Immutable (IMX), a layer 2 scaling solution on the Ethereum blockchain, recently surged by a decent 15% to hit $0.7914. In an exhilarating display of bull rising, the increase was deemed to be the highest in comparison to the one previously witnessed in May this year. The trading volume was also the subject of a decent increase as it surged by 18%.
According to the suggestions of several analysts throughout the broader crypto market, multiple reasons paved the way for the increase of the trading price of IMX. The major catalyst of the price surge was the announcement that Upbit would list the Immutable (IMX) token in its Korean Won market.
Considering the crypto market’s persistent consolidation phase, the increase of more than 58% from its lowest point made IMX shine bright in a dark market. Soon after the initiation of the trading of IMX, the exchange only accepted deposits from the Ethereum chain. This development, inevitably, solidified the token’s position as a dominant force within the crypto market.
At the time of writing, Immutable (IMX) is still performing reasonably well, signifying an increase of 9.48% within the previous 24 hours. The increase has currently pushed the trading price up to $0.80 and the market cap currently stands at the $861 million mark. Immutable X specializes in both NFT minting and trading and also allows token holders to stake their IMX tokens and participate in governance decisions.
Additional Partnerships for Immutable (IMX)
Just recently, Immutable (IMX) came forward with the announcement of its partnership with Helika Analytics. A number of people believe that the joint venture was also responsible for pushing the token’s price upwards. The agreement between the two firms would grant Immutable ecosystem developers the ability to conduct an in-depth analysis while using the no-code tools provided by Helika.
At the moment, this is considered as being a major improvement to the usefulness of the ecosystem. With the news of the listing and its strategic partnership floating throughout the crypto market, Immutable (IMX) has successfully caught the attention of the crypto community.
It is speculated that both professionals and enthusiasts would closely monitor its course as the market moves through the ongoing consolidation phase. It is still a matter of conjecture whether or not Immutable (IMX) would continue making moves within the market, but only time would unravel the actual story.