In a surprising turn of events, Immutable X was seen charting gains in an unfavorable market. The ecosystem developments resulting from the Layer-2 scalability protocol for NFTs on Ethereum have certainly played a role in its growth.
Immutable X throughout the week
On March 7, the L2 Protocol announced their Series C financing of $200 million, bringing the total valuation of Immutable X to $2.5 billion. Since then, his token IMX has made his investors significantly happier.
The arrival of IMX came at a time when the crypto market started its rally only to recover later. Well, shortly after marking a record high of $9.3, the altcoin started to fall. By March 6, it had lost nearly 87.68% of its value.
Immutable X Price Action | Source: TradingView – Coin-Crypto
This had quite an impact on the investors as most of them entered the market around launch when the price was well above the recent $1.15 bottom.
As a result, 99.5% of the total 17.4k investors in the chain lost losses. This figure has since fallen thanks to the 58.3% rally that IMX saw this week. At the time of this report, trading at $1.8, the token’s rise managed to save 2k (4%) of investors from losses.
Immutable X Investors in Loss | Source: Coinmetrics – Coin-Crypto
However, 88% of Immutable X investors continue to suffer.
This is because the altcoin is still vulnerable to price fluctuations. Volatility for IMX did dip around March 6. The next day, however, it shot back significantly.
Immutable X Volatility | Source: Coinmetrics – Coin-Crypto
Immutable X also shares a high correlation with Bitcoin. Since the king coin itself is in motion, Immutable X may also struggle for stability.
Immutable X-correlation with Bitcoin | Source: Coinmetrics – Coin-Crypto