The recent eruption of Bitcoin (BTC) below $ 56,000 triggered a massive sale in the cryptocurrency ecosystem, and talk of a price that reached $ 100,000 at the end of the year turned into fears of an impending bear market that could push prices into recession. for a year or more.
Although it was a bloodbath in the markets, judging by people’s reaction to the fall in bitcoin, not all coins suffered, and the gaming token focused on the evolving Metaverse managed to stay in positive territory.
Cointelegraph Markets Pro and TradingView data show that while the Bitcoin price fell below $ 57,000, the Metaverse token price went up, including a 160% gain for Gala (GALA), a 78% gain for WAX (WAXP), a breakthrough of 62%. 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
Over the past two months, more and more attention has been paid to “dawn of the Metaverse” as all kinds of game protocols, non-fungible token sets (NFTs) and landscape-focused projects for the growing virtual world have generated a wave of interest. after Facebook announced the rebranding of Meta’s parent company. “.
NFTs pave the way for mass adoption
The growing popularity of Metaverse-focused projects is largely due to their acceptance of popular culture and well-known celebrities who have explored the potential of Decentralized Finance (DeFi) and NFT technology.
From Post Malone buying NFTs from Bored Ape Yacht Club (BAYC) featured in the One Right Now music video to internationally acclaimed brands such as Gucci and Coca-Cola launching their own lines of NFT-branded customer engagement products, a way of mass acceptance in a fiery way. way through Metaverset.
As a result, projects related to the growing field of virtual real estate such as The Sandbox and Decentraland have seen significant increases in both the price of the token and the number of users interacting with their protocols in the last month.
Sandbox user statistics. Source: DappRadar
The VORTECS ™ data from Cointelegraph Markets Pro began to define the optimistic outlook for SAND on November 17, ahead of the recent price increase.
Exclusive to Cointelegraph, VORTECS ™ is an algorithmic comparison of historical and current market conditions derived from a number of data points, including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS ™ score (marked in green) versus SAND score. Source: Cointelegraph Markets Pro
As you can see in the chart above, the VORTECS for result for SAND on November 17 turned green and reached a peak of 79 about three hours before the price rose 48.5% over the next two days.
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Digital collectibles are on the rise
The emergence of metaverse and digital collectibles has taken place at an interesting crossroads in the development of our global society, especially as issues related to environmental sustainability and global supply chains become more pressing.
Creating things in a digital world actually solves many of the problems facing humanity today, because there is no need for physical resources to create end products, and there is no need for a comprehensive delivery system when goods are digital and can be transferred over the network. Internet.
Instead of creating massive product lines for the latest trading cards or figures from popular sports, games or movies, protocols like WAX (Worldwide Asset eXchange) offer digital copies of the same items that can be easily stored in personal digital wallets or transferred. too little. without cost.
VORTECS ™ data from Cointelegraph Markets Pro began to provide positive outlook for WAX on November 2, ahead of the recent price increase.
VORTECS ™ score (green) versus WAX price. Source: Cointelegraph Markets Pro
As shown in the chart above, the VORTECS ™ result for WAX on November 2 turned green and reached a peak of 74 approx. 24 hours before the price began to rise 154% over the next two weeks.
While the short-term outlook for Bitcoin and the broader cryptocurrency market remains uncertain, half of the population is worried about the beginning of the cryptocurrency winter. More experienced traders see the downturn as another opportunity to buy it, and the path to Metaverse continues to grow as projects aimed at laying the foundations for future trading and socialization are likely to be the most profitable investments over time.