Bitcoin Maintains $21K, Metaverse Tokens Soar (Market Watch)

Following the past few positive days, bitcoin has returned above $21,000 and has managed to sustain above that level.

The altcoins have calmed on a daily scale now, aside from several representatives of the Metaverse industry.

BTC Still Above $21K

Although the numbers of reports suggesting an upcoming recession for a significant portion of the world continue to increase, the primary cryptocurrency has remained unaffected so far. Even though it’s considered a high-risk asset, BTC has been on a roll for the past few weeks.

The most important breakout was when bitcoin finally reclaimed $17,000 at the start of last week. Not only has it not looked back since, but it added over $4,000 in the span of seven days.

This culminated in a price surge to $21,430 (on Bitstamp) yesterday, which was a 10-week high. Despite retracing initially by a few hundred dollars, the asset bounced off and currently sits north of $21,000 once again.

This helped the popular Fear and Green Index to reach neutral ground for the first time since last April.

Bitcoin’s market capitalization has exceeded $400 billion, while its dominance over the altcoins is just above 41%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Metaverse Tokens on the Rise

Several reps of the Metaverse realm have topped the charts today with notable gains. They are led by GALA’s 12% daily increase, which is even more impressive considering the recent controversy around Gala Games.

The native cryptocurrencies of Decentraland and The Sandbox are also among this club, surging by up to 7% in a day.

Binance Coin trades above $300 following a minor daily increase after the exchange announced the completion of the 22nd token burn.

Most other larger-cap altcoins are also with slight gains of around 1%. Polkadot has increased the most (4%) and trades at $6.

The crypto market cap has neared $1 trillion on CoinMarketCap and is well above that number on CoinGecko.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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newsby.top • 2022