As expected, this week, the stock market opened in a bear market, with the Dow losing 876 points, S&P falling into bear territory, and the Nasdaq selloff continuing. Bitcoin and Ethereum saw significant bearish momentum on Monday, which continued through Tuesday, with the Bitcoin price losing nearly 25% this week and the Ethereum price down over 30% in the past seven days. However, surprisingly Metaverse crypto coins saw price gains of up to 20% today, signaling a potential altcoin season upcoming for crypto markets.
While currently, the market is still not in altcoin season, according to the Altcoin Season Index from blockchaincenter.net, we’re starting to see significant bullish momentum for Metaverse and NFT projects.
Even though the Bitcoin price tumbled 4% today, major Metaverse crypto coins like Decentraland (MANA), Theta Network (THETA), The Sandbox (SAND), ApeCoin (APE), and Axie Infinity (AXS) saw double-digit price growth in the past 24 hours. So while it may not be Altcoin season just yet, the Metaverse season may be coming again.
Theta Network (THETA) is the top gainer today regarding Metaverse projects, gaining over 18% and overtaking The Sandbox (SAND) as the second-most valued Metaverse crypto coin on the market with a capitalization of $1.1 billion, following Decentralnad’s $1.5 billion market cap.
In addition, when it comes to popular altcoins, Terra 2.0 (LUNA) managed to hold the current support level of $2.62 even with Bitcoin’s continuing price decline. LUNA gained 6% in the past 24 hours, currently trading at $2.62, with a market capitalization of $550 million.
In relevant news, Coinhall announced it’s not live on Terra 2.0 with real-time charts and pool analytics.
Coinhall is a DEX aggregator and analytics platform currently supporting Terra Classic and Terra 2.0, with upcoming support for NEAR and JUNO.
Today’s price action wasn’t as bad as Monday’s. Even though the selloff is continuing and the global crypto market cap is still well below $1 trillion, we’re starting to see some green in the markets.
The Monday market meltdown seems over for now, even with all the grim indicators around. Remember, for every seller, there’s a buyer, and a bear market is an excellent opportunity to load up on your favorite projects and Dollar-Cost average your long-term investments.
If you’ve been itching to buy virtual real estate in the Metaverse, now is an excellent opportunity to purchase land in top alternate realities like Decentraland, The Sandbox, and ApeCoin’s Otherside for the cheap. Prices for virtual real estate are down nearly 90% since their peaks!
For details regarding current prices for virtual real estate, check out our recent article on the Top 3 Metaverse Projects to Buy Virtual Real Estate in (June 2022).
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any project.
Follow us on Twitter @themerklehash to stay updated with the latest Metaverse news!
Image Source: jakarin2521/123RF
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