Correction: Party Is Still On For Gaming Tokens

The latest moves in crypto markets, in context

Edited by Omkar Godbole

November 18, 2021

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Bitcoin (BTC)

-1.9% $59,300 (*previous version said $53,900)

Ether (ETH)

-1% $4,200

(Price data as of November 18 @ 12:50 UTC)

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Good morning, and welcome to First Mover. Here's what's happening this morning:

Market Moves: SAND Token Hits Record High

Technician's Take: Ether's Bear Flag

And check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time.

– Omkar

Biggest Movers

These are the biggest movers in the CoinDesk 20 over the past 24 hours:

Top Gainers:

Algorand (ALGO): 14.9%

Top Losers:

Litecoin (LTC): -6.10%

Filecoin (FIL): -5.90%

EOS (EOS): -5%

The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.

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Market Moves

by Omkar Godbole

While major coins look increasingly toppy, the party is still on for gaming tokens like SAND, DVI, YGG.

SAND, the native cryptocurrency of metaverse platform The Sandbox, has rallied 85% since Tuesday to new record highs above $4.20.

Early this week, the platform announced its highly anticipated play-to-earn metaverse event, The Sandbox Alpha, scheduled to run for three weeks from Nov. 29 to Dec. 30.

The event will allow players to participate in 18 different games subject to holding a non-fungible token (NFT).

DVI, the cryptocurrency of the blockchain-based virtual reality content Dvision Network, was trading 16% higher on a 24-hour basis at press time. The NFT metaverse confirmed Nov. 24 as the "Land Sale" date early Thursday.

"We are going to hold the Largest Dvision 'LAND Sale' in tripartite collaboration between Binance NFT & NFTb & Dvision Marketplace," the official announcement said. "Dvision will be offering around 1,450 Mystery Boxes via Binance NFT exclusively for the Binance.com users, around 1,495 LAND Boxes to be offered via INO on NFTb, and around 1,485 LAND Lots without any randomization will be offered in Dvision’s own Marketplace."

Yield Guild's YGG token was up 17%, having reached a record price of over $9. Yield Guild is a decentralized autonomous organization enabling guild members to rent NFTs in the virtual economy.

Play-to-earn gaming giant Axie Infinity's AXS token was down 3% alongside moderate losses in bitcoin and ether.

Bitcoin appeared tired, having failed to establish a foothold above the April high of $65,889 for four weeks. The cryptocurrency could drop to a $1 trillion valuation in the short-term, one analyst told CoinDesk.

Read the full story here:

Institutions Snap Up Ether $5K Call, Bitcoin Risks Double Top as RBA Official Warns of FOMO Meltdown

Technician's Take

by Omkar Godbole

Ether's Bear Flag

Ether's hourly chart with relative strength index (Source: TradingView)

The bear flag breakdown, a bearish continuation pattern, seen in the hourly chart, suggests scope for a re-test of the weekly low of $4,068.

A move above $4,346 would revive the immediate bullish case.

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BOLO

Be on the lookout for the following events today:

ICYMI

In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:

Where’s Bitcoin Headed After the Pullback? MyEtherWallet Allows Users to Mint Ethereum Blocks As NFTs

"First Mover" hosts speak to MyEtherWallet COO Brian Norton about the firm's latest initiative allowing users to mint Ethereum blocks into NFTs. Bacon Protocol CEO Karl Jacobs shares insights into the first mortgage NFTs. Plus, the state of crypto in Afghanistan and how it can help liberate women there. Women’s Entrepreneurship Day Organization CEO and Founder Wendy Diamond shares more details.

A Message from CoinDesk

Consensus 2022, the must-attend crypto and blockchain experience of the year, is heading to Austin, Texas, from June 9-12, 2022. This is the only festival showcasing and celebrating all sides of the blockchain and crypto ecosystems, and their wide-reaching effect on commerce, culture and communities. Register now for the lowest price.

Latest Headlines

Crypto exchanges FTX and Crypto.com have invested over $1 billion in sports sponsorships in the past year. Here are the 10 largest deals to date.

RBA Steps Up CBDC Research, But Is Not Convinced There Is a Policy Case Yet: Official The RBA official thinks it’s plausible that crypto becomes “niche” once stablecoins and CBDCs are in full force.

The fund manager cited regulatory uncertainty; India’s government is discussing new crypto legislation.

Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

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