Is IDEX (IDEX) a Good Investment Wednesday?

Is IDEX (IDEX) a Good Investment Wednesday?

Wednesday, February 02, 2022 04:47 PM | InvestorsObserver Analysts

InvestorsObserver analysis gives IDEX a low risk assessment. The proprietary scoring system calculates how much money was required to move the price over the past 24 hours with changes in volume and market capitalization to discover if a crypto can potentially be easily manipulated by limited trading activity. Low values representing high risk while high scores equate to low risk based on a 0 to 100 range.

See Full IDEX Report InvestorsObserver is giving IDEX a low Risk/Reward Score. Find out what this means to you and get the rest of the rankings on IDEX!

Trading Analysis

Summary

Why is Immutable X (IMX) crypto trending today?

The Immutable X (IMX) token is primarily a Layer-2 protocol that is powered by the Ethereum blockchain network. IMX positions itself in such a manner that it is able to ease Ethereum’s problems of limited scalability, illiquidity, and poor user experience. The Australian-based protocol has been attracting investors on to its platform of late with a bullish run.

The IMX token has seen a rally of well over 35% over the past week and 25% in the past 24 hours. On 3 February, it was well above 30% making it one of the top performing tokens over the week. Due to its ability to offer instant trading at zero gas fees, it allows the users to avail its minting facilities.

Also read: Why is FORTH crypto making headlines?

Why is IMX crypto coin rallying?

On Thursday, IMX was rallying on the back of its partnership with video gaming retailer GameStop. For long, GameStop has been teasing its users with its NFT plans. IMX has had a couple of good days ever since it was listed on the Binance exchange.

GameStop will use the Immutable X’s Layer-2 solution to power its upcoming NFT marketplace. The video gaming retailer’s marketplace will bring in the unique play-to-earn model in its NFT, which will help it establish a fund that will provide US$100 million for the next round of NFT-fuelled video games.

IMX CEO Robbie Ferguson stressed that the partnership will further fuel the NFTs by bringing utility value and increasing its reach. He further added it will be a big leap for the blockchain-based gaming industry.

Also read: How long will IDEX crypto’s bullish run last?

According to DappRadar data, NFT volumes have been growing, generating trading volumes of US$23 billion last year.

How is IMX price faring?

At the time of drafting, the 95th ranked IMX token was trading at US $3.86 with a volume of US$169,857,263 over a day. IMX was blazing through with a rally of 30.44% and this was reflective even in the volume as well which was up by 336%.

Whether the price rally continues or not remains to be seen, but for now, as far as IMX investors are concerned, they are buoyed by this rally and feel this partnership could help the protocol to make big waves in the market.

DeFi: Is crypto’s correction nearing its end? Top defi coins to watch in February

Although Bitcoin flirted with gains and clawed back some losses, it then plunged, failing to find momentum for sustained recovery. Many people are wondering where Bitcoin is headed now that it is 47 percent off its all-time high?

Source: Casebitcoin.com

I mentioned previously that the recent weakness has been caused by a combination of factors, including uncertainty regarding crypto regulations and the Federal Reserve’s tightening of monetary policy. I also noted cryptocurrency’s shift towards traditional risk asset classes and its close relation with stocks.

Additionally, I said that a bearish market scenario is unlikely and that it would unfold if the support line of $30-31K was breached and held. It seems that my initial assumption that we were witnessing the purest form of correction has proven true.

For the last 21 months, money printing by the Fed resulted in a relatively low-interest-rate environment, which made borrowing relatively easy and cheap. In part because of this, capital has flocked to riskier assets like cryptocurrency and equities. This also explains why these asset classes have had such extreme returns prior to slipping into the red.

Let’s take a look at how Bitcoin’s price relates to the inflation-adjusted real rate of benchmark 10-year debt. The real rate is calculated by subtracting the 10-year inflation breakeven rate, which gauges market-based future inflation expectations, from the yield on the 10-year Treasury note.

Why is this correlation important? The real rate is a measure of expectations of future purchasing power and, therefore, can determine whether safe assets like bonds are more economically attractive than risky investments. A rise in real returns on US bonds generally puts pressure on stocks and other risk assets.]

Source: Casebitcoin.com

Some analysts are skeptical the recovery will sustain since the Biden administration is expected to unveil its strategy on crypto regulation this month. Crypto markets remain highly volatile since it is difficult to predict the effects of new regulations.

Top 5 DeFi coins picked by Mike Ermolaev

I have selected my top 5 picks for DeFi coins worth over $100 million that have performed well during the past week despite general weakness in the crypto market, and I predict they will continue to do well throughout February.

IDEX

Idex was the best performing DeFi coin, currently trading at $0.23 with a market capitalization of $146.06 million. It gained 98.36% over the past seven days.

A hybrid liquidity exchange, IDEX combines off-chain trading with on-chain trade settlement. Combining traditional order book features with the security and liquidity of an AMM, it achieves the best of both worlds.

