Avalanche and Immutable X: Unhindered Price Rally

The two cryptocurrencies Avalanche (AVAX) and Immutable X (IMX) defy crypto market setbacks and continue their rally. Why the gaming story could be behind it.

While many cryptocurrencies yesterday suffered a setback in their rally and some are still in the red, Avalanche (AVAX) and Immutable X (IMX) are in a different situation. Nothing seems to be able to stop them.

On a 24-hour basis, AVAX is currently up about 15 percent and IMX is up about seven percent. On a weekly basis, things look even better. Over the past seven days, Avalanche is up about 84 percent and Immutable X is up 52 percent. By comparison, the average increase for Bitcoin and Ethereum is only at half a percent per week.

Leading within crypto gaming

Apart from the technical chart factors, the strong price movements can be explained mainly by the blossoming gaming story. The two blockchain protocols are considered leading infrastructures when it comes to blockchain gaming. More than 200 games will be released on Immutable X alone in the coming year.

More and more market participants have high prediction of the blockchain gaming sector and expect a real rise in the coming year. Even asset manager VanEck highlighted the potential of crypto gaming and Immutable X in particular in its reports. If hopes for a new wave of crypto gaming come true, Avalanche and Immutable X in particular are likely to benefit disproportionately.