Everyone can be a genius during a bull market, but the real stars begin to shine when the waters get rough. The same can be said for crypto projects and developers and once the pump is over, it becomes easier for investors to separate the pump and dump projects from those with good fundamentals.
Sometimes a bull market, sometimes a bear market, always a builders market.
— aa ron (@aaroneth_) February 2, 2022
Now that the price of Bitcoin (BTC) has once again found its place in the $42,000 to $45,000 zone, the mood throughout the crypto ecosystem has turned bullish once again and the projects that have continued to release new updates they are being rewarded with significant increases in price.
Here’s a look at three projects that have continued to develop and attract investors despite recent market weakness.
Render Network is a distributed GPU protocol that operates on the Ethereum (ETH) network and helps connect artists and studios with the GPU computing power they need to create digital renderings.
Render has continued to fine-tune its network capabilities over the past few months of trading sideways in the crypto market in emerging sectors including 3D simulations and real-time rendering for movies, games, and the Metaverse.
As a result of the protocol’s improvements and its listing on Coinbase, the protocol’s native RNDR token surged 137%, from $1.80 on Jan 24 to a daily high of $4.26 on Feb 2, when traders at Coinbase had their first opportunity to buy the token.
RNDR/USDT 4-hour chart. Source: TradingView
With NFTs and the metaverse continuing to be two of the hottest trending topics in crypto, the need for computing power to generate high-quality digital images presents a necessary use case opportunity for projects like the Render Network,
NFTX Introduces Inventory Participation
The popularity of NFTs has also led to an explosion in the price of various projects and has created the possibility of NFTs being used as collateral.
NFTX is a community-owned NFT marketplace and ecosystem that has benefited from meeting this need through the development of inventory staking, which introduced decentralized finance capabilities by helping transform NFTs into yield-generating assets without the typical risk. involved in the provision of capital and liquidity. .
Since inventory staking went live on the network, the NFTX price has risen 124% from a low of $57.66 on Jan 21 to a daily high of $129.16 on Feb 1.
VORTECS™ score (green) vs. NFTX price. Source: Cointelegraph Markets Pro
Cointelegraph Markets Pro’s VORTECS™ data began spotting a bullish outlook for NFTX on Jan. 25 when it hit a high of 77 at the same time its price was in the process of rising another 70% over the next six days.
Related: Crypto Biz: Cryptocurrency Industry More Bullish Than Bitcoin Charts, Jan 27-Feb 2 two
Yield Guild Games focuses on building communities
Another project that is also benefiting from the momentum surrounding NFTs, the metaverse, and gaming is Yield Guild Games, a group focused on investing in virtual world NFTs and developing the world’s largest virtual economy capable of optimizing its assets for maximize utility and return on investment for token holders.
For the past two months, the YGG ecosystem has been busy establishing partnerships and developing its scholarship program in an effort to help users around the world earn income from play-to-win games.
The project also showed its dedication to solving problems for people in the real world by launching a fundraising platform for the victims of Typhoon Odette in the Philippines, raising a total of $1.45 million in aid as of 1 February.
This focus on creating developments that benefit its community members along with establishing new partnerships across the ecosystem has helped drive an 89% increase in YGG price, from $2.17 on January 24 to $4.11 on February 7.
YGG/USDT 4-hour chart. Source: TradingView
At the time of writing, YGG is trading at $3.63 with a 24hr trading volume of $52.6M and the overall cryptocurrency market cap is $1.7 Trillion with a Bitcoin dominance rate of 41.6%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.
This post RNDR, NFTX and YGG bounce higher as market rewards utility-focused projects
was published first on https://cointelegraph.com/news/rndr-nftx-and-ygg-bounce-higher-as-the-market-rewards-projects-focused-on-utility