Metaverse and blockchain gaming altcoins rally while Bitcoin looks for support

Bitcoin (BTC)’s recent break below $56,000 triggered a massive sell-off across the cryptocurrency ecosystem and talks about a price that hit $100,000 by the end of the year turned into concerns about an impending bear market that could push prices into a recession. for a year or more.

While there seemed to be utter carnage in the markets based on people’s reaction to the bitcoin slump, not all coins were negatively affected and gaming tokens focused on the emerging Metaverse managed to 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 rose, including a 160% gain for Gala (GALA), a 78% rally for WAX (WAXP), and a 62% breakout. 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

The past two months have seen a growing focus on the “dawn of the Metaverse” as all kinds of gaming protocols, non-fungible token sets (NFTs), and projects focused on landscape design for the growing virtual world have seen a surge of interest after Facebook announced it was rebranding its parent company to “Meta”. “.

NFTs pave the way for mass adoption

The growing popularity of Metaverse-focused projects is largely due to their adoption by popular culture and well-known celebrities who have explored the potential in Decentralized Finance (DeFi) and NFT technology.

From Post Malone buying Bored Ape Yacht Club (BAYC) NFTs featured in the “One Right Now” music video, to globally recognized brands like Gucci and Coca-Cola launching their own lines of branded NFT products to engage with customers, the way For mass adoption paving a path through the Metaverse.

As a result, projects dealing with the growing field of virtual real estate such as The Sandbox and Decentraland have seen significant growth in both the price of the token 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 detecting a bullish outlook for SAND on November 17, ahead of the recent price rally.

The VORTECS™ score, 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.

VORTECS™ Score (in green) vs. SAND rate. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ result for SAND climbed into the green on November 17 and reached a high of 79 around three hours before the price surged 48.5% over the next two days.

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

Digital collectibles are on the rise

The emergence of the metaverse and digital collectibles has come at an interesting intersection in the development of our global society, particularly given that issues related to environmental sustainability and global supply chains are becoming an increasing focus.

Crafting things in the digital world actually solves many of the problems facing humanity today because there is no need for physical inputs to craft the final products, and there is no need for an extensive shipping system when the items are digital and can be transferred over the Internet.

Instead of building massive product lines for the latest collector cards or action 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 for little. at no cost.

VORTECS™ data from Cointelegraph Markets Pro began detecting a bullish outlook for WAX on November 2, ahead of the recent price rally.

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

As shown in the chart above, the VORTECS™ result for WAX climbed into the green on November 2 and reached a high of 74 around 24 hours before the price started to rise by 154% over the next two weeks.

While the short-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 view the dip as just another opportunity to buy the dip and the Metaverse trajectory continues to climb as projects focused on laying the foundation for the future of trading and socialization are likely to be the most profitable investments over time.

The opinions 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 involves risks, you should do your own research when making a decision.