It’s been a good day to take your mind off the riskiest allocation of your risk assets portfolio – that’d be crypto, if you happen to own any.

And that’s because price action in the market today – in much of the top 100 by valuation, that is – has made a pitstop in Dullsville.

How’s the sentiment level tracking then? The Crypto Fear & Greed Index can tell us. And yep, that figures, also fairly flat, having shifted into Neutral late last week.

Source: alternative.me

So, then, does this mean there’s dwindling interest in the crypto market right now across the board? Maybe. The Bitcoin 2023 attendance numbers for the OG digital asset’s flagship conference in Miami are certainly reportedly significantly down from last year, if that’s any further indication.

Right then, time to pack up and ship out?

Ben Simpson, the founder of Aussie crypto-educational startup Collective Shift, has just posted a good, lengthy tweet if you’re wavering right now, and need a bit of a true-believer pep talk.

It’s too long to go into it all here, but some good takeaways are:

• When scared retail investors were selling their Bitcoin during the height of the FTX-caused crash in the crypto market late last year, “more experienced retail and institutional investors were accumulating”.

• Simpson believes the market is “cleansed” since that time: “Currently, 53% of all Bitcoin tokens have not been moved in the past 2 years. No matter what happens to the price of Bitcoin, most of these investors will continue to hold Bitcoin.”

• “With a financial crisis looming on economies around the world, more people are getting scared of keeping their money in fiat.”

• “Bitcoin is an asset that is: deflationary, divisible,  has a fixed supply. As Bitcoin holds strong, more people will start to realise that Bitcoin is an asset to keep in your portfolio, which will lead to an increase in Bitcoin demand and price.”

• “Retail short term investors have been pushed out of the market and serial long-term investors hold the majority. As we see higher Bitcoin demand due to the worsening financial conditions, Bitcoin will rally. This is what it it was built for.”

 

Top 10 overview

With the overall crypto market cap at US$1.17 trillion, down about 1.2% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

 

Illuvium updates its Overworld game in beta

Web3 gaming studio Illuvium, which is working on a handful of connected, interoperable blockchain games within its alien world, has launched a new, “Beta 2″update for its Illuvium: Overworld game.

The update, according to one of the project’s founders, Kieran Warwick, will bring “new features, mechanics, and Illuvials to the game, offering players an even more immersive and engaging experience”.

The update to the vast, open-world exploration game will introduce new dynamic movement and evironmental features as well as new playable Overworld regions and battle maps, including Abyssal Basin and Brightland Steppes.

Additionally, the beta update will introduce more than 30 new Illuvial characters for players to collect and evolve their Illuvial roster.

Beta player participants for the developing game have been bumped up from 30,000 to 75,000 – a healthy amount of testers, although, notes Warwick, it’s still well short of accommodating all 2 million registered beta users.

Furthermore, one of the games Illuvium is developing is a mobile “city builder”-style title called Illuvium: Zero. Warwick notes that:

“In the wake of exciting news from the industry, where competing crypto game Axie Infinity has recently been approved on the iOS store, Illuvium is thrilled to announce plans to list its own mobile game, Illuvium: Zero, later this year.

“This development signifies a significant leap forward for crypto games, broadening accessibility and introducing the exciting world of blockchain gaming to mass audiences.”

Warwick says Illuvium has plans to launch the open beta of three of its games – Illuvium: Zero, Illuvium: Arena, and Illuvium: Overworld – by the end of 2023. Once that happens, players will be able to collect, buy, and sell NFTs, potentially earning from the game.

 

Note: the writer of this piece has some investment in Bitcoin, Ethereum and various “altcoin” cryptocurrencies, including Illuvium’s native token ILV. 

 

Read MoreBitcoinCryptocurrencyGaming

You might be interested in