as GHST, CNS and TLM defied the market’s bearish mood to post double-digit gains in the past 48 hours.
3 altcoins showing signs of accumulation, while Bitcoin price is downALTCOIN WATCH
Crypto markets faced another day of struggle on Thursday as the price of Bitcoin (BTC) dropped to its “final support zone” near $31,000, which prompted traders to issue dire predictions about the future should bulls fail to hold this level.
Despite the struggles facing the crypto market at large, relatively obscure altcoins such as Aavegotchi (GHST), Centric Cash (CNS) and Alien Worlds (TLM) posted positive gains in the past 48 hours and appear to be in a stealth accumulation mode.
Aavegotchi volume spikes ahead of DinoSwap release
Aavegotchi (GHST) is a DeFi-focused nonfungible token (NFT) that operates on the Aave protocol and allows users to utilize in-game avatars called Gotchi’s as collateral to earn staking rewards.
GHST/USDT 4-hour chart. Source: TradingView
Data from Cointelegraph Markets Pro and TradingView shows that the price of GHST has rallied 21% from a low of $0.997 on Wednesday to an intraday high at $1.21 on Thursday as its 24-hour trading volume doubled from the previous day.
A scroll through Aavegotchi’s Twitter feed indicates that the newfound enthusiasm for GHST is a result of the upcoming release of DinoSwap, a multi-chain farming protocol that helps to attract and build liquidity on existing automated market makers.
The new way for token holders to earn an extra yield on the Polygon network has helped drive liquidity and trading volume higher, resulting in the price appreciation seen in GHST.
Centric Cash rallies after migrating to Binance Smart Chain
Centric Cash (CNS) is another token that has managed to post a positive gain in an otherwise red market thanks to its successful migration to the Binance Smart Chain (BSC).
CNS is a dual-token protocol that offers rewards for adoption in the form of a fixed hourly yield and “stabilizes over time as it self-regulates token supply to meet ongoing changes in demand,” according to the project’s website.
The project’s migration away from the Tron blockchain to the BSC was done as a way to help increase exposure and trading volume through gaining access to the wider Binance ecosystem.
As a result of the increased attention and trading volume that CNS garnered following the migration, its price rallied 36% from a low of $0.0003 on Wednesday to an intraday high at $0.00042 as traders looked to acquire tokens and supply liquidy for its launch on PancakeSwap.
Alien Worlds shows signs of accumulation
Alien Worlds (TLM) has also outperformed the field this week. The blockchain gaming platform provides a DeFi-connected NFT metaverse where users can collect and play with unique digital items in an environment that stimulates economic competition and collaboration among players.
TLM/USDT 4-hour chart. Source: TradingView
The price of TLM skyrocketed by 307% over the past week, rising from a low of $0.08 on July 9 to an intraday high at $0.33 on Thursday with a 24-hour trading volume of $884 million.
Related: New data hints why Bitcoin price action has spent two months at $30K
While there has not been a major protocol announcement that is readily identifiable as the cause for increased momentum, the project’s Twitter feed shows a handful of new NFT releases recently that can be earned through gameplay, as well as an announcement that Planet Binance will soon be added to the Alien Worlds ecosystem.
Overall, projects that include NFT functionality and a select few DeFi protocols continue to perform well while the large-cap projects in the crypto market are negatively impacted by Bitcoin’s repeat excursions to the $31,000 level.
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