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Why Chromia Pumped Nearly 45%; AMP, Lisk, Helium Climb As the Crypto Market Decides Where Next

Bitcoin

Today, the broader cryptocurrency market finds itself looking for something to spark further upside momentum as Bitcoin price consolidates at the mid $31,000 level.

The multifaceted use cases and uses of non-fungible tokens (NFTs) continue to be a source of strength for the sector as a whole, primarily because they open the door to a variety of revenue streams through gaming, music, and art sales.

At the time of writing, selected NFT tokens Chromia (CHR, +28.00%), Alien Worlds (TLM, +15.06%), Superfarm (SUPER, +12.67%), My Defi Pet (DPET, +49.30%), Faraland (FARA, +55.96%), PolkaWar (PWAR, +49.91%) were recording significant gains.

The rise of nonfungible tokens, or NFTs, in the early part of 2021 received global attention as well-known celebrities such as NFL veteran Rob Gronkowski and Twitter CEO Jack Dorsey joined the move, and auction houses such as Sotheby’s helped facilitate NFT auctions. Including the recent sale of CryptoPunk #7523, which sold for a record $11.8 million.

Across the wider Altcoin market, tokens such as Amp (AMP, +7.76%), Lisk (LSK, +20.62%), Helium (HNT, +5.55%), Tomochain (TOMO, +7.51%) were seen trading in the green as of press time as Bitcoin flutters in a trading range.

Bitcoin has marked 95 days in a correction phase after reaching all-time highs of $64,899. Despite strong fundamentals, Bitcoin price action seems in no hurry to leave the $30,000 range behind.

In a series of tweets on July 17, analytics service Econometrics revealed that this year’s descent from all-time highs is the second-longest in Bitcoin bull market history. Using history as a guide, Bitcoin may still see more sideways trading in the near to medium term before rising to flip its ATH. The analytics service notes that 2013 saw 197 days between two all-time highs to mark the longest wait so far.

Bitcoin has led the Altcoin market in terms of price action in recent times, if Altcoins will decouple from this trend in the near term remains yet unknown.

Why Chromia Pumped Nearly 45%

A top performer on the day is Chromia, a blockchain platform that aims to simplify building decentralized apps in the real world, for a better world. As seen on Binance, Chromia rallied from lows of $0.19 to highs of $0.288, gaining nearly 45%.

CHR/USD Daily Chart

The strong showing from Chromia on Sunday was in part thanks to a Twitter share contest Chromia launched to celebrate Binance turning 4. The network announced on July 14 ”We are very proud to be supporting the #BinanceTurns4 celebration! Party popper! We are giving away $1000 worth of $CHR!”

This surely helped to create more Twitter awareness for Chromia. While Twitter may be a good source to obtain insight into what coins retail investors might be interested in, analyzing the number of Twitter mentions can help hone in on which projects have the potential to see future price movements. likewise, Twitter mentions can also hint at growing adoption.

Image Credit: Shutterstock 

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