The cryptocurrency market has witnessed one of the most intense bear markets in 2022. Most cryptocurrencies have lost most of their value, while others hit so hard they have fallen off the market.
Bitcoin and Axie infinity are two cryptocurrencies that have been hit hard in 2022. HedgeUp, on the other hand, has been growing tremendously in the last few weeks.
In this post, we will look at the performance of Bitcoin and Axie infinity. Highlight the reasons for their decline and why HedgeUp is the coin to invest in as we head into 2023.
Bitcoin, the largest cryptocurrency in market cap, has had a rough year. After hitting a high of $65,000 in November 2021, the cryptocurrency dropped to just over $16,700 in December 2022. The price hike in November 2021 resulted from different announcements by Tesla and Coinbase as well as the launch of ETF in the United States.
In the last few months Bitcoin has had difficulty getting to and staying above $20,000. The collapse of the FTX cryptocurrency exchange has made things worse for Bitcoin as the coin sank to $15,682 on November 9.
Previously, market observers had predicted that Bitcoin was well on its way to the coveted $100,000 price. However, that price seems unbelievably optimistic at the moment.
Axie Infinity is a play-to-earn gaming platform that allows players to create, breed, and battle Pokémon Esque creatures known as Axie. The main attraction of Axie Infinity and other play-to-earn platforms is the real-world earning potential and the casual gaming environment.
By the beginning of 2022, Axie infinity had about 2.7 million active players. However, after Axie Infinity suffered a $600 million hack, users lost faith in the platform and left in droves. The platform currently has less than 750,000 active players.
Unsound mechanics have also played a role in the downfall of Axie infinity.
The success of play-to-earn platforms largely depends on the commercialization of the gaming experience and the powerful economic opportunities that come from robust in-game and out-of-game communities. There will always be demand for collectibles, avatars, and in-game experiences within such communities.
However, when the seller outnumbers the buyers, an imbalance is created, and the demand decreases. One of the main reasons Axie Infinity users and the value of Axie infinity have declined in 2022.
HedgeUp’s Value Is Skyrocketing
Despite other cryptocurrencies going down in value, there are still coins in the market that defy the odds, HedgeUp is one such coin.
HedgeUp is the first blockchain-based platform that seeks to bridge the gap between investors and the alternative investment market.
With Hedgeup, investors can invest $HDUP tokens worth at least $1 to access alternative investment products such as fine art, liquor, yachts, private jets, diamonds, jewelry, and luxury watches.
HDUP is the native coin of the HedgeUp platform. Since the beginning of the presale, the HDUP token has been gaining value at unprecedented rates. Investors have shown a lot of interest, as it is a gateway to assets that have previously been out of reach for all but the super-wealthy and institutional investors.
Although the crypto market of 2022 has affected many cryptocurrencies negatively, a few coins are still giving investors profits. HDUP is one of the coins that has defied market conditions. For investors who want to diversify their portfolios and make massive profits of up to 300% by the beginning of 2023. This is the time to invest in HedgeUp.