2019 has been a year of ups and downs for Enjin Coin, with the blockchain gaming startup getting traction earlier during the year only to crash down again. However, the year for the entire Cryptocurrency market has been a slow burner as well after it failed to establish itself in mainstream markets.
There are some subtle advancements being made though, with SpaceX becoming the world’s first company to launch a blockchain cryptocurrency wallet to the Space Station. Controlled by SpaceChain, the wallet will help with improving the security of blockchain transactions. Likewise, other mainstream companies have been getting involved with Cryptocurrency as well.
Enjin Coin has managed to entrench itself into the books of such mainstream companies with the cryptocurrency startup gaining traction during the year. However, with the latest backing from Microsoft, Enjin has seen some massive unprecedented gains.
The value of Enjin Coin goes up by 50% in just 2 days after Microsoft collaboration
Earlier this week, Enjin coin enjoyed a sharp rise in its value to $0.1059 after a rather stagnant couple of months. The sudden increase came as a result of the announcement of a rewards scheme offered by Microsoft that uses Enjin technology. Called Azure Heroes, the reward scheme will give out all sorts of cryptocurrency collectibles for achieving certain objectives.
Microsoft has been trying to expand its Azure brand for a while now with the Azure Cloud being the company’s crown jewel. Likewise, Azure Heroes promises to reward those who are willing to perform “verifiable acts of impact” like coaching, creating demos, building sample code and blogging about Azure.
With the incorporation of Enjin technology paired with Ethereum blockchain into Azure Heroes, this might be the beginning of something bigger for Enjin as it hopes to establish itself as a stable cryptocurrency in the gaming and tech industry.
Enjin has had a volatile year with the cryptocurrency seeing rise and fall many times
This is not the first time Enjin has seen a rise in its value though, as the cryptocurrency saw a similar rise in value way back in March as well. Back then, it was Samsung’s addition of Enjin Coin to the Blockchain Keystore on the flagship smartphone Galaxy S10 that prompted the rise.
With the backing of Samsung, Enjin managed to attract a lot of people’s attention. In fact, the cryptocurrency saw an even bigger rise of 70% back then to around $0.25. However, despite Enjin being among mainstream eyes, it failed to retain its place and saw a slow decline over the next few months finally resting at a measly $0.046.
However, after Microsoft’s decision to collaborate, Enjin has once again managed to see a sharp rise in its value. According to experts though, if you want to make any bucks on the increase, you should probably act fast as Enjin’s value has already started its gradual downhill journey.
Cryptocurrency as a whole is volatile right now with stagnant liquidity
Despite multiple mainstream companies investing resources and trust into the cryptocurrency market, it still hasn’t managed to be stable enough to establish itself as a stable form of currency. The problem is not with the backing though and lies in the inherent nature of cryptocurrency. Many have attempted to come up with stable alternatives by linking cryptocurrency with fiat money.
However, no fruitful conclusions have come out of those efforts with the market still suffering from volatility. Bitcoin, in particular, has been in stasis for the entire year with markets still not liquid enough for it to be a viable alternative to regular currency.
This is not a good sign for those hoping for cryptocurrency to become mainstream. For that, there has to be a change to how cryptocurrency trading is done. However, continued efforts towards making it more stable might actually come true if mainstream banks decide to back it.