Is Immutable X crypto rising due to Bitcoin's rally? – Kalkine Media

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Is Immutable X crypto rising due to Bitcoin’s rally?
Raza comes from a hard-news background and is an experienced writer with a demonstrated history of working in reputed organizations like the United Nations, Indian Express, and Hindustan Times. Currently, he is exploring the financial world!…
Highlights
As cryptocurrencies gained momentum after a Bitcoin rally, the price of various digital currencies has caught the attention of potential investors. On Wednesday morning, Immutable X (IMX) crypto gained traction after its price increased by 10 per cent over the last 24 hours to US$ 1.09 per token.
The price surge of the IMX crypto came as its 24-hour volume soared 17 per cent to US$ 83.5 million. The virtual currencies are gaining traction as Bitcoin was up seven per cent in the last 24 hours and trading at US$ 23,644.97 apiece.
After many weeks, the world’s oldest cryptocurrency is rallying, which could have instilled some confidence among crypto enthusiasts.

Let’s find out what is Immutable X crypto and why is it rising:
It claims to be the first layer-two scaling solution on Ethereum for non-fungible tokens (NFTs). Immutable X positions itself as a blockchain technology-based platform that overcomes the drawbacks of Ethereum.
Immutable X’s native utility token is IMX crypto, and fees, staking, and governance are the three main use cases for the token.
An overall boost in the crypto market pushed Bitcoin to break out of a one-month-old trading range. As the biggest cryptocurrency cross the US$ 23,000 mark, where it was in mid-June prior to the collapse of Celsius Network, even altcoins gained momentum.
Immutable X is, however, not gaining traction solely due to Bitcoin’s price surge. The price of the IMX crypto could have increased as the first LaLiga NFT drop started on Tuesday, powered by Immutable X and KolexGG.
Notably, LaLiga is one of the most popular football leagues worldwide and houses teams like Barcelona, Real Madrid, and Atletico Madrid.

Source: ©Kalkine Media®; © Rizelle Anne Galvez via Canva.com
The IMX crypto is up for buying, selling or exchange on crypto trading platforms like Binance, FTX, and OKX. The maximum supply of digital currency is two billion, and its circulating supply is around 235.3 million IMX.
Despite the price rise of Bitcoin and altcoins, the crypto market is expected to continue recording an increased volatility, and investors must remain alert.
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