Despite a dismal 2022, the cryptocurrency market and metaverse market had a fantastic resurgence in January, with tokens severely affected last year leading the charge. Martin Leinweber, MarketVector Indexes’ digital assets product specialist, stated, “It’s quite normal for those coins who suffered greater losses to experience significantly higher gains when the industry is optimistic.” He explained how these lesser altcoins show stronger correlations with Bitcoin as it rises and falls.
Founded by Former Meta Employees, Aptos Provided Its Investors with A Lot Of Profit In January
Aptos was founded by ex-Meta Platforms employees and launched in October to a great deal of scrutiny around transaction speeds and tokenomics. The November market disaster precipitated by FTX’s crash sent APT’s cost to its all-time low on December 29th at $3, plummeting over 76% from the initial listing price of $13, according to CoinDesk data. Investors such as FTX’s investment arm and venture capital giant A16z provided financial backing for Aptos before this significant downturn.
Leinweber noted that since investor unlocks are taking place in October, there is no rush to sell. However, due to extreme negative sentiment surrounding Aptos‘ performance, a massive short-squeeze occurred, which propelled the stock’s price upward significantly in only one month.
Interest in Metaverse Tokens Is Growing Rapidly
As the CoinDesk Culture & Entertainment Index skyrocketed by an impressive 81%, metaverse tokens in the media, culture and entertainment sectors experienced the greatest growth. Notable gainers included Decentraland’s MANA token (152% increase), The Sandbox’s SAND token (91%), and Play-to-earn game Axie Infinity’s AXS token with a 75% rise. These demonstrate how remarkable blockchain technology is for revolutionizing our world today.
The report indicates that the Korean region is strongly inclined towards metaverse, with daily volumes exceeding $600 million in just two days of Jan. 22-23 – an almost doubled figure compared to Binance’s two-day volumes.
Solana, too, Is Among The Highest Earnings Of January
The cryptocurrency exchange LCX’s token (LCX) and Fetch.ai’s native coin (FET) have seen outstanding success, with increases of 292% and 201%, respectively. Solana’s SOL token also rose dramatically in January, soaring 146% to recently trade at around $24 – a massive rebound from its December record low of 8 dollars! Ethereum co-founder Vitalik Buterin gave this surge an extra boost when he tweeted his “hope” that the Solana community “gets its fair chance to thrive,” which has only helped propel SOL to new heights.
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