The crypto town has been dwindling in strength against the growl of the bears. The digital assets have fallen victim to the crash which has resulted in the diminishing of the market cap. Which is down by 16.5% at about $2.31 trillion, the market cap has crawled from the lows of $2.1 trillion earlier today.
The emerging sector of metaverse has fallen prey to the market crash. The digital assets from metaverse have been aping the price trajectory of primitive cryptos, which have been bland. The market cap of the metaverse sector is currently at $40,101,834,461. While the volume of trades is up by an astonishing 57.94% at $13,299,299,671. Meanwhile, enthusiasts have been stressing over the fate of the sector post trend reversal.
Is This The End Of Metaverse’s Bull Run?
The digital assets from the metaverse sector have been correcting heavily, at a rapid pace. With digital coins registering double-digit negative gains, with numbers being above 20% for the majority of the tokens. Which has been worrisome for players in the business.
Consecutively, traders might transit from the metaverse to primitive coins such as Bitcoin and Ethereum. As these assets are not prone to extreme volatility in comparison to the latter. Moreover, proponents from the industry are now expecting the industry to be overhyped.
The booming industry has seen growing impetus with big money firms entry into the world of virtual reality. The space has persuaded several NFTs, and protocols to rise towards the summit. Sections believe the corrections to help the sector bounce back stronger and higher. Wherefore, the corrections would eradicate FOMO investments. That could help propel the industry towards target valuation of $1 Trillion.
Will MANA And SAND Rebound From Current Trends?
MANA at the time of writing is trading at $3.48 while scripting losses of 18.3%. The market cap of the digital asset is currently hovering around $4,557,922,930. Whilst the volume of trades around the clock is at $2,468, 118,434. The digital asset has been trading in the bandwidth from $2.80 to $4.26 since the previous day.
SANDat the time of writing is trading at $5.44 while registering losses of 14.8%. The market cap of the digital asset is currently floating around $4,887,894,176. Whilst the volume of trades for 24-hours is at $2,435,568,817. The digital asset has been trading in the frequency from $4.35 to $6.38 since the previous day.
The crypto proponent cites that MANA and SAND are exhibiting hidden bullish divergences. The proponent further mentions that he uses the two tokens as leading indicators for other tokens from the world of the metaverse.
Collectively, we can expect a delay in the sector rebounding from current statistics. As the folks from the industry could possibly move their holdings to top-tier assets. Hopefully, the projects catering to the metaverse might rebound with the commencement of the altseason.