Crypto market cap rebounds as Metaverse tokens pump
Following a tumultuous few days for the cryptocurrency, the price of Bitcoin (BTC) has begun to climb up at around $58,000 on Thursday morning.
In line with the relative calm in Bitcoin trading, the overall cryptocurrency market is up marginally up 2% in the last 24 hours, albeit with leading altcoins such as Polkadot (DOT), Solana (SOL), and Cardano (ADA) all trading in the red.
Over the previous 24 hours, the global cryptocurrency market has shown indications of development, growing in value by almost 1.5%, putting it at approximately $2.76 trillion, as per CoinGecko statistics.
With market volume over the last 24 hours being $139.97 billion, making an 8.29% increase. In 24 hours, the total volume in DeFi is currently $18.83 billion, 13.40%, whereas stablecoins is now $106.21 billion, which is 75.58% of the total crypto market 24-hour volume.
Metaverse tokens, in particular, have maintained their strong performance this week despite the general market correction. Notably, Decentraliand (MANA), The Sandbox (SAND), and Enjin Coin (ENJ) have all seen gains of more than 60% in the last week alone, propelling them higher up the list of the top 100 cryptocurrencies by market capitalization.
Over the week, SAND has gained more than 110 percent, and it shows no signs of slowing down, trading above $8 and setting new highs daily. It is also the third-largest play-to-earn (P2E) token in terms of market capitalization.
Following an impressive 56 percent increase in value over the previous week, the largest project, Decentraland, managed to surpass Axie Infinity in terms of market capitalization. MANA is now worth more than $5.60, while AXS is trailing behind with only a 5 percent increase in value over the past week.
Aside from the overall buzz that has surrounded P2E coins since Facebook relaunched as Meta Platforms, there does not seem to be any specific cause for the significant spike in their value.
After dropping closer to the $56,000 level on Wednesday, Bitcoin’s value is now edging closer to the $59,000 milestone, gaining more than 2.6% in the last 24 hours. Currently, BTC is changing hands at $58,313.
Around the $56,000 price, Bitcoin’s network activity is “looking extremely cheap,” according to crypto analyst Philip Swift, who observes that Bitcoin’s Advanced NVT Signal is “deep into oversold territory,” indicating that the cryptocurrency’s price is on the verge of rising.
The Advanced NVT Signal is designed to track the behavior of investors by dividing the market capitalization of bitcoin by the 90-day moving average of network transaction volume. The last time it got this low, it was just before a price surge that set new highs.
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