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Amidst Sideways Market, Two Altcoins Experience Remarkable Surge
- Sam Altman’s Worldcoin (WLD) has hit a new all-time high, trading at USD $6.16, with a 142% increase over the last week and becoming the 9th most traded crypto.
- This surge is likely driven by the recent launch of video AI tool Sora.
- The gaming-focused Beam network has seen a 13% rise in the past 24 hours and a 25% increase over the past week, trading at USD $0.321.
- Beam price is buoyed by growing interest in crypto gaming and blockchain’s ability to provide gamers with ownership of in-game assets, as highlighted by crypto analyst Miles Deutscher.
Cardano’s ADA and Ethereum (ETH) had a roughly 15% surge over the weekend, but most other large cryptos such as Bitcoin (BTC) did not move much. However, there are several altcoins making moves way beyond those of ADA and ETH.
Worldcoin (WLD)
Sam Altman’s Worldcoin has skyrocketed, up 15% in the past 24 hours, and 142% in the last week. One WLD is currently trading for USD $6.16 (AUD $9.42) according to CoinMarketCap. This is a new all-time high for the project, which is spearheaded by Sam Altman, co-founder of OpenAI, among others.
The 24-hour trading volume of WLD also increased by 27%, making it the 9th most traded crypto.
Worldcoin, which launched in July of 2023, gives people money in the form of WLD tokens for scanning their iris. Altman’s aim with the project is to enhance privacy and “proof of personhood”—but many regulators around the world raised concerns about privacy and security.
Despite this, the project is surging, likely due to the recent success of Sora, the AI video creation tool. Open AI, which is also responsible for ChatGPT, is behind Sora. The tool is still in early stages and hasn’t been released to the public yet.
Beam (BEAM)
Gaming-focused Beam network beamed (pun intended) up 13% in the past 24 hours and 25% in the past week. While this is much less than WLD’s gains, it is the second week of sustained gains—last week we saw BEAM go up 47%.
At the time of writing one BEAM trades for USD $0.321 (AUD $0.0491) up from USD $0.0249 (AUD $0.0381) last week.
Beam is likely riding the wave of a renewed interest in the gaming sector. Crypto analyst Miles Deutscher recently highlighted the potential of crypto gaming as a major area of interest for investors. He believes the crypto sector is capable of integrating with an industry surpassing the combined size of the movie and music sectors.
He contends that blockchain technology offers gamers tangible ownership of in-game items and the chance for financial gain, distinguishing it from standard freemium models. The analyst is hopeful for projects that seamlessly connect blockchain with gaming, anticipating they will draw in millions of new enthusiasts. BEAM likely is one of many projects which see investor interest increase over the coming months.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
