Today was a day when altcoins showcased double-digit rises in the crypto market. Investors are finally starting to smile after a prolonged bear season. The rise in gaming-focused cryptocurrencies, in particular, has been impressive. The gaming-focused cryptocurrency Pixels (PIXEL) attracted attention today with a 40% increase. So, what are the reasons behind this surge?
Gaming Coin Pixels (PIXEL) Jumps by 40%
Before delving into the reasons for the increase, let’s first look at the price of Pixels (PIXEL). At the time of writing, as seen in the graph below, Pixels (PIXEL) is trading at $0.8170. There has been a 40% increase in price today.
Pixels started the day at $0.58 and we see it has risen to levels of $0.8370. Even though there were some pullbacks on an hourly basis, the price quickly recovered. So what could be the main reasons behind this rise?
Main Reasons Behind the Rise of Pixels
Firstly, there is a sense of excitement in the crypto market. Bitcoin reached an all-time high of $69,990, breaking records. This record-breaking event was unexpected by many. More precisely, there were expectations post-halving. The early arrival of the record excited everyone.
This excitement clearly triggered a shift from BTC to altcoins. After BTC’s recent rise leveled off, partly due to the weekend effect, investors turned to low-value cryptocurrencies that had not increased much in price.
As a result of this shift, Pixels (PIXEL), an altcoin that has only been listed on Binance for 20 days, may have been discovered. With rapid purchases, the trading volume in the last 24 hours has reached a level of $468 million.
The Excitement Around Gaming Coins
Money somehow finds its way to flow. That’s exactly what happened today. In the crypto market, one day you see DeFi coins making a splash, and another day meme coins are on the rise. Today, we saw a rise in gaming-focused cryptocurrencies.
The same is true for Pixels (PIXEL). It’s a new altcoin that has just entered the market. It’s experiencing its first bull season. With a massive community playing the game and a following of 260,000 on platform X, it can be said that it now has millions of investors. All these reasons have pushed the price of Pixels (PIXEL) to higher levels today. It remains to be seen what levels the cryptocurrency will reach at the peak of the bull season.