Using smart contracts, the platform decentralizes custody and settlement, limiting the movement of funds until a transaction is completed.

Source: TradingView

Telos (TLOS)

Telos gained 77% over the past seven days, making it the second-best performer. Currently, it’s trading at $1.01, 21% off its all-time high set on February 2, 2022. TLOS current market value is $274.03 million.

Telos-based tokens, NFTs, and smart contracts are widely used in DeFi, gaming, and social media. Currently, over 100 decentralized applications (dApps) take advantage of Telos networks' speed and scalability that offer attractive on-chain services (voting, sentiment, decentralized storage, location and more), as well as the fastest network speed (0.5s block time).

Telos' upcoming Ethereum Virtual Machine will be the most efficient and least expensive EVM, making Telos the only blockchain to support both EVM and EOSIO. These two technologies together account for the majority of top decentralized applications on popular dApp tracking websites.

Source: TradingView

Tezos (XTZ)

Tezos is a blockchain-based network using smart contracts, similar to Ethereum. Tezos, however, aims to offer an infrastructure that can grow and improve over time without ever encountering a hard fork. This has always been a problem with both Bitcoin and Ethereum. By holding XTZ, users can vote on Tezos' proposals for protocol upgrades.

The Tezos price is currently at $3.76, making it the third top weekly gainer (+30.74%) with a market capitalization of $3.29 billion.

Source: TradingView

Maker (MKR)

Powered by the Ethereum blockchain, Maker (MKR) is the governance token of the MakerDAO and Maker Protocol – a decentralized organization and a social network – that allows users to issue and manage DAI stablecoin. DAI is a community-managed decentralized cryptocurrency with a stable value linked to the US dollar.

Currently trading at $2,263.91, MKR gained 28.8% in the past week, and it has a market cap of $2.19 billion.

Source: TradingView

Beefy Finance (BIFI)

Beefy Finance is a decentralized, multi-chain Yield Optimizer that allows users to earn compound interest on their cryptocurrency holdings.

DeFi has developed a set of investment strategies secured by smart contracts that boost user rewards for various liquidity pools, automated market making projects, and yield farming opportunities available within DeFi’s ecosystem.

With a market cap of $156.95 million, BIFI was up 18.74% for the last seven days at $2,179.90.

Why is FORTH crypto making headlines?

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Ampleforth (FORTH) is primarily a stablecoin whose value is pegged to the US Dollar. As a decentralised finance (DeFi) platform, the FORTH crypto is powered by the Ethereum platform, which allows the holders of the token to vote on protocol’s functioning and its decentralised mechanism. that allows the holders’ voting rights on protocol’s governance and its decentralisation mechanism. Unlike other stablecoins, the AMPL’s parity is maintained through its supply adjustment.

Introduced in 2021, the FORTH token can be utilised or delegated to ensure a fair system, which offers incentives to its participants, and sets on-chain governance facilities.

Also read: How long will IDEX crypto’s bullish run last?

The FORTH token has been seeing a tremendous spike in volume of well over 3,000% and price gain of over 42%.

Why is FORTH crypto rallying?

The exact reason for the FORTH’s rally is unclear, but it has been on a roll for the past 14 days. In fact, it has registered gains of 8% in the past 14 days, and over 38% over in the past week.

Approximately 75,000 FORTH users can take the benefit of receiving the tokens and the project announced that the users can claim the tokens till April later this year. Ampleforth added that if the tokens remain undistributed, then the remainder will be reclaimed by the community-governed DAO.

The FORTH crypto, which boasts of a maximum supply of 15 million tokens, reserves 67% for its users and the rest share is for the early backers of the project.

Also read: 4 Biggest Crypto Pyramid Schemes that have rocked the market

How is FORTH price faring?

On 3 February, the 424th ranked token was trading at US$7.73 USD with a trading volume of US$133,501,605 over a day. At the time of drafting, the FORTH token was up by 47. 62% with a volume rally of over 3,016.51%. The token boasts of a live market cap of US$80,139,502 with 10,362,448 FORTH coins in circulation.

Backed by leading names of the industry, Brandon Iles and Evan Kuo, the project boasts strong fundamentals and has largely stayed low on the radar since its high in April 2021. Investors will be hoping that it can continue its momentum for some time so that it can draw a bullish run for the token.

Mooners and Shakers: Bitcoin hits a wall; Google CEO excited by blockchain and Web3

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Babowww… Rejected. Again. Bitcoin has met a heavy wall of longterm resistance, failing to sustain a move past US$39k. (At the time of writing.)

Hopes were high among the more bullish market participants that this was finally it, the bust-out move that would prove several presently very bearish traders wrong once and for all.

And, of course, Bitcoin haters like Peter Schiff. The gold bug posted the following tweet about 56 seconds after BTC dumped from roughly US$38,500 to $37,500, citing PayPal’s price plunge and seemingly delighting in its connection as a crypto enabler.

