Despite the apparently positive impression that the CRYPTOCURRENCY Markets give right now, the crypto market capitalization actually dropped 6.7% to $ 2.72 trillion over the past week. This happened as Bitcoin the price fell to $ 58,425 by 8.3%.
A significant connection between this week's top-performing coins appears to be the gaming sector and the metaverse, which has been on the mend ever since. Facebook renamed itself as Meta at the end of October.
Other news that has supported the current rise of the metaverse token is the November 19 raise of $ 400 million per Gemini cryptocurrency exchange to build a decentralized metaverse.
Best and worst performing coins, Source: Nomics
Best performing coins
GALA was pumped up after it was listed on Coinbase and Huobi on November 16. The token powers a decentralized gaming ecosystem that gives players a voice in the funding and development stages.
CRO also had news to justify the rally. On November 18, the marketing department behind the exchange decided to spend $ 700 million to buy the naming rights to the NBA Los Angeles Lakers stadium.
A day later, Elrond (EGLD) also announced its own $ 1.29 billion incentive program to help attract users and liquidity to its decentralized financial ecosystem. The new project uses fragmentation technology to achieve up to 15,000 transactions per second.
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Decentralized exchange tokens fall
Two of the worst performing coins this week were decentralized exchange utility tokens. The only negative news supporting this trend was a November 9 document that was released by the US SEC Commissioner. Caroline Crenshaw. The study mentioned that the sector lacks market protections and raised concerns about market manipulation.
Quant (QNT) has continued to trend downtrend after a previous 122% 7-day rally on September 3. This was driven by a protocol update that enabled ERC-20 and ERC-721 token interoperability.
Vechain Thor (VET) has pulled back after a 38- and 7-day surge on Nov. 2. This was prior to its net test release of the Proof of Authority (PoA) v2.0 mechanism in November. The update offers greater security in selecting block producers.
Total crypto futures interest was adversely affected by the market capitalization decline. However, this was expected as the total market capitalization fell back and liquidations worth around $ 2.7 billion took place this week.
