Three Altcoins to Explore | Why CHMB, YFI & AR Tokens All Had a Price Rally Last Week？

2021/12/21 10:21:54

Victoria, NEAR Protocol, and Tezos were the star performers last week, showing up with market price gains while a majority of cryptocurrencies had a streak of price drops. It was a week that saw NFT, DeFi, and Metaverse tokens posting a fair price rally.

In the last 2 days of the week in review, the momentum in price appreciation did shift in the direction of projects like XRP, LUNA, and AVAX. The unfolding scenario in the crypto market is such that analysts see it as merit driven. Individual projects could see price increases only to the extent that investors view them as viable or promising. The bandwagon effect of Bitcoin is less pronounced in bear territory with market price largely dampened. Bitcoin’s market dominance has dropped to about 40 % this week and could lose more points in the weeks ahead.

Market-wide, the overall sentiment has been bearish with Bitcoin recording a low of $47,579 during the last 7-days. Ethereum fared a bit better than Bitcoin with a 7-day low of $3,664, which on the average was a 3 percent average drop in market price for the week compared to 4% for bitcoin. Other cryptocurrencies during the week were all in bear territory except for a few tokens and coins like CHMB, AR and YFI. The moderating reasons for the minimal price bounce for a few exceptional cryptocurrencies are explained further in this week’s briefing.

Notice: KuCoin does not provide financial advice. Please do your own risk assessment when deciding how to invest in cryptocurrency and blockchain technology.

Chumbi Valley (CHMB)

source：chumbivalley.com

Chumbi Valley falls into the class of RPG play-to-earn blockchain driven games that has been developed on the Binance Smart chain and Polygon, to take advantage of the low transaction cost and fast processing times offered by the platforms. Chumbi Valley is inhabited by Chumbi, seen as NFT creatures that you can breed and raise as a collection, set out on exploration with them, battle and earn rewards. If you pair up with your Chumbi to grow crops and partake in agriculture, you will earn additional rewards. You can also be a land holder in Chumbi Village and partner with local dwellers to grow the community. This angle closely aligns the project with the Metaverse.

CHMB’s price has gone up by 8900% since it was listed on KuCoin and in the last 7-days, it saw a high of $0.6817 and a low of $0.001. The amazing price leap was noticeable, and in some ways, the project is viewed as the next big thing in the PTE sector. CHMB is the de facto currency in the ecosystem and it is needed for buying plots of land, wandering fees payment, marketplace purchases, sage fees as well as breeding fees, among others.

With the NFT angle, and the staking rewards attached to holding the token, the price surge must have been a reaction to the market embracing the potential of the project as the Spotlight token sale opened on KuCoin.

Trade CHMB and 600+ other altcoins on KuCoin

Yearn.finance (YFI)

source: phemex

YFI was launched as a pivotal aggregator service to cater to investors in DeFi with the advantage of automation to enable them to earn optimally from yield farming. The project makes it easier for investors who are not into market technicalities to reap the rewards of hi-tech functionalities in DeFi with less hands-on involvement on a day-to-day basis. By investing in YFI, the token holder is positioned to play the market in a safe manner.

YFI uses its unique tools to aggregate Aave, Curve, and Compound, which are some of the flagship DeFi projects, so that investors with higher stakes in them can reap the optimal possible rewards. New features are continuously added to YFI so that it can be future-proof and retain its market relevance.

In the 7-days period under review, YFI saw a low of $18,894 and a high of $37,999, which was impressive in a week that the bears took hold of a majority of the cryptocurrencies. YFI closed the week at $31,533 or a 72 % price leap.

Trade YFI and 600+ other altcoins on KuCoin

Arweave (AR)

source: academy.moralis.io

Arweave provides a platform that indefinitely stores data, which it describes as a hard drive that does not forget, yet is collectively owned. The project is home to a permaweb, which is a decentralized web, with permanent structures alongside a range of other community-owned platforms and apps in tow. Miners who work to store data on the network are paid with AR, the native token of the ecosystem.

AR’s price performance for the week saw a leap to $60.03 and a 7-day low of $35.23, which is about 70% increase in market price for the opening price compared to the closing price for the week. The price rise for AR was one that defied the market direction for the last seven days given that the likes of Ethereum and Bitcoin had faltered, and barely moved sideways at best.

Trade AR and 600+ other altcoins on KuCoin

Conclusion

In assessing the projects that could garner positive ratings and a price surge, the dynamics would come down to what the ecosystem has to offer. YFI surged as expected due to the depressed market prices, and its algorithm is known to optimize DeFi returns. Niche projects of this sort are likely to do better in price surge in the coming days.

It is important not to forget that the Metaverse, NFTs, gaming and DeFi tokens are all placed to do better as investors see them as a pathway to the future beyond merely following the footsteps of Bitcoin as most cryptocurrencies are suited so far.