Ethereum Alternatives, Gaming Tokens Outperforming Bitcoin And Ethereum

While Bitcoin dropped 2% in one day after the U.S. Federal Reserve announced a plan to taper or cut back its $120 million monthly in-bond purchases starting in November, currencies associated with Solana and Polkadot (both alternatives to the Ethereum blockchain) were outperforming along with gaming tokens like Axie Infinity’s AXS. The number of bitcoins on exchanges is at its lowest in three years, suggesting investors are not willing to sell.

“The fact that bitcoin is consolidating in a range just under its all-time high is significant,” said Jason Deane, an analyst at Quantum Economics. “This sets a strong support for the next move upwards. The longer it remains in place, the more confidence the market has that it will hold. Supply on exchanges continues to fall as fast as the asset’s fundamentals continue to improve, inviting a bullish outlook.”

Ether (the native token of the Ethereum blockchain) reached an all-time high this month, hitting $4,628 with gas fees rising on Ethereum by 2,300%. Investors have piled into coins associated with two-layer solutions that offer faster and cheaper transactions. SOL (the native token of the Solana blockchain) also hit an all-time high this month of $246. Polkadot’s DOT is up 7% and Cardano’s ADA remains high as well. All-time highs for SOL and ETH helped push the combined market cap of all cryptocurrencies above $2.75 trillion for the first time ever, pushing past the mark on November 3rd.

Axie Infinity’s AXS token is up 11%, trading just below its all-time high of $162. Meanwhile, The Sandbox’s SAND reached an all-time high on Tuesday. Axie’s latest gains to the launch of Katana, a decentralized exchange that allows users to easily swap between the various assets within the Axie Infinity ecosystem, have most likely contributed to its recent uptick. Users can now trade among Axie Infinity, Smooth Love Potion (SLP), USD coin (USDC), and wrapped ETH (WETH).

(All information was provided by CoinDesk)

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