Bitcoin battles for five-month high; Axie soars
Bitcoin spent the better part of Saturday getting reacquainted with $23,000 before sheepishly pulling away – but that mark came right back into view. As of Monday, at 8:12 a.m. (EST), BTC was about $22,920 as it edged up 0.4% in 24 hours
Sixth-largest coin XRP jumps out among Big Ten digital assets, leaping 5% over the past one day to $0.42. Momentum was slightly waning, though, when we took a gander later in the morning.
Looking at the Top 100, per CoinGecko, it’s a sea of green, underscoring a sky-of-blue crypto rebound that on the one hand is kind of stunning and, on the other, a not entirely unexpected reversion to the mean after an overshoot to the downside. The total global crypto market capitalization is closing in on $1.1 trillion, per CoinGecko.
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Today’s biggest gainer is Axie Infinity. At one point earlier today, the pioneering play-to-earn platform’s native AXS had spiked 40% to reach just under $14, a four-month high. The rally accompanies news of an impending token unlock event, usually a bearish catalyst. But in this case, analysts surmise, the release of some 4.8 million AXS (equal to 1.8% of total supply) smacks of some kind of bigger, bullish announcement safely coming soon and to some counter effect now that crypto winter has bent its knee to a warm spell.
A stalwart of the GameFi sub-sector with a foothold in the metaverse, AXS is the 41st-largest digital asset in terms of market cap, according to CoinGecko. Back at the height of the crypto market in November of 2021, AXS hit an all-time high of about $165.