Ethereum-Based Altcoin Soars 85% in Just One Hour, Fueled by Metaverse and Gaming Announcement yesterday
After being dormant since its inception in January 2018, an Ethereum-based cryptocurrency project has suddenly flared back to life. Trending alt coin news here.
The aelf (ELF) cryptocurrency, which serves as the foundation of the decentralized cloud computing blockchain network, soared from $0.35 to $0.65 in a matter of 40 minutes on Monday, a whopping 85 percent increase.
The unexpected increase in pricing coincides with the platform’s decision to support metaverse game projects. The team at aelf is launching a hackathon themed around the metaverse, with the goal of encouraging the development of gaming projects across the network. The competition is also scheduled to begin in mid-December, and a total of $680,000 will be awarded to the top-scoring submissions in the competition.
“In collaboration with DoraHacks, the hackathon will bring together skilled enthusiasts and developers from all around the world to study the developing directions as well as the landing potentials of the metaverse age.
Due to the fact that blockchain technology is crucial in the creation of metaverse derivatives, aelf will serve as a natural incubator for the development of metaverse enterprises.”
The platform seeks to provide organizations with a high-performance, one-stop blockchain solution. It does so by leveraging a delegated proof-of-stake consensus process, which allows token holders to choose which block producers they choose to support, rather than having to support all of them.
The platform’s native token, ELF, is intended to allow token holders to have a say in the network’s long-term direction. It is also used to pay for gas fees during token transactions and smart-contract executions, as well as for other purposes.
These Two Alt Coins Are Headed For a Boost, Crypto Analyst Says
In addition, a well-known cryptocurrency trader predicts that Bitcoin will likely consolidate higher between $65,250 and $65,500.
Capo posted the following on Twitter: “After failing to reach the previous range high, $FET is now trying to do it again. The plane is scheduled to depart soon “on Sunday, to his 202,100 Twitter followers. FET is an Ethereum-based currency that fuels Fetch’s platform’s applications. Aside from manufacturing and supply chains, this gives users access to AI and autonomous agents.
As for the bitcoin market, Capo predicts that it will consolidate after closing Monday’s trading at $63,864 USD “The positive confirmation would occur if the price rose beyond 65250-65500. It appears to be the case, in my opinion.”
At the time of this writing, the price of Bitcoin was down 0.19 percent in after-hours trading. According to Real Money journalist Timothy Collins, Ethereum is the spot where the most action is taking place.