Enjin, OmiseGo and the Rise of The Altcoins Bullish Run
Some Altcoins are showing very interesting momentum in the market.
The bitcoin halving has been a phenomenon driving the narrative of the entire crypto market for the past 2 months. First with the expectation of how it was going to affect the prices when it happened and then with numerous predictions of where things are going from this point forward. After an incalculable number of webinars, articles, interviews, and podcasts addressing the topic, we have seen that the Crypto Market has reacted positively to the halving event, as at the time of writing, the market cap is around $255 Billion which is almost the highest point in the last 3 months. Despite a 66% dominance of BTC, during the last month, we have witnessed an incredible bull run for several altcoins reporting strong gains for traders taking advantage of this volatile trend. Taking positions in these types of tokens can be seen as a diversification initiative within the crypto market.
For today’s article, the idea is to analyze 2 top gainers altcoins that have been on fire recently with double-digit price appreciation sessions during the past weeks. Certainly, traders of Enjin (ENJ) and OmiseGo (OMG) are very happy with the performance of their tokens these days so we want to go deeper into its analysis using Intotheblock’s intelligence platform.
Enjin is changing the gaming industry using Blockchain Technology.
Enjin is a gaming platform that launched in 2009 and has grown its popularity reaching more than 20 million users today. In 2017, the company expanded into a blockchain development platform that allows its users to easily create, store, trade assets, and virtual goods. Their intention is to provide tools for people to build communities around their favorite games. Through its ERC-1155 proprietary protocol, they have been able to reduce the cost of using the Ethereum Blockchain which has led them to drive important growth rates within game developers and users.
Enjin has also been gaining the attention of the tech community with an aggressive partnership strategy. During the past year, they have signed agreements to work alongside industry giants like Samsung, Microsoft, and Unity Technologies which is the most popular game engine in the world.
Considering the high adoption rate of the platform, their token is leading the list of top-performing assets across the market. The Enjin Coin is used by developers to create or mint, ERC- tokens. At the time of writing, ENJ is trading at a price of $0.22 USD having a 20% appreciation in the last 24 hours. Currently, the cryptocurrency has almost $180 USD million of market cap ranking number 43 on the list of most relevant crypto-assets.
Now let’s take a look at ENJ holders at the blockchain level to understand the profitability of their positions. The IntoTheBlock’s “In/Out of the Money” indicator reveals that ENJ token has been a great investment since its inception. There are more than 50.4k addresses making money today which represents more than 95% of the token holders.
During the past week of steep price increases, we have also noticed a spike in transaction activity accompanied by a growing number of transactions and transaction volume. For the last 24 hours, we have seen a volume of 30.38 ENJ million or $6.89 USD million with an average transaction size of $6,500 USD.
Finally, in the graph below, we can see how the annualized price volatility went down reaching the 92% level during this week although the prices keep increasing. Also, it is worth mentioning the sudden and dramatic change in its correlation to BTC with a 0.05 30-Day-Low mark.
Undoubtedly, Enjin is a project to keep an eye on as it keeps driving adoption to its platform. Now let’s move towards analyzing OmiseGo which is the second token we want to dive deep today.
OmiseGO: Open Financial Infrastructure for all.
The company was founded in 2017 and is headquartered in Bangkok. Its mission is enabling people to securely offer and access financial services, as well as exchange and spend digital assets anytime. It is a permissionless network that enables instant, peer-to-peer transactions in real-time, facilitating financial services across geographies, asset classes, and applications. Their client-facing solution is the OmiseGO eWallet Suite that aims to help businesses to easily integrate solutions and connect their customers to a digital marketplace.
They work with enterprises, startups and non-profit organizations to form their payment and eWallet strategy, providing technical consulting services, implementation support, and co-creation of new products.
Most recently their Ethereum based token OMG has gained the attention of the crypto enthusiasts after Coinbase announced the listing of the token in the exchange. At the time of writing, OMG is trading at a price of $1.61 USD having a 200% parabolic rally after it was listed on Coinbase on May 21st. Currently, the cryptocurrency has almost $225 USD million of market cap ranking number 38 on the list of most relevant crypto-assets.
Let's consider some data-driven metrics to better understand the recent performance of the OMG token. Despite the recent impressive gains, the situation for OMG holders is pretty different than the one we saw previously for Enjin. Using IntoTheBlock’s In/Out of The Money indicator, we were able to support that statement: even though that today OMG is up 45% since the Coinbase listing, only 20% addresses or 3.06% of all the holders are currently “In the Money,” meaning that if they were to sell their position today, only that small percentage of holders would make a profit.
In terms of geographical activity, metrics revealed by IntoTheBlock´s East-West analysis show that OMG is a worldwide traded token but with a slightly higher activity of 54.84% predominance from the western hemisphere despite being a Thailand native company.
Finally, the Total Addresses of OMG with a positive Balance is another metric that has increased considerably during the past week as we can see in the image below. Definitely, the positive effect of being listed on a major exchange like Coinbase is something to have in mind while analyzing alternative coins in the future.
As the market continues to evolve there will be space and opportunities for investors with a longer-term view to take positions in these two or other altcoins. Certainly, there are some interesting projects out there, which are characterized by a solid team and a sustainable business case. From the standpoint of IntoTheBlock, our intention is to provide valuable data points that show different views and perspectives to better understand and analyze the price.
