Partnerships and collaborations in the crypto space are often beneficial for the price of the asset. Last year, during the NFT craze, there have been a number of celebrity partnerships between platforms and leagues, major sports teams, as well as gamers. As a result, this has driven up the price of certain altcoins. One of the most recent examples is the tokenized sports exchange CHZ.

CHZ is up nearly 110% since late October after launching NFT right in-game for fan token holders as institutional interest in the altcoin ecosystem is stronger. While many think that such strong growth can drive the price of mid-cap or low-cap altcoins up, sports partnerships also seem to drive up the price of BNB (ranked 3rd after capital market placement) lately .

On November 5, Binance announced a multi-year partnership with Football Club Porto, making it the team’s official fan token partner. On the same day, the BNB price rose and was 20% higher in the following days.

In fact, the growth for CHZ has been pretty strong over the past few days. However, a look at the bigger picture will help to better assess sentiment towards altcoins.

Bigger picture

CHZ’s most recent rally was triggered by the platform’s first live NFT showcase event in-game, which took place during the match between AC Milan and AS Roma. This altcoin was born in 2018 and is currently cooperating with major soccer teams such as AC Milan, Juventus and FC Barcelona.

While the price appears to be rising, the current rally on the retail side is lacking in excitement. In the first quarter in particular, the platform had more partnerships and, in parallel, more retail masses poured into the network.

Source: TradingView

From February to March, the altcoin hit a new ATH of $ 0.94, up over 3700%. However, the latest indicators and network strength are a good argument for CHZ’s growth this time again.

Network boost

Driven by a rapidly growing ecosystem, the network has more than 80 strong sports partnerships. This is also possible thanks to the development of Socios, Chiliz’s fan engagement platform.

In addition, the number of owners has increased significantly over time, as the value of CHZ has increased 26 times compared to the beginning of the year. This is significant and shows that the HODLer base is growing.

The source: IntoTheBlock

In addition, institutional acceptance increases with the average transaction size and shows that CHZ is not only interested in retail players.

After the price drop on September 29, the average transaction jumped from $ 4,654 to a six-month high of more than $ 107,000 on November 13.

The source: IntoTheBlock

Finally, investors’ short-term interest in altcoins was rekindled. Recent updates and partnerships can foster this. In particular, the number of addresses with CHZ is currently at its highest level since April 2021.

In fact, as the number of dealers increases, so does volume. The number of CHZ owners increased as of November 14th. reached a new ATH level of 150,500 addresses, which corresponds to a 7.14-fold increase compared to the beginning of the year.

The source: IntoTheBlock

While the reasons for CHZ’s likely upside are multiple, the altcoin’s momentum has slowed a bit at the time of writing. However, with strong fundamentals and a growing user base, CHZ could soon hit ATH.

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