The performance of cryptocurrencies in the last 7 days may seem unexciting, especially since the total market capitalization increased by “only” 1.8% to reach $ 2.7 trillion. However, even with the quiet price action, some altcoins made a decent rally. For example, Bitcoin (BTC) was down 6% through November 28, but still managed to close the week up 1.5% after a $ 3,200 rally on Sunday night.
Metaverse tokens are still hitting new highs
The metaverse sector continued to outperform Gala (GALA), The Sandbox (SAND) and Decentraland (MANA) among the top 5 winners. While few “Environments” Game to win and metaverse are available for true interaction, top news and partnerships are still driving these metaverse related token valuations.
As Cointelegraph reported on November 24, Metaverse Group purchased virtual land in Decentraland for around $ 2.5 million. On November 25, a digital land in the Axie Infinity game sold for 550 ETH, or approximately USD 2.5 million.
Additionally, a collaboration between Sony Pictures and AMC Entertainment announced on November 28. will offer up to 86,000 Spider-Man NFTs to celebrate the opening day of his new movie.
Zcash (ZEC), a privacy-focused cryptocurrency launched in October 2016, skyrocketed 20% in 24 hours on November 20 when developers announced plans to abandon traditional mining and migrate to a proof-of-stake network.
Amp (AMP), the native collateral token of the Flexa payment network, also recovered on November 24 after reaching Binance. In the meantime, Terra (LUNA) benefited from a burning 5.4 million tokens in four days, according to startup Caviar founder and cryptocurrency investor Jason Wang.
Ethereum’s “killers” falter
Among the worst performers are four smart contract platforms seeking to break Ethereum’s dominance: Cardano (ADA), Near Protocol (NEAR), Polkadot (DOT) and Harmony (ONE).
On November 24, the Ethereum co-founder, Vitalik Buterin, issued a proposal to limit the call data of the transaction in one block to “reduce costs and incentivize a transition of the entire ecosystem to a rollup-centric Ethereum.”
Aave Protocol (AAVE), The guaranteed loan and yield platform continues to operate in a downtrend after its TVL decreased 30% in 3 months.
Dash (DASH) saw its number of addresses with at least 1,000 tokens drop to 5,210, the lowest level since July 2018.
Tether and derivatives markets look flat
The OKEx Tether (USDT) premium measures the difference between China-based peer-to-peer (P2P) trading and the official currency of the US dollar, it has improved slightly.
The 99% reading of the indicator is neutral to bearish, indicating weak demand from cryptocurrency traders to convert cash into stablecoins, but it’s still a big improvement over the 5% discount in mid-October.
In addition, the total open interest of cryptocurrency futures was stable near $ 50 billion, which is only 10% below the all-time high. It is worth noting that a decline in open interest is not necessarily bearish, but maintaining a certain level is interesting because more liquidity providers and market makers enter the market.
Open interest in futures offers a healthy reading considering the nearly $ 2 billion sell-offs that occurred during the week. 10% of the total cryptocurrency market capitalization fell to $ 2.37 trillion on November 25 and was responsible for 44% of the forced liquidations of futures contracts.
The data above may not sound encouraging, but considering that Bitcoin (BTC) and Ether (ETH) are strong on November 29, the rebound from the previous day could indicate that the 2-week correction period may be over.
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 trade move involves risk, you should do your own research when making a decision.
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