While the previous week has been unkind to many digital assets, a few cryptocurrencies continue to show potential. The downtrend remains evident but does not overshadow the promise these assets hold.
Our focus this week includes Trust Wallet Token (TWT), PAX Gold (PAXG), GMX (GMX), Bitcoin Cash (BCH), and dYdX (DYDX). The choice of these assets arises from various considerations like noteworthy price shifts, impactful news stories, and positive technical progressions.
Trust Wallet Token (TWT) emerged as a significant performer with a substantial increase of more than 70% midweek.
The downfall of the FTX exchange has steered investor interest towards wallets that do not require custody, making Trust Wallet a favored option. Non-custodial wallets empower users with exclusive control over their private keys, thereby asserting ownership over their cryptocurrencies. The demand for such decentralized wallets has intensified post-FTX’s collapse, known for its custodial wallets and centralized oversight, potentially favoring Trust Wallet. Where it began last week at $1.16, TWT now stands close to $2.43.
The allure of a London Good Delivery gold bar is echoed by PAX Gold.
With volatility sweeping across financial markets, real-world assets, or those aligned with them such as PAX Gold, are drawing in investors. The FTX implosion has shaken confidence, suggesting a possible shift of crypto investors venturing into diversifying their portfolios.
In the realm of decentralized exchanges, dYdX has seen a surge, attributing to its advanced features and the market’s leaning towards decentralized solutions.
GMX is also catching investors’ eyes as they pivot towards decentralized finance alternatives. Its appeal lies in its negligible fees and trades free of price impacts, positioning it prominently among DEXs. Following the FTX debacle, even the lesser-known exchanges are attracting attention. From $37.70 at the previous week’s inception, GMX now trades around $41.71.
Bitcoin Cash (BCH), albeit an unusual candidate among this week’s cryptocurrencies, notched a notable 30% increase in hash rate. Mining difficulty also saw a rise to 9%, signaling greater computational power in mining crypto, even if the price itself saw only modest movement.
Positive buzz on social media has also contributed to Bitcoin Cash’s current position, with discussions surrounding its technological aspects like hash rate and mining difficulty. BCH stands at approximately $103.60 presently.
The endeavor of venturing into cryptocurrencies, along with these emerging assets…
