The crypto market has been dwindling since the start of 2023. While the first quarter pumped bullish sentiments in the market, the second quarter has begun on a bearish note. Thus, major cryptocurrencies like Litecoin (LTC) and Axie Infinity (AXS) have struggled to trade in the green zone. Besides, investors’ disinterest in these projects has aggravated the situation.
Market bulls are unanimously supporting Collateral Network (COLT), a new project with massive growth prospects. Experts have predicted that Collateral Network will grow by 35x during its presale, and 100x upon listing.
Litecoin Benefitted From Bitcoin’s Network Congestion
As the Bitcoin network is facing congestion issues, Litecoin has emerged as an unexpected beneficiary. As per the latest information by BitInfoCharts, the number of transactions on the Litecoin network has soared to an all-time high of 576,000.
Litecoin transactions have surged by 470% since the beginning of May. Reportedly, the number of new addresses on Litecoin is more than that of Bitcoin. The price of Litecoin (LTC) has also benefited from this development. Litecoin’s value has increased by 3% since then. Consequently, Litecoin is currently available to trade at $80.65.
Axie Infinity Falls On Critical Metrics
Axie Infinity has witnessed a massive decline in the number of unique active wallets (UAWs), and user activity. Axie Infinity’s highest UAW in Q1 2023 was 17.98k, on January 23, but has come down to around 10k.
Besides, the number of transactions and trading volumes on Axie Infinity has also plummeted. Axie Infinity’s trading volume has declined from $15 million to $1.2 million since January. The number of transactions involving Axie Infinity has dropped from 76k to 28k during the same period. Subsequently, Axie Infinity has nosedived by 22% on the monthly price chart. At present, Axie Infinity (AXS) is available to trade at $6.81.
Collateral Network Marches Toward 100x Price Increment
Collateral Network has built a first-of-its-kind Web3 platform that has eased the process of borrowing money against physical assets. Thus, people can use a variety of real-world assets as collateral to take a loan. Collateral Network mints non-fungible tokens against collateralized assets, which can range from diamonds, fine wines, art, and more.
After receiving an asset to be used as collateral, the company’s internal team assesses and algorithmically generates the lending rates using an artificial intelligence-based mechanism. Next, Collateral Network stores the assets safely in its vault until the loan is repaid.
The fractional NFTs minted by Collateral Network are sold to lenders in a decentralized marketplace. Lenders earn a fixed weekly income after purchasing these NFTs, and maintain full control of their loans by holding their own keys.
COLT holders are also given numerous benefits, including governance rights and access to private auctions of distressed assets. Plus, presale COLT owners will be given exclusive access to the VIP members club. Stage 1 of Collateral Network’s presale is nearing its completion as over 74 million tokens have been sold. A Collateral Network (COLT) token is presently available at $0.014 and is expected to rise above $0.35 in the coming months.
For more information on Collateral Network visit the website, join the presale or join the community for regular updates.
Find out more about the Collateral Network presale here:
Website: https://www.collateralnetwork.io/
Presale: https://presale.collateralnetwork.io/register
Telegram: https://t.me/collateralnwk
Twitter: https://twitter.com/Collateralnwk