Cryptocurrencies To Watch: Week of January 23

investopedia.com:

The cryptocurrency market has finally broken out of its long slump—or so it seems. Bitcoin briefly crossed the $23,000 mark, and remains under $22,500. Similarly, other tokens have also shot up in value, with many looking like they are on the verge of a bull run.

This week, we examine Hedera (HBAR), Convex Finance (CVX), Frax Share (FXS), Enjin Coin (ENJ), and Axie Infinity (AXS). In selecting these assets, we have considered several factors, including positive technical developments, significant news events, and noticeable changes in price.

Popular blockchain-based game Axie Infinity experienced a more than 50% price increase in its AXS token amid a 59% jump in the number of unique active wallets it has since the start of the year.That metric generally implies growth in the amount of gaming participation on the network.

AXS has recently been valued as high as $13.32, having started last week at $8.80 (see chart below).

The Hedera project underwent a lot of activity this week, which resulted in its token’s price going up by 34%.The likely primary reason for this is the fact that on-chain activity increased significantly, along with the total value locked (TVL) into its ecosystem. More than 26,000 smart contracts were deployed.The TVL for Hedera is nearly $38 million.

LG’s Art Lab NFT marketplace also announced that it partnered with celebrity restaurateur Jeremy Fall to release an NFT drop on Hedera.Fall is also known for his digital art among NFTs. The HBAR token is currently priced at around $0.068 (see chart below).

Convex Finance is a decentralized finance, or DeFi, platform that provides boosted rewards for staking CRV tokens. The price of Convex Finance’s CVX token increased by 29%, possibly thanks to growth in its