Metaverse and blockchain gaming altcoins rally while Bitcoin looks for support

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Bitcoin’s recent foray (BTC) below $ 56,000 has sparked a sell-off in the cryptocurrency ecosystem and discussions that the price will hit $ 100,000 by the end of the year have arisen. quickly turned into concerns of an impending bear market that could plunge prices into the doldrums for a year or more.

While there seemed to be absolute carnage in the markets judging by people’s reaction to the BTC withdrawal, not all tokens were negatively affected and the emerging metaverse-focused gaming tokens did manage to do so. stay in the green.

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

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

Over the past couple of months, the focus has been increasingly on ‘the dawn of the metaverse’, as all kinds of gaming protocols, non-fungible token collections (NFTs), and design-driven projects of the landscape for the growing virtual world saw a spike in interest after Facebook announced that it was renaming its parent company to “Meta.”

NFTs pave the way for mass adoption

The growing popularity of Metaverse-focused projects is largely due to its adoption by popular culture and well-known celebrities who have discovered the potential that exists within decentralized finance (DeFi) and NFT technology.

From Post Malone buying NFT Bored Ape Yacht Club (BAYC) which featured in the “One Right Now” clip, to globally recognized brands like Gucci and Coca-Cola launching their own branded NFT product lines to engage with customers, the road to mass adoption opens a way through the metaverse.

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

Sandbox user statistics. Source: DappRadar

Cointelegraph Markets Pro’s VORTECS ™ data began to detect a bullish outlook for SAND on November 17th, ahead of the recent price hike.

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 Twitter activity .

VORTECS ™ score (green) against the SAND price. Source: Cointelegraph Markets Pro

As shown in the graph above, the VORTECS ™ score for SAND fell into the green zone on November 17 and peaked at 79 about three hours before the price rose 48.5% over the two following days.

Related: $ 400 million funding round to help Gemini fit into the decentralized metaverse

Digital collectibles are on the rise

The rise of the metaverse and digital collectibles has occurred at an interesting intersection in the development of our global society, especially as issues related to environmental sustainability and global supply chains are increasingly emerging. more in the center of attention.

Making things in the digital world actually solves many of the problems that humanity is currently facing, as there is no need for physical inputs to make the final products, nor the need for a vast shipping system when the articles are digital and can be transferred via the Internet.

Rather than extensive production lines creating the latest collector cards or action figures from popular sports, games or movies, protocols like WAX ​​(Worldwide Asset eXchange) offer digital versions of the same items that can easily be accessed. stored in personal digital wallets or transferred for little cost. at no cost.

Cointelegraph Markets Pro’s VORTECS ™ data began to detect a bullish outlook for WAX on November 2, ahead of the recent price hike.

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

As shown in the graph above, the VORTECS ™ score for WAX crossed into the green zone on November 2 and peaked at 74 about 24 hours before the price began to increase 154% in the two weeks. following.

As the near-term outlook for Bitcoin and the broader cryptocurrency market remains uncertain and half the crowd worries about the onset of a crypto winter. More experienced traders see the trough as another opportunity to buy the trough and the metaverse trajectory continues upward, as projects focused on building the future of commerce and socialization will likely be the most important investments. more profitable over time.

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 trading move comes with risk, you should do your own research before making a decision.