Enjin Coin (ENJ) Surge Sparks Altcoin Season Talk
The sudden rise of the asset coincides with other altcoins and tokens appreciating fast against Bitcoin (BTC).
Speculation on the altcoin markets has rekindled talks of a new season for the smaller assets after Enjin Coin (ENJ) staged a spectacular rally. ENJ, which doubled in value over the past week, traded at $0.16 as of 9:15 UTC on Friday, gaining 58% overnight.
ENJ has had similar rallies in the past. This time, however, the hype was triggered by a message that the asset would be an integral part of the cryptocurrency options on Samsung S10. Other coins have surged on similar rumors, which later turned out to be false but proved enough to generate speculative trading.
In the case of ENJ, the rumors about the S10 phone and its native digital asset wallet persisted. For now, there is neither clear proof to the contrary, nor an official confirmation of the news.
ENJ volumes spiked to absolute records in recent days, rising above $131 million in 24 hours. Trading is concentrated on Binance, mostly against Bitcoin (BTC) and with a relatively large share attributable to the Korean won. The recent ENJ rally follows the pattern of other assets overly represented on Binance, an example being Ravencoin (RVN), which extended its climb to hit $0.032. The ENJ activity spiked in the past month, taking the asset from lows of around $0.034 to the current peak.
The Enjin Coin project has focused on non-betting games and mobile gaming, which are the largest niches for digital assets. For this reason, the use of the S10 smartphone is seen as potentially increasing adoption.
The fact that ENJ rose along with other assets led to expectations for another altcoin season, at least in the short term. In the past weeks, the share of altcoins has increased in terms of total market capitalization, while BTC has taken a step back, commanding around 51.7% of the market cap as opposed to recent levels of some 55%.
Other assets surging ahead of the weekend include Basic Attention (BAT), which passed $0.20, and ICON (ICX), which added about 15% in the past day to reach $0.34. Chainlink (LINK) continues to extend its rally to around $0.47, while ABBC Coin (ABBC) is currently crashing after jumping by 127% in a week. Altcoins and tokens remain much more volatile compared to BTC prices but also carry the promise of fast returns.
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