Monday 23 January 2023 7:43 am
Axie Infinity has surprised crypto analysts recently, rising 44.4% in the last 24 hours on a 921% increase in token volume traded.
Based on a blockchain-based video game of the same name, Axie Infinity's recent rise can be attributed to the announcement of a new gaming project from company co-founder Jeffrey Zirlin.
An expansion to the Axie Infinity game, subtitled Homeland, has also increased the token's presence on the crypto scene.
This comes despite a dramatic drop in the game's player count over the past year, from 2.78 million in January 2022 to just over 430,000 in the past 30 days.
Interest in the recently launched Aptos coin has also skyrocketed, growing 42.3% over the past seven days, and is currently ranked 29th.the Most valuable cryptocurrency by market capitalization.
Increased sales on Aptos' NFT platform are attributed to the rise, as digital works attract tens of thousands of trades and NFT prices rise.
Meanwhile, Bitcoin prices have remained strong, rising 8.9% in the last 7 days, despite a 1% drop in the last 24 hours.
These fluctuations come amid speculation in the crypto markets as the US Federal Reserve prepares for its first monetary policy meeting of the year later this month.
The central question worrying analysts is whether they will raise interest rates again, and if so, by how much.
Market analysts expect an increase of 0.25 percent, encouraged by the continued decline in inflation in the US.
