Metaverse and blockchain game altcoins rise, while Bitcoin seeks support

Bitcoin (Bitcoin) The recent drop below $56,000 triggered widespread selling The entire cryptocurrency ecosystem Rumors that the price reached $100,000 before the end of the year quickly turned into concerns about the upcoming bear market, which could push prices into a downturn for a year or more.

Although people’s reaction to the BTC pullback seems to have seen an absolute massacre in the market, not all tokens have been negatively affected. Game tokens focusing on emerging Metaverse have successfully kept green.

Data from Cointelegraph Markets Pro with Transaction view It shows that although the price of Bitcoin fell below $57,000, the price of Metaverse tokens climbed, including Gala (GALA) rising 160%, WAX (WAXP) rising 78%, The Sandbox (SAND) breaking 62% Decentraland (MANA) 45 %.

BTC/USDT vs. GALA/USDT vs. WAXP/USDT vs. SAND/USDT vs. MANA/USDT 4-hour chart. Source: TradingView

In the past few months, people have paid more and more attention to the “Dawn of Metaverse” because of various game protocols, non-fungible tokens (NFT) collections, and projects that focus on designing landscapes for the growing virtual world. Aroused people’s interest. Facebook announced, Renamed its parent company to “Meta”.

NFT paves the way for mass adoption

The soaring of projects focused on Metaverse is largely due to its adoption by popular culture and well-known celebrities, who have discovered the potential in decentralized finance (DeFi) and NFT technologies.

From Post Malone Buy the Boring Ape Yacht Club (BAYC) The NFT that appeared in the music video “One Right Now”, for global well-known brands such as Gucci and Coca-Cola, has launched their own branded NFT product series to interact with customers. The road to mass adoption is paving the way for the meta universe.

As a result, in the past month, projects dealing with the growing virtual real estate sector, such as The Sandbox and Decentraland, have seen significant increases in the price of tokens and the number of users interacting with their protocols.

Sandbox user statistics. Source: DappRadar

VORTECS™ data comes from Cointelegraph Markets Pro Before the recent price increase, SAND’s bullish outlook began to be discovered on November 17.

Cointelegraph’s unique VORTECS™ score is an algorithmic comparison of historical and current market conditions. These data points include a combination of market sentiment, trading volume, recent price changes, and Twitter activity.

VORTECS™ score (green) and SAND price. source: Cointelegraph Markets Pro

As shown in the figure above, SAND’s VORTECS™ score climbed to the green zone on November 17 and reached a high of 79 in about three hours, after which the price increased by 48.5% in the next two days.

related: A $400 million financing round helps Gemini build a decentralized meta-universe

Digital collectibles are on the rise

The rise of meta-universe and digital collectibles comes at an interesting intersection of our global social development, especially considering that issues related to environmental sustainability and global supply chains are getting more and more attention.

Making things in the digital world actually solves many of the problems that humans are currently facing, because no physical input is needed to make the final product, and when the goods are digital and can be transmitted in the following ways, there is no need for a huge transportation system Internet.

Unlike the huge production line that creates the latest collectible cards or action dolls from popular sports, games or movies, agreements such as WAX (Global Asset Exchange) provide digital versions of the same items, which can be easily stored in personal digital wallets or with very little There is no cost for fee transfer.

VORTECS™ data from Cointelegraph Markets Pro has detected a bullish outlook for WAX from November 2nd, before the recent price increase.

VORTECS™ score (green) and WAX price. source: Cointelegraph Markets Pro

As shown in the graph above, WAX’s VORTECS™ score climbed to the green zone on November 2 and reached a high of 74 in the 24 hours or so before the price started to rise 154% in the next two weeks.

Although the short-term prospects of Bitcoin and the broader cryptocurrency market are still uncertain, half of people worry about the beginning of the cryptocurrency winter. More experienced traders see the decline as another opportunity to buy a decline, and Metaverse continues its upward trajectory, because over time, projects that focus on laying the foundation for the future of commerce and socialization may be the most profitable. Graph investment.

The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, and you should conduct your own research when making a decision.