The recent attacks on Bitcoin (BTC) below $56,000 triggered a massive sell-off in the cryptocurrency ecosystem, and talk of the price reaching $100,000 by the end of the year quickly turned into fears of an impending bear market that could push prices lower. . for a year or more.
Although, based on people’s reaction to the BTC withdrawal, there was a real carnage in the market, not all coins were negatively affected, and gaming coins focused on developing the Metaverse managed to stay in the positive territory.
Data from Cointelegraph Markets Pro and TradingView shows that despite Bitcoin dropping below $57,000, the price of Metaverse Tokens rose, including a 160% gain for Gala (GALA), a 78% gain for WAX (WAXP), and 62 % outbreak for sandbox (SAND) and 45% for Decentraland (MANA).
BTC/USDT vs. GALA/USDT vs. WAXP/USDT vs. SAND/USDT vs. MANA/USDT 4-hour chart. Source: TradingView
In the past couple of months, more and more attention has been paid to the “dawn of the Metaverse,” as all kinds of gaming protocols, non-fungible tokens (NFTs) and projects focused on creating a growing virtual landscape have seen the world witness an increase in interest. After Facebook announced the rebranding of the parent company to Meta.
NFTs pave the way for mass adoption
The growing popularity of Metaverse-focused projects is largely due to the fact that they have been harnessed by popular culture and celebrities who have explored the potential that exists in decentralized finance (DeFi) and NFT technology.
From Post Malone, which purchased the Bored Ape Yacht Club (BAYC) NFTs featured in the One Right Now music video, to world-renowned brands like Gucci and Coca-Cola launching their own lines of NFT-branded products to engage with customers, the path to adoption Collective paving the way for the Metaverse.
As a result, projects related to the growing virtual real estate area such as The Sandbox and Decentraland have seen significant increases in the price of the tokens and the number of users interacting with their protocols over the past month.
Sandbox user statistics. Source: DappRadar
VORTECS™ data from Cointelegraph Markets Pro began showing a positive outlook for SAND on November 17, ahead of the recent price hike.
The VORTECS Men assessment, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions drawn from a range of data points, including market sentiment, trading volume, recent price movements, and Twitter activity.
VOTECS™ (in green) is rated against the real price. Source: Cointelegraph Markets Pro
As seen in the chart above, SAND’s VORTECS™ rallied into the green on November 17 and peaked at 79 in about three hours, after which the price surged 48.5% over the next two days.
Related: A $400 million funding round to help Gemini build a decentralized metaverse.
Digital collectibles are on the rise
The emergence of the metaverse and digital collectibles has come at an interesting crossroads in the development of our global society, especially as issues related to environmental sustainability and global supply chains are becoming more pressing.
Making things in a digital world actually solves many of the problems facing humanity today, because there is no need for physical inputs to create final products, and there is also no need for a large delivery system when goods are digital and can be transferred over the Internet.
Instead of large product lines producing the latest collectible cards or figurines from popular sports, games or movies, protocols such as WAX (Worldwide Asset eXchange) offer digital copies of the same items that can be easily stored in personal digital wallets or transferred. around the world. Too small. Complimentary.
VORTECS data from Cointelegraph Markets Pro began showing an optimistic outlook for WAX on November 2, ahead of the recent price rally.
VORTECS™ result (in green) vs. WAX price. Source: Cointelegraph Markets Pro
As seen in the chart above, WAX’s VORTECS™ rushed into the green on November 2 and peaked at 74 around 24 hours before the price started to rise by 154% over the next two weeks.
While the near-term outlook for Bitcoin and the broader cryptocurrency market remains uncertain, half of the public is concerned about the onset of the crypto winter. More experienced traders see the downturn as just another buying opportunity in a downturn, and the path to the Metaverse continues to climb as projects aimed at laying the foundation for future commerce and socialization are likely to be the most profitable investments over time.