The crypto market has lost the majority of its gains from October in the past couple of weeks and November has turned bearish. Majority of the cryptocurrecneis inlcuing Bitcoin (BTC), Ethereum (ETH) and several other altcoins lost in double digits. However, amid growing fear among investors there is one category of crypto tokens that have defied the current market trends. These crypto tokens are not just trading in green, but also posing new all-time-highs.
Metaverse tokens and gaming token seems to be the next breakout trend in the crypto market and they are already proving their worth in the current bloodbath. Two metaverse projects along with gaming tokens that have made headlines over the past couple of weeks due to inflow of fresh funds include Sandbox (SAND) and Decentraland (MANA), Yield Guild Games (YCC) and Axie Infinity (AXS). All the metaverse and geming tokens defied market trends to set new ATHs yesterday.
$SAND rose from a daily low of $3.96 to set a new ATH of $4.68 with a 15% surge on a day when most of the other tokens were trading in red. The price surge in the Sandbox token is also being attributed the upcoming metaverse launch for the project scheduled for November 29. After 4 years of development the project would go live towards the end of November.
Similarly, Decentaland (MANA) also surged to a new weekly high of $4.31 with a 15% surge over the past 24-hours. The Metaverse token rose from a daily low of 3.34 to set a new weekly high and currently just 13% below ATH of $4.61.
Will Metverse Tokens Would Pull a Surprise Amid Bearish Dominance?
At the moment both NFT gaming market and Metaverse tokens have proven to be the most demanded crypto use cases. This is also evident from the price momentum against the market tends. While NFT mania has already hit the crypto market, the craze around the Metaverse is just peaking up and might continue to surge irrespective of the market trends.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.