It bodes ill for #Bitcoin that shares of $PYPL have plunged 25% so far today. #PayPal is deep in the #crypto ecosystem and one of the top picks among institutional investors looking for established stocks that are poised to ride the crypto wave. It looks like that wave has crash! — Peter Schiff (@PeterSchiff) February 2, 2022

Still, where there’s some life, there’s hope(ium). As Dutch trader and analyst Michaël van de Poppe suggests, on purely technical levels, there’s still a reasonable chance of a bounce around the mid-$37k region. And failing that, round the $36k zone. And failing tha… well, you get the idea.

And that’s not a breakthrough for #Bitcoin, so correction takes place. Green zone first potential bounce possibility. Overall remaining cautious. pic.twitter.com/cxkifC3y2i — Michaël van de Poppe (@CryptoMichNL) February 2, 2022

Zooming out quite a bit further, we’re now rangebound between US$28k and $US68k, according to Rekt Capital. That’s, um, some pretty wide parameter setting, but hey, can’t argue with this chart so we’ll roll with it…

Top 10 overview

With the overall crypto market cap down about 2.1% over the past 24 hours, here’s the state of play in the top 10 by market cap at the time of writing – according to CoinGecko data.

Everything in the top 10 has been retracing at roughly the same pace over the past few hours, and attempting to arrest a deeper slide at the present moment.

Like yesterday, though, there are at least some encouraging news stories surfacing here and there. We’re not saying they’ll do much to alleviate short-term price pain, but let’s look at them anyway…

Two positive news bites

• Google’s CEO Sundar Pichai has revealed in a midweek conference call that the tech giant has very strong interest in blockchain and the crypto space, stating:

“On Web3, we are definitely looking at blockchain… [It’s] such an interesting and powerful technology with broad applications, so much broader again than any one application.”

• Recent US Congressional ruminations about crypto mining have had some advocates for positive regulation a little on edge, especially given the fact sections of the Biden administration haven’t exactly been too cheerful about crypto. (Downright staunchly negative in some cases…)

But… as Jerry Brito of US crypto think tank Coin Center highlights in the tweet below, it appears we shouldn’t expect big decisions one way or the other on crypto mining any time soon.

“It could be months but more likely years before there are any statutory moves”, said Democratic Congressman Darren Soto in a conversation with The Block website.

Wolves at bay for now, then? A sign that the US government might be looking to back off from any potentially harsh/crippling crypto legislation they might be cooking? Well, as ever… possibly.

‘No pending legislation’ on crypto mining, says Blockchain Caucus co-chair https://t.co/9vPtcVuUYL pic.twitter.com/mbVgSKAmq8 — Jerry Brito (@jerrybrito) February 2, 2022

Winners and losers: 11–100

Sweeping a market-cap range of about US$18.6 billion to about US$879 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.

DAILY PUMPERS

• Quant (QNT), (market cap: US$1.5b) +12%

• Internet Computer (ICP), (mc: US$4.35b) +8.5%

• Synthetix (SNX), (mc: US$1.17b) +7%

• Leo Token (LEO), (mc: US$3.8b) +5%

• Neo (NEO), (mc: US$1.47b) +4.5%

DAILY SLUMPERS

• Arweave (AR), (market cap: US$1.88b) -8.5% • Aave (AAVE), (mc: US$2b) -8% • Kadena (KDA), (mc: US$957m) -7.5% • Gala Games (GALA), (mc: US$1.43b) -7.5% • Loopring (LRC), (mc: US$1.1b) -7%

Lower-cap winners and losers

Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…

DAILY PUMPERS

• IDEX (IDEX), (market cap: US$173m) +128%

• Strike (STRK), (mc: US$145m) +63%

• Augur (REP), (mc: US$121m) +32%

• Voxies (VOXEL), (mc: US$70m) +28%

• Adventure Gold (AGLD), (mc: US$117m) +27%

Strike, a Lightning Network-powered Bitcoin wallet, has partnered with New York Digital Investment Group (NYDIG) and the exchange Coinbase to enable employees of participating companies to be paid in Bitcoin.

As for the decentralised exchange IDEX, it’s made some upgrades. And seems to be sponsoring a rally car, too… in a kind of metaphorical transactional speed tie-in…

DAILY SLUMPERS

• Scream (SCREAM), (market cap: US$7.4m) -21%

• Crabada (CRA), (mc: US$95m) -20%

• Adax (ADAX), (mc: US$18m) -19%

• StarLink (STARL), (mc: US$227m) -18%

• Popsicle Finance (ICE), (mc: US$55m) -18%

Final words

At this point, at least no one should be surprised — Benjamin Cowen (@intocryptoverse) February 2, 2022

Bitcoin is the most pro-liberty, anti-authoritarian, anti-censorship, pro-human rights movement to ever take place on a global level on the planet — Darin Feinstein (@DarinFeinstein) February 1, 2022

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