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After a tough year, January is the most favorable month for the cryptocurrency market. While much of the content is applicable to other bullish cycles, there are several statistics that make January particularly interesting in the blockchain space.
For example, while the performance of altcoins often lags behind BTC (first is the season of Bitcoin, then is the season of altcoins), at the end of January, the price performance of altcoins has been exceptional, including those in the GameFi sector. This indicates that despite the market slaughter in 2022, the market is strategically waiting for any signs of positive macro news to reinvest in highly speculative cryptocurrency assets.
The decline in investment in GameFi raises the question of whether the positive market sentiment will last long enough to reignite venture capital interest in blockchain gaming projects. In January, more than half of the funds were used for GameFi infrastructure - while investing in specific games or studios remains an unstable proposition, venture capital firms are not as cold toward the GameFi industry as a whole.
The long-awaited AAA blockchain games have finally started to enter the market, with a lot of activity seen under the leadership of Illuvium's beta version.
Key points overview:
Overall crypto market situation:
- ETH rose from a low of $1,200 at the end of December to a high of $1,660 in January, the best price performance in a year
- Many well-known alternative coins doubled or even tripled in value
GameFi user situation:
- The proportion of new users in GameFi decreased to 36%
- The number of new users in GameFi is the lowest since August 2021
- At the end of December, there was a slight increase in active GameFi users
GameFi project situation:
- Even in the beta stage, Illuvium has become the third most active project on the Ethereum network
- Illuvium is one of the most anticipated GameFi games, and its token (ILV) is the highest-priced GameFi token
- AxieInfinity's trading market share has increased, with its token price more than doubling monthly
- Polygon's GameFi user count doubled from January 1st to January 5th
- Most of this growth comes from Polygon's Arc8, with other public chains also experiencing steady monthly growth
GameFi financing situation:
- GameFi financing continued to decline, hitting a monthly low of $20.9 million
- In January, 3 projects received financing, including IntellaX, OhBabyGames, and YGGJapan
Cryptocurrency Market Overview:
The cryptocurrency market had its best month in about a year as the price of ETH rose from a low of $1,200 at the end of December to a high of $1,660 in January. Ethereum's increase was greater than other bullish cycles over the past year, and January was particularly favorable for altcoins and the GameFi market.
GameFi Market Overview:
The proportion of new users in the GameFi market decreased to 36%, and the number of new users hit the lowest point since August 2021. However, there was a slight increase in the number of active GameFi users at the end of December.
GameFi Project Situation:
Despite still being in beta, Illuvium has become the third most active project on the Ethereum network. It is one of the most anticipated GameFi games, and its token (ILV) is the highest-priced GameFi token. Additionally, AxieInfinity's trading market share and token price both experienced significant growth, and the number of GameFi users on Polygon doubled from January 1st to January 5th, mainly from Polygon's Arc8, with other public chains also experiencing steady monthly growth.
GameFi Financing Situation:
GameFi financing fell to a monthly low of $20.9 million, the lowest in more than a year. However, three projects received funding in January, including IntellaX, OhBabyGames, and YGGJapan.