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RNDR, NFTX and YGG bounce higher as market rewards utility-focused projects

Everyone may be a genius during a bull market, but the real stars start to shine when the water gets choppy. The same can be said for crypto projects and developers and once the pump is over, it is 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 construction market. aa ron (@aaroneth_) Feb 2, 2022 With the price of Bitcoin (BTC) back in the $42,000 to $45,000 zone, the mood in the crypto ecosystem is once again bullish and projects that have continued to release new updates are being rewarded with significant price increases. Here’s a look at three projects that have continued to develop and attract investors despite recent market weakness. Render NetworkRender Network is a distributed GPU protocol that runs 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 refine its network’s capabilities in recent months by trading sideways in the crypto market in newly emerging sectors, including 3D simulations and the real-time rendering for movies, games, and the Metaverse. As a result of protocol improvements and a listing on Coinbase, the protocol’s native RNDR token rose 137% from $1.80 on Jan. 24 to a daily high of $4.26 on Feb. 2, when Coinbase traders took their first chance. got to buy the token. RNDR/USDT 4-hour chart. Source: TradingView With NFTs and the Metaverse still two of the hottest trending topics in crypto, the need for computing power to render high-quality digital images provides a necessary use case opportunity for projects like Render Network, NFTX introduces inventory The popularity of NFTs has also led to a price explosion for several projects and has created the opportunity to use NFTs as collateral. NFTX is a community-owned NFT marketplace and ecosystem that has benefited from fulfilling this need through the development of inventory, which has introduced decentralized financing options by helping to transform NFTs into revenue-generating assets without the typical risk associated with it. providing capital and providing liquidity. Since the stock listing went live on the network, NFTX’s 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) versus NFTX price. Source: Cointelegraph Markets ProVORTECS™ data from Cointelegraph Markets Pro began detecting a bullish outlook for NFTX on Jan. 25 as it hit a high of 77 at the same time as the price was poised to rise another 70% over the next six days . Related: Crypto Biz: The Crypto Industry Is More Optimistic Than The Bitcoin Charts, Jan 27 – Feb. 2Yield Guild Games Focuses on Community Building Another project that is also capitalizing on the momentum around NFTs, the Metaverse and gaming is Yield Guild Games, a group focused on investing in NFTs in the virtual world and developing the world’s largest virtual economy capable of optimizing its assets to maximize utility and return on investment for token holders. For the past two months, the YGG ecosystem has been busy partnering and building out its scholarship program in an effort to help users from around the world monetize gaming to play to earn. The project also showed its commitment to solving problems for people in the real world by launching a fundraising platform for the victims of Typhoon Odette in the Philippines, which raised a total of $1.45 million in aid as of Feb. 1. creating developments that benefit the members of its community along with establishing new partnerships across the ecosystem has helped the YGG price jump 89% from $2.17 on Jan 24 to $4 .11 on Feb 7 YGG/USDT 4-hour chart. Source: TradingView At the time of writing, YGG is trading at $3.63 with a 24-hour trading volume of $52.6 million and the total cryptocurrency market cap stands at $1.7 trillion with Bitcoin dominance rate of 41.6% . The views and opinions expressed herein are solely those of the author and do not necessarily represent the views of Every investment and trading move involves risks, you should do your own research when making a decision.
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