Home News Metaverse and blockchain gaming altcoins rally while Bitcoin looks for support

Metaverse and blockchain gaming altcoins rally while Bitcoin looks for support

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Bitcoin’s (BTC) recent drop below $56,000 caused a broad sell-off across the cryptocurrency ecosystem, and predictions that the price would exceed $100,000 by the end of the year swiftly changed into fears of an imminent bear market that may send prices into a year-long slump.

While the markets looked to be in complete chaos as a result of the BTC decline, not all tokens were affected, and gaming tokens centred on the burgeoning Metaverse managed to stay in the black.

While the price of Bitcoin fell below $57,000, Metaverse tokens rose in value, with Gala (GALA) up 160%, WAX (WAXP) up 78%, The Sandbox (SAND) up 62%, and Decentraland up 45% (MANA).

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

Following Facebook’s announcement that it was renaming its parent corporation to “Meta,” all kinds of game protocols, nonfungible token (NFT) collections, and initiatives focused on developing the environment for the burgeoning virtual world have witnessed a boost in interest in the past few months.

NFTs open the way for widespread use

Popular culture and well-known celebrities have found the possibilities of decentralised finance (DeFi) and NFT technology, which has fueled the meteoric rise in popularity of Metaverse-focused initiatives.

The road to widespread acceptance is creating a way via the Metaverse. With Post Malone acquiring BAYC NFTs that were featured in the music video “One Right Now”. And globally famous businesses like Gucci and Coca-Cola establishing their own lines of branded NFT products to connect with customers.

As a result, projects like The Sandbox and Decentraland, which deal with the rapidly developing sector of virtual real estate, have witnessed large increases in both token price and the number of people interacting with their protocols in the last month.

The Sandbox users statistics. Source: DappRadar

Prior to the latest price spike, VORTECSTM data started detecting a bullish outlook for SAND on Nov. 17.

The VORTECSTM Score is an automated analysis of past and present market circumstances based on a number of factors such as market mood, trading volume, recent price changes, and Twitter activity.

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

The VORTECSTM Score for SAND rose into the green zone on Nov. 17 and hit a high of 79. Roughly three hours before the price soared 48.5% over the next two days, as seen in the figure above.

The popularity of digital collectibles is on the increase

The emergence of the metaverse and digital collectibles has occurred at an intriguing juncture in the evolution of our global civilization. Particularly as concerns of environmental sustainability and global supply networks have become increasingly prominent.

There are no physical inputs to manufacture the final products, nor is there a need for a massive transportation system. When the objects are digital and can be shared through the internet. As a result, creating things in the digital world really addresses many of the difficulties that mankind is now experiencing.

Rather than mass-producing the latest collector’s cards or action figures from popular sports, games, or movies, protocols like WAX (Worldwide Asset eXchange) offer digital copies of the same products that can be readily saved in personal digital wallets or passed around for little to no cost.

Prior to the latest price spike, VORTECSTM data began to indicate a bullish view for WAX on November 2.

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

The VORTECSTM Score for WAX ascended into the green zone on Nov. 2 and reached a peak of 74 roughly 24 hours. Before the price began to rise by 154% over the next two weeks, as seen in the chart above.

The short-term forecast for Bitcoin and the broader cryptocurrency industry is unknown. However, half of the community is concerned about the onset of crypto winter. The Metaverse’s trajectory continues higher as initiatives focusing on creating the framework for the future of commerce and socialising are expected to be the most rewarding investments over time, according to more experienced traders.

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