Crypto Market Summary : Week of Oct 4

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Last Week Recap

It was the week of NFT, Play to Earn games. For those who are not aware, Axie Infinity, the undisputed leader in PtoE game genre has skyrocketed and broke the $100 level. The company has recently reported a US$2 billion sales figure. If this is not crazy insane growth for a company, what else is.

General crypto market rebounded from its low with BTC touching $48K level. One of the OG coin, Omise, has seen its token price ballooning by more than 50% as well.

For this coming week:

  • We expect AXS to continue to outperform as its user base continues to grow. Its recent announcement of its DEX offering will further propel its token to another ATH. Perfect mix of strategy. We may see the Sky Mavis team starting to layer new services on its user base which should help further push AXS token price. We remain bullish.
  • We should see spill-over effects of AXS, the leader in Play to Earn game, to other similar games. The chief among them would be ALICE. Although ALICE has not officially launched (the team said the target launch date is 2Q 2022), the potential for ALICE to usurp AXS in terms of revenue is high. Currently trading at $13 to $14 as of this writing, we should see ALICE reach the $20 mark soon as investors start to accumulate ahead of its launch. Its recent pre-alpha release was also pretty successful, albeit it was initially beset by Email OTP issues. For those who may find themselves left out of AXS bull run, may want to consider accumulating ALICE.
  • We continue to like blockchain infrastructure projects such as ADA and SOL.
  • Ethereum remains a hot favourite as the day draws nearer for the “Merge”.
  • Will XRP dig itself out of its legal quagmire soon? The signs seems to suggest that. But, any certainty would really depend on how determined the SEC is in pursuing its suit.
  • We continue to like AXS, ALICE, ADA, ETH and LINK.

Trade with care. Crypto is HIGH RISK.