In a surprising turn of events, Immutable X was seen charting gains in an unfavorable market. The ecosystem developments coming from the Layer-2 scalability protocol for NFTs on Ethereum certainly have had a hand in its growth.
Immutable X over the week
On 7 March, the L2 protocol announced their $200 million Series C Funding which placed the overall valuation of Immutable X at $2.5 billion. Since then, its token IMX has made its investors considerably happier.
IMX’s arrival came at a time when the crypto market began its rally only to recover later. Well, soon after marking an all-time high of $9.3, the altcoin began falling. By 6 March, it had lost almost 87.68% of its value.
Immutable X price action | Source: TradingView – AMBCrypto
This affected its investors quite severely since most of them entered the market around its launch when the price was way above the recent bottom of $1.15.
As a result, of the 17.4k total investors on the chain, 99.5% of them fell into a loss. This figure has since reduced thanks to the 58.3% rally witnessed by IMX over the week. Trading at $1.8, at the time of this report, the rise in token’s value managed to save 2k (4%) of the investors from losses.
Immutable X investors in loss | Source: Coinmetrics – AMBCrypto
However, 88% of Immutable X investors continue to suffer.
This is because the altcoin is still vulnerable to price swings. Volatility for IMX did observe a dip around 6 March. However, it shot back up significantly by the next day.
Immutable X volatility | Source: Coinmetrics – AMBCrypto
Also, Immutable X shares a high correlation with Bitcoin. Since the king coin itself is in a state of flux, Immutable X too might find itself struggling for stability.
Immutable X correlation to Bitcoin | Source: Coinmetrics – AMBCrypto