Strong hands view a correction in an uptrend as a buying opportunity and data from CryptoQuant shows that Bitcoin (BTC) whales have been buying near $48,000. This activity can be seen in the large Coinbase outflows, most of which went to custody wallets and this suggests that the institutional investors believe the Bitcoin rally has room to run.
Even Kraken CEO Jesse Powell is ultra bullish on Bitcoin. In a recent interview with Bloomberg TV, Powell said that Bitcoin could reach $1 million over the next ten years if the digital asset overtakes gold as a store of value.
While Bitcoin price bounces between the $47,000 to $51,000 range, non-fungible tokens (NFT) have been taking off and appear to be competing with the DeFi sector in terms of transaction volumes and token appreciation. NFTs from popular artists are being snatched up in minutes, which shows a strong appetite from the users. Along with the artwork, sports-oriented collectible NFTs are also quickly gaining in popularity.
Let’s analyze the fundamentals of a few NFT projects to determine whether the rally is on the verge of topping out or if there is room for further extension.
Blockchain sports venture Chiliz (CHZ) has years of experience in dealing with fan tokens of some of the most popular soccer clubs in Europe. In late 2020 the firm announced a partnership with Binance in and since then Chiliz has listed ACM Fan Token for popular soccer club AC Milan. The listing generated $6 million in revenue in a short time and Chiliz recently announced that it had partnered with 23 sporting and esports organizations to launch more Fan Tokens.
Chiliz has also announced plans to expand its operations in the United States. The firm’s CEO Alexandre Dreyfus told Cointelegraph that an office will be set up in New York and the company plans to work with local leagues and sports franchises.
If Chiliz can onboard some of the popular sports teams from the U.S., it…