Connect with us

Cryptocurrency

Change listings and NFT increase again Enjin’s (ENJ) 52% rally to a brand new excessive


Non-fungible tokens (NFT) are quickly turning into a focus of the cryptocurrency market as evidenced by tales of tens of millions of {dollars} being raised in minutes for one-of-a-kind tokenized artwork items and uncommon collectibles that merchants rush to get their palms on. 

One venture that has been benefiting tremendously from the resurgence of NFTs is Enjin Coin (ENJ), which broke out to a brand new all-time excessive of $0.67 on Feb. 25 following its itemizing on the Crypto.com alternate in addition to the launch of spot and perpetual futures buying and selling on FTX.

Knowledge from Cointelegraph Markets and TradingView reveals that ENJ rose 52% from a low of $0.438 on Feb. 24 to a brand new excessive of $0.67 earlier than experiencing a pullback to its present worth of $0.611.

ENJ/USDT 4-hour chart. Supply: TradingView

A scroll by way of the venture’s Twitter feed particulars quite a few current partnerships and integrations which have helped gasoline Enjin’s worth rise.

Minecraft is likely one of the most notable integrations for the Enjin ecosystem and customers are in a position to earn particular NFTs that unlock secret video games contained in the online game collection.

The platform has additionally benefited from becoming a member of forces with the rising ecosystem of the Binance Good Chain (BSC), which has launched an NFT instructional marketing campaign that Enjin shall be a part of.

VORTECS™ information from Cointelegraph Markets Professional started to detect a bullish outlook for ENJ on Feb. 24, a number of hours earlier than right now’s worth rise.

The VORTECS™ rating, unique to Cointelegraph, is an algorithmic comparability of the historic and present market situations derived from a mix of information factors together with market sentiment, buying and selling quantity, current worth actions and Twitter exercise.

VORTECS™ Rating (inexperienced) vs. ENJ worth. Supply: Cointelegraph Markets Professional

As seen on the chart above, the VORTECS™ rating for ENJ reached a excessive of 70 on Feb. 24, shortly earlier than the value started to spike to a brand new all-time excessive on Feb. 25.

The rising reputation of the NFT house, together with quite a few big-name partnerships has Enjin well-positioned as the present bull market cycle progresses into 2021.

Its current integration with the BSC supplies a method to escape excessive charges on the Ethereum (ETH) community and will convey a brand new wave of exercise to the Enjin ecosystem.