Metaverses and Blockchain Gaming Altcoins Rise As Bitcoin Seeks Support

Bitcoin’s recent foray (BTC) below USD 56,000 triggered a broad sell-off in the entire cryptocurrency ecosystem And talks about the possibility of the price hitting $ 100,000 later this year quickly turned to concerns about an impending bear market that could drag prices down for a year or more.

Although there seemed to be an absolute carnage in the markets judging by people’s reaction to the BTC pullback, not all tokens were negatively affected and those in games focused on the emerging metaverse have managed to stay in the green numbers.

Data of Cointelegraph Markets Pro and TradingView show that while the price of Bitcoin fell below $ 57,000, the price of metaverse tokens were up, including a 160% gain for Gala (GALA), a 78% rally for WAX (WAXP), a 62% breakout for The Sandbox (SAND), and a 45% revaluation for Decentraland (MANA ).

Chart with the 4-hour behavior of the pairs BTC / USDT, GALA / USDT, WAXP / USDT, SAND / USDT and MANA / USDT. Source: TradingView

Increasing attention has been paid in the past two months “at the arrival of the metaverse”, Since all kinds of game protocols, NFT collections and projects focused on designing the environment for the growing virtual world have seen a spike of interest after Facebook announced that it was going to change the name of your parent company to “Meta”.

NFTs pave the way to mass adoption

The growing popularity of metaverse-centric projects is due, in large part, to their adoption by popular culture and celebrities who have discovered the potential within decentralized finance (DeFi) and NFT technology. .

See also  Consider including Honor on the list of entities to sanction the two polar reactions within the US government-Hong Kong unwire.hk

From the NFT’s purchase by Post Malone of the Bored Ape Yacht Club (BAYC), that appeared in the music video for “One Right Now,” to brands like Gucci and Coca-Cola launching their own NFTs to attract customers, the path to mass adoption of crypto assets goes through the metaverse.

As a result, projects that address the growing field of virtual real estate, such as The Sandbox and Decentraland, have seen significant growth both in the price of their respective tokens and in the number of users who interacted with their protocols over the last month.

The Sandbox user statistics. Source: DappRadar

VORTECS ™ data from Cointelegraph Markets Pro began to spot a bullish outlook for the SAND token on November 17, ahead of the recent price spike.

The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trade volume, recent price movements and activity in Twitter

VORTECS ™ Score (green) vs. SAND price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS ™ Score for SAND rose to the green zone on November 17 and peaked at 79 around three hours before the price rose 48.5% over the next two days.

Digital collectibles are on the rise

The rise of the metaverse and digital collectibles has come at an interesting intersection in the development of our global society, especially considering that issues around environmental sustainability and global supply chains have become increasingly important.

See also  The author's concert of the composer Indra Riše / Day will be performed at the Riga Latvian Society

The manufacture of objects in the digital world solves many of the problems that humanity faces today, because no physical inputs are needed to manufacture the final products, nor an extensive transportation system when the items are digital and can be transferred over the Internet.

Instead of vast production chains creating the newest trading cards or action figures from popular sports, games, or movies, protocols like WAX (Worldwide Asset eXchange) They offer digital versions of the same items that can be easily stored in personal digital wallets or transferred from one place to another for minimal cost.

VORTECS ™ data from Cointelegraph Markets Pro started to spot a bullish outlook for WAX on November 2, ahead of the recent price rally.

VORTECS ™ Score (green) vs. WAX price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS ™ Score for WAX climbed into the green zone on November 2 and peaked at 74 around 24 hours before the price began to increase 154% in the next two weeks.

Although the short-term outlook for Bitcoin and the cryptocurrency market in general remains uncertain and half of the people are worried about the beginning of a “crypto winter”. More experienced traders see the downturn as yet another opportunity to buy the downturn and the metaverse trajectory continues to rise, so projects focused on laying the foundations for the future of trading and socializing are likely to be the most profitable investments going forward. weather.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and business move involves risks, you must do your own research when making a decision.

Keep reading:

Leave a Comment