Recurring market commentary on what's happening in the crypto markets, summarized by the Crypto Broker team at Crypto Finance AG.
Recurring market commentary on what’s happening in the crypto markets, summarized by the Crypto Broker team at Crypto Finance AG.
Market commentary
This week, Bitcoin (BTC) traded in a range of $3,000 between $61,000 and $64,000, as Ethereum (ETH), Solana (SOL), and Polkadot (DOT) hit new all-time highs. BTC has been more on the sidelines, with solid short-term support at $58,000, whereas other altcoins continued to rally.
The Ethereum/Bitcoin (ETHBTC) spread is trading above the resistance of 0.07; it is currently at 0.074, with the potential of moving towards 0.08.
The Alt Index outperformed BTC by 10% this week, whereas the Mid Index only managed to outperform BTC by 5%. The Shit Index traded in a narrow range and performed neutrally against bitcoin.
Metaverse coins
The projects in the spotlight this week were definitively the Metaverse coins. After Facebook and Tencent announced that they would enter this space and allocate a decent amount of resources and investments into a virtual reality world/platform (where people can work and play with each other), the prices of some coins exploded.
Decentraland (MANA) performed 237% within a week. Decentraland is building a decentralised, blockchain-based virtual world for users to create, experience, and monetise content and applications.
Sanbox (SAND) gained over 230%. Sandbox is a virtual world, where players can build, own, and monetise their gaming experiences using non-fungible tokens (NFT) and SAND, the platform's utility token. Players can create digital assets in the form of NFTs, upload them to the marketplace, and integrate them into games with the Sandbox Game Maker.
What is the Metaverse?
The Metaverse is a network of always-on virtual environments, in which people can interact with one another and digital objects while operating virtual representations or avatars of themselves. The word Metaverse is a portmanteau of meta, meaning transcendent, and verse from the universe. While the Metaverse can be many things, there are three key aspects to it:
- Presence (feeling of actually being in a virtual space, with virtual others)
- Interoperability (being able to seamlessly travel between virtual spaces with the same virtual assets, such as avatars and digital items)
- Standardisation (enabling interoperability of platforms and services across the Metaverse)
As always, we are more than happy to discuss any and all topics with you.
Happy Trading!
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