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Algorand Price Rallies Amid Mixed On-Chain Metrics

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Algorand has made a slow comeback in 2023 after having one of is worst annual performances in 2022. ALGO, the network’s token, rose to a high of $0.26, which was the highest level on November 21. Like other cryptocurrencies, it has jumped by double-digits from its 2022 low.

On-chain metrics struggle

Algorand’s on-chain metrics are warning about the network’s activity. According to IntoTheBlock, the number of active addresses in the network is hovering near its historical low. Total active addresses stand at 32.8k while those with zero balance is at 3.11k. 

New addresses in the network are over 8k. This figure is substantially lower than its November high. In November, active addresses were over 1 million while new addresses rose to 513k. This increase was partly because of the World Cup event, where Algorand was a leading sponsor. 

On a positive side, total account with balance has been rising in the past few months. It currently stands at 16.86 million. Further, the number of transactions volume on Monday was about 94.06 million ALGOs, which was lower than its all-time high.

On a positive side. The total value locked in Algorand’s DeFi has made a strong comeback this week. It rose to a high of $207 million, the highest level since November 10 of last year. A closer look at the DeFi protocols in the ecosystem have all risen. AlgoFi’s TVL has jumped by 105% in the past 30 days to $106 million. TinyMan’s TVL has jumped by 86% to $11.8 million. 

Algorand price analysis

Algorand Price

The strong ALGO price comeback continued this week as the coin sits at the highest point since November 20. It has jumped above the 50-day volume-weighted moving average (VWMA) level. Also, the token jumped above the resistance point at $0.24, the highest level on January 17. 

Therefore, it appears like Algorand wants to do a break and retest pattern, which is usually a sign of continuation. This means that it is attempting to rise and retest $0.27. This price was an important level since it struggled to move below it several times between June and September. If this view is correct, the coin will likely rise to $0.2745 and then retreat to $0.20.

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IMX Price Double-Tops Ahead of Immutable X Token Unlocks

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IMX crypto price pulled back on Friday as investors waited for the upcoming token unlock that is scheduled for Saturday. The token rose to a high of $0.675, which was slightly above the intraday low of $0.6513. It remains a few points below this year’s high of $0.7500. 

Immutable X token unlock

Immutable X is a relatively small blockchain that plays an important role in the non-fungible token (NFT) industry. It is a layer-2 network that is focused on the non-fungible token (NFT) industry. A layer-2 network is a sidechain that handles transactions at a faster pace and at lower costs than Ethereum.

These networks, which include networks like Polygon, Arbitrum, and Optimism, handle transactions at a significantly lower cost. That’s because Ethereum is well-known for its substantially slow speeds and high transaction costs.

As a result, Immutable X has become a favorite blockchain for developers to launch their NFT collections. Data compiled by CryptoSlam shows that Immutable X handles tens of millions of NFT collections on a daily basis. In January, it has handled $11.3 million NFTs, lower than the $14 million that it processed in December. At its peak, it was handling over $53 million worth of NFTs per month.

Immutable X’s IMX token price retreated slightly ahead of the upcoming token unlock that will happen during the weekend. A token…

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Cardano Price Gains Momentum as DeFi and NFT Ecosystem Wakes Up

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Cardano price has been in a strong bullish trend in the past few weeks, making it one of the top-performing cryptocurrencies. ADA, its network token, has risen to a high of $0.39, which was the highest point since November 8. It has jumped by over 58% from the lowest level in 2022.

Cardano DeFi ecosystem rebound

Cardano price has been in a strong recovery as activity in its network do well. Data compiled by DeFi Llama shows that the total value locked (TVL) in Cardano’s DeFi ecosystem has been in a strong recovery as cryptocurrencies rebound. After falling below $60 million in 2022, the TVL has bounced back to about $102 million.

A closer look shows that most DeFi platforms are doing well. For example, MinSwap has seen its TVL jump by over 41% in the past 30 days. It has a market dominance of 31.4%. In the same period, Meld has seen its TVL soar to over$17.59 a million, making it the second-biggest DeFi platform in Cardano.

Other top players in the ecosystem are Indigo, WingRiders, MuesliSwap, and SundaeSwap have all seen their TVLs jump by double-digits, as shown in the chart below.

Cardano NFT…

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Aptos Price Continues to Defy Gravity as Activity Rises

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Aptos price has been one of the best-performing cryptocurrencies in 2023 as it roared to its highest point on record. APT jumped to a high of $20.45, the highest point on record. In all, it has jumped by more than 493% from the lowest level of all time. 

Why Aptos is soaring

Aptos is one of the fastest public blockchains in the world. It is an Ethereum rival that acts as a foundation for developers to build adaptive and high-quality applications across all sectors. The network, which is well-funded, has excellent speeds of more than 10,000 transactions per second.

Aptos has gained a lot of traction in the past few months. A good way to look at it is to consider the volume of assets that have been locked in the ecosystem. Data compiled by DeFi Llama shows that Aptos has a total value locked (TVL) of more than $75 million. 

The number of apps in its ecosystem has been on a steady growth in the past few months. According to DeFi Llama, the number of DeFi apps in its ecosystem have grown to 16. It has a total value locked (TVL) of more than $75.65 million, making it one of the biggest players in the industry. 

PancakeSwap is the biggest app in its ecosystem with a TVL of over $34 million. This…

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