Nonfungible tokens soar even as Bitcoin price drops close to $32,000

Nonfungible tokens soar even as Bitcoin price drops close to $32,000

Today the wider cryptocurrency market finds itself looking for something to spark some momentum as Bitcoin (BTC) price dropped to $32,300 and altcoins sustained 2% to 5% losses.

Data from Cointelegraph Markets Pro and TradingView shows that the top three performers over the past 24 hours are Audius (AUDIO), Axie Infinity (AXS) and Small Love Potion (SLP).

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Nonfungible tokens soar even as Bitcoin price drops close to $32,000
Top-performing assets over the last 24-hours. Source: Cointelegraph Markets Pro

The multifaceted use cases and applications of nonfungible tokens continue to be a source of strength for the NFT sector as a whole, primarily because they open the door for different sources of revenue via gameplay, music and art sales.

Audius pulls in new artists and users

According to data from Cointelegraph Markets Pro, the outlook for AUDIO has been climbing for the past few days after new users and popular bands like Wheezer flocked to the decentralized music-sharing and streaming protocol.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AUDIO on July 9, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

Nonfungible tokens soar even as Bitcoin price drops close to $32,000
VORTECS™ Score (green) vs. AUDIO price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for AUDIO turned green on July 8 and climbed to a high of 73 on July 9, roughly 32 hours before its price rallied 55% over the next two days.

Users embrace income opportunities on Axie Infinity

Axie Infinity (AXS) has been one of the strongest performing tokens in the month of July as users from economically disadvantaged regions embrace the blockchain-based trading and battling game for the income opportunities it provides.

According to data from Cointelegraph Markets Pro, market conditions for AXS have also been favorable for some time.

Nonfungible tokens soar even as Bitcoin price drops close to $32,000
VORTECS™ Score (green) vs. AXS price. Source: Cointelegraph Markets Pro

As seen on the chart above, the VORTECS™ Score for AXS began turned dark green on July 7 and climbed to a high of 89 on July 9, around 5 hours before the price increased 97% from $11.18 to a new record high at $22.14 over the next four days.

Related: Nifty News: Amex and SZA sell-out debut drop, Asics launches tokenized footwear, Space Jam gets looney for NFTs

Small Love Potion gets a boost from a new exchange listing

The third top performer on the day is Small Love Potion, a token that is part of the Axie Infinity ecosystem that is utilized in the process of breeding Axies, the nonfungible token-based creatures that populate the Axie Infinity world.

Nonfungible tokens soar even as Bitcoin price drops close to $32,000
SLP/USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView shows that over the past 24-hours the price of SLP has rallied 55% from a low of $0.264 on July 12 to $0.41 on July 13, less than two cents shy of its all-time high of $0.419.

The strong showing from SLP on Tuesday was in part thanks to the token being listed on the FTX cryptocurrency derivatives exchange, which enabled spot and perpetual futures trading.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

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