The majority of cryptocurrency markets show little momentum today. One notable exception is the Enjin Coin price, as recent developments have pushed the price to new highs in quick succession.
The Microsoft Partnership
Explaining the Enjin Coin price momentum is not necessarily all that difficult. Microsoft can be thanked for this sudden increase in value. The technology giant has embraced blockchain technology over the years and even integrated it into its Azure products.
Are you an @Azure practitioner who loves to learn and who contributes to a strong #developer community? We want to recognize you with cool blockchain-based badges! Nominate yourself or other #AzureHeroes: https://t.co/JQXMexMCOS #Azure #Cloud #Developers https://t.co/Ex5xGXGAYe
— Microsoft Developer (@msdev_ch) December 4, 2019
Earlier this week, the company confirmed the collaboration with the Enjin project. The objective is to build a blockchain-based recognition program. Additionally, tokenized assets on the Ethereum blockchain have been created, which are known as Azure Heroes badges. These badges are issued to Azure community members who achieve various feats.
The Week Before the Storm
Similar to most other cryptocurrencies on the market this week, Enjin Coin hasn’t seen much action until today. In fact, its overall price has remained fairly flat for the most part, holding its own near the $0.06 mark without any real problems.
The overall trading volume also remained fairly flat during the entire week. Albeit $44,000 in daily volume is not terrible, it is not necessarily all that great for a project valued at over $40m either. Even so, things have begun to pick up steam a bit, indicating there may be some further momentum on the horizon.
The 34% Enjin Coin Price Jump
All of this brings us to the Enjin Coin price action today. There has been a massive 34% increase in value over the past 24 hours. One ENJ is now valued at just over $0.081, although this value will continue to fluctuate for some time to come. It is worth noting that this uptrend is driven by a lot of trading volume that could dissipate in a few days’ time.
Speaking of the ENJ trading volume, it primarily originates from Binance, Bithumb, and Latoken. Binance has its BTC, USDT, and ETH trading pairs represent 77% of all Enjin Coin trading volume today. Bithumb’s KRW pair represents an additional 10.8%, which is not all that bad either. Latoken’s ENJ/BTC pair tries to follow suit, but its order book remains somewhat strange, all things considered.