The Web3 gaming world saw consistent growth and exciting developments in the first quarter of 2023, according to a DappRadar report. Traditional Web2 gaming companies started to notice blockchain technology’s potential, resulting in a total of $739 million invested in blockchain games and metaverse projects during the first quarter of 2023.

From the open-world role-playing games to battle royale-themed shooters, gaming quickly turned to a major point of interaction between users and Web3, with almost half of blockchain activity coming from gaming. While play-to-earn provides a fresh take on players’ experience of a game, there’s an even bigger potential for Web3 gaming with microtransactions. Web2 gaming offers skins or other in-game items via microtransactions, but the inefficiency and lack of transparency of traditional payment methods are often met with criticism from players.

The Sui network, backed by Mysten Labs, has announced a multiyear partnership with the Red Bull Formula One Racing team less than a month after the blockchain’s mainnet went live.

In a June 1 announcement, Sui said it would be the official blockchain partner of the racing team, scheduled to compete in Spain on June 4. Greg Siourounis, managing director of the Sui Foundation, said the partnership was aimed at “demonstrat[ing] how web3 enables human connections,” while the announcement suggested “immersive digital experiences” for fans in the coming months.

The paths and performance of Bitcoin and AI tech stocks have clearly diverged in recent times. While AI tech stocks have become an important sector within the larger technology industry, Bitcoin has attracted a lot of interest and investment as the very first cryptocurrency.

Bitcoin has drawn fervent admirers as well as critics, causing considerable price changes. Several variables, including market demand, legislative changes, institutional adoption, and investor mood, have an impact on the price of Bitcoin.

Data from Bloomberg shows that Bitcoin has been stuck in a narrow trading range since March.

AI Tech Stocks Exhibits Stagnant Growth

A wide spectrum of businesses engaged in artificial intelligence technologies and applications are represented by AI tech stocks. Due to the revolutionary potential of AI in numerous areas, including healthcare, finance, transportation, and more, this industry has consistently experienced growth and investment interest.

Advancements in automation, data analytics, machine learning, and other AI-related topics are frequently linked to AI tech stocks. While the price of Bitcoin has fluctuated wildly, AI tech stocks have often seen a steadier growth trend. Market acceptance of AI solutions, technological improvements, company-specific changes, and general investor sentiment toward the technology industry all have an impact on how well AI tech stocks do.

Cryptocurrencies and their tightened scrutiny by US regulators have also affected the price of crypto assets, causing them to decouple from AI tech stocks.

Bitcoin Price Performance

The price of Bitcoin has been quite fluctuating in the past few months. According to CoinMarketCap data, Bitcoin is down by over 15% YTD and 4.4% in the last 30 days. From a yearly high of $31,693, BTC has plummeted to a low of $26,808 at press time. BTC, which breached $28,000 two days ago, has fallen below the $27,000 range with a 1.4% drop in value over the last 24 hours.

It’s crucial to remember that when market dynamics change and new advancements present themselves, the gap between Bitcoin and AI tech stocks may alter over time. As with any investment, it is advisable to do extensive research and consult an expert before making a choice.

The post Bitcoin and AI Tech Stocks Diverge, What Does This Mean for Crypto? appeared first on Coin Edition.

In the last seven days, Ripple (XRP) has singled itself out from the trend displayed by the broader crypto market. For assets in the top 10 as per market capitalization, it has been a season of consolidation and downturns.

However, the token performance decoupled from Bitcoin (BTC), as it registered a 12.29% hike, CoinMarketCap revealed. Interestingly, this was a milestone it has struggled to reach in almost 90 days.

The significant price movement indicates renewed interest in the token and buying pressure. And if continued, it could lead to further upward momentum. But the question is— are bulls committed to this cause?

From the technical perspective, there seems to be a strong buying pressure that has triggered the price increase, based on the Directional Movement Index (DMI). As of this writing, the +DMI (green) was 33.61. Its opposite number, the -DMI (red), was 12.84.

On the other hand, the Average Directional Index (ADX) was 20.64. The ADX (yellow) acts as a measure of the directional strength of a cryptocurrency. When the value hits 25 or above, it means that there is solid support behind a movement.

But if the indicator trends below the value mentioned, it implies a weak directional strength. So, as it stands, XRP buyers may have slowed down the initial pressure that brought about the hike in price.

Meanwhile, it is also important to note that the bullish divergence caused by the lower lows from $0.48 to $0.41 also had an effect on the mild rally. The failure to reach a new low demonstrated bears’ loss of control and the bulls’ authority claim.

Furthermore, the Bollinger Bands indicated that XRP’s volatility had reached an extremely high level. But there was another thing of note— the price at the time of writing had touched the upper band.

When this happens, it reflects how the token has reached an overbought level. However, if the price touches the lower band, it means that the token had reached an oversold level. But since the former was the case, there could be a chance of an XRP price reversal.

In addition, XRP’s recent rise has had some influence apart from the technical outlook. One notable macro factor that has impacted the price is the long-standing case with the U.S. SEC. And of course, whale accumulation.

Lately, the XRP community has shown confidence in a victory. Besides, there was speculation that the court case could end soon in Ripple’s favor after a recent interview with CEO Brad Garlinghouse.

Concerning XRP’s short-term price, the rally has a tendency to continue. However, market participants should be wary of buying action, as bulls may begin to take profit.