Prices in the crypto market continue their horizontal course. We are far from the excitement of bull season these days. Long-term bond interest rates are close to 5%, and investors are approaching crypto cautiously due to geopolitical risks. There is only Bitcoin with a positive medium-term outlook. Bitcoin's weekly RSI is above 50. Bitcoin price is also above the 200-day simple and exponential averages. These indicators show that Bitcoin is bullish. Bitcoin must break the 30-31k resistance so that altcoins can accompany the rise.
Nothing has changed on the FED front. No interest rate increase is expected at the November meeting. According to futures pricing, the probability of an interest rate increase at the December meeting is calculated as 36%. Truflation site measures inflation using data it obtains daily. According to the site, current US inflation is 2.25%. If October inflation falls below 3%, according to official data, interest rate increases will end.
There are no signs of the expected recession in the US. I think the soft landing scenario will come true. I hope that common sense will prevail regarding the Israeli-Palestinian tension. (Common sense is often lacking among fundamentalists, but let's not lose hope.) The only notable event on the crypto front is that the Bitcoin price has become more robust.
Hive has been between 200 and 230 in the Coingecko coin ranking for a long time. Hive did not fail during the bear market. It could have been more successful. Since market makers did not change their allocations, Hive's ranking among coins did not change.
Splinterlands also has an average performance at first glance. Splinterlands' coin SPS has been around 1000 in the Coingecko market value ranking for over a year. On the other hand, the Splinterlands ecosystem is growing thanks to new projects developed. In addition to the $15 million SPS market cap, there is a $48 million card market. The market value of DEC, the stablecoin of the ecosystem, is 4.6 million dollars. Land and card packages also create a market value of approximately $10 million. When we add up the numbers, we see that the value of Splinlerlands assets is approaching Hive's market value.
Approximately half of the 500,000 Rebellion card packs that went on sale yesterday have been sold. Thanks to this, the price of 1k DEC increased to $ 0.94. If there is an additional six percent increase in price, DEC's price will reach the target value. So, community members are embracing Splinterlands.
Leo Finance was recently updated and renamed Inleo. The brand update also meant the expansion of the content offered to users. Leo's value was one-tenth of Hive's in 2021. It remained at this level for a long time. With the launch of the Threads project, Leo's value rose to one-fifth of Hive's at one point. Nowadays, Leo's price is around 12% of Hive. So, during the bear market, the price of Leo increased by 20% compared to Hive. Considering that Leo is smaller, we must admit that the 20% rise is a significant achievement because the value of many coins approached zero during the bear market. Inleo will introduce a subscription system similar to the blue tick application on Twitter. I will become a member when it comes into effect.
TL;DR
Easily achieved successes quickly turn into failures. Good things are built over a long period. Infrastructures tested under harsh conditions are long-lasting.
The fact that Hive's ranking has stayed the same may also be due to market makers not following what is happening in Hive because Hive is not the Hive of 2 years ago. Its infrastructure has been strengthened, and many new applications are running on it.
The play-to-earn category entered a bear market for the first time. As the upward momentum in prices disappeared, many games turned into abandoned cowboy towns. Splinterlands serves more than 50 thousand gamers even when monetary incentives are unavailable.
Leo is home to many innovations. The recent brand update is one of them. When the market revives, interest in crypto news will also increase. I also find the Leo team's DEFI projects necessary. These days, I'm reinvesting in Leo.
Thank you for reading.
Image Source: Midjourney App