Crypto Market Cap Bounces As Metaverse Tokens Pump Up

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After a few tumultuous days for the cryptocurrency, the price of Bitcoin (BTC) began to climb to around $ 58,000 on Thursday morning.

In line with the relative calm in Bitcoin trading, the overall cryptocurrency market has edged up 2% over the past 24 hours, although major altcoins such as Polkadot (DOT), Solana (SOL), and Cardano (ADA) have fallen. are all negotiating in the red.

Over the past 24 hours, the global cryptocurrency market has shown signs of development, increasing in value by almost 1.5%, taking it to around $ 2.76 trillion, according to statistics from CoinGecko.

1-day price chart of the global crypto market. Source: CoinGecko

The market volume in the past 24 hours was $ 139.97 billion, an increase of 8.29%. In 24 hours, the total volume of DeFi is currently $ 18.83 billion, 13.40%, while stablecoins are now $ 106.21 billion, or 75.58% of the total market volume of 24 hour cryptography.

Metaverse tokens, in particular, maintained their strong performance this week despite the general market correction. Notably, Decentraliand (MANA), The Sandbox (SAND) and Enjin Coin (ENJ) have all recorded gains of over 60% in the last week alone, propelling them higher in the list of top 100 cryptocurrencies by market capitalization.

Metaverse Token Price Table. Source: CoinMarketCap.com

During the week, SAND has gained over 110% and 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.

After an impressive 56% increase in value from the previous week, the biggest project, Decentraland, managed to overtake Axie Infinity in terms of market capitalization. MANA is now worth over $ 5.60, while AXS lags behind with just a 5% increase in value over the past week.

Aside from the general buzz that has surrounded P2E coins since Facebook’s relaunch as meta platforms, there does not appear to be any specific cause for their significant rise in value.

Bitcoin price

After falling closer to the $ 56,000 level on Wednesday, Bitcoin’s value is now approaching the $ 59,000 milestone, gaining more than 2.6% in the past 24 hours. Currently, BTC is changing hands at $ 58,313.

1 day BTC price table. Source: CoinMarketCap.com

Around the price of $ 56,000, Bitcoin’s network activity “looks extremely cheap,” according to crypto analyst Philip Swift, who observes that Bitcoin’s forward NVT signal is “deep in oversold territory,” indicating that the crypto price is about to rise.

Advanced NVT BTC signal. Source: Phillip Swift

It should be mentioned that the Advanced NVT signal is designed to track investor behavior by dividing the market capitalization of bitcoin by the 90-day moving average of the trading volume on the network. The last time it hit such a low was right before a price spike that set new highs.

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