Cryptocurrency market trending up? Yes and No – Games and the Metaverse are on the rise

With Metaverse tokens like Decentraland, GALA and GMT, are we seeing the crypto market on the way to recovery? In the past 24 hours, prices have been restorative.

Crypto market recovery on the horizon?

After massive losses, there has been a huge recovery in the cryptocurrency market in the last 24 hours with price improvements of up to 8%.

The upward trend was particularly evident in Metaversum and gaming tokens such as Decentraland, GALA, MANA, GMT, and STEPN.

After the massive drop in the value of LUNA and UST plunged the market into turmoil, it initially seemed as if a sharp drop to near zero would also drag the rest of the cryptocurrency market down with it.

Bitcoin and Ethereum are now showing solid gains, and investors can also look forward to a massive 20% gain in the price of Altcoins Solana, Avalance and Cardano. Do you want to buy bitcoin?

But the biggest price increases over the past few days have been tokens from the metaverse and gaming industries.

GALA, the token of Gala’s booming crypto gaming ecosystem, is up 50% in the past 24% to trade below $0.10.

Prior to that, there was also a significant price drop here, with losses of up to 27%. After all, the token can now make up for some of it.

What is Gala?

The video game platform offers all games on the blockchain. The original code is used for payment and storage, but this is optional.

Since there is no obligation, the user can decide for themselves if they want to spend the tokens to buy in-game things, for example.

Gala was founded by Eric Schiermeyer, co-founder of Zynga, who developed the framework with the goal of giving players back control of their games and in-game assets.

To date, according to coinmarketcap.com, there are about 1.3 million monthly active users on the platform. Currently they can only play one game, Town Star, which is a city simulation in the browser.

There are other games in development, such as a medieval fantasy world and a fantasy role-playing game.

MANA, the symbol of the successful Metaverse game from Decentraland, has also shown a slight bullish trend in the past 24 hours and is up 41% to $1.11.

Sandbox is up 19% over the same period to trade at $1.44.

But if you look at the longer history of the cycle, you can clearly see that both pieces, like the entire crypto market, have struggled since the Facebook announcement.

In October 2021, Mark Zuckerberg announced that Facebook is now called Meta and is devoted extensively to the development of the Metaverse.

We see another glimmer of hope at the bottom of the GMT cryptocurrency market. In terms of market capitalization, it’s not a light in the crypto sky with a 391st rank. But the track is in a good mood with nearly 39% in plus and a $1.66 price tag.

GMT offers daily rewards to its owners in the form of Bitcoin and is based on the ERC-20 standard.

What is GMT?

The GMT governance token is one of two original tokens of Project Step’n. Both codes can unlock certain in-game items. Because that’s what Step’n Platform “go to earn” concept is all about. Earning money while walking or running sounds good and innovative.

The addition of blockchain and NFT makes the project really interesting. Step’n free mobile application allows GMT users to vote on the company’s future course.

Either by buying carbon offsets to continue producing tokens. Or about receiving a dividend based on Step’n results.

The shoes are available in the form of NFT, which can be selected from four different types depending on the type of movement of the user. It represents either efficiency, happiness, comfort or flexibility.

The great potential through collaboration with sporting goods manufacturers or events may be the reason for the fact that GMT is also one of the cycle winners.

ApeCoin is not as powerful

Compared to the good news, ApeCoin for the Bored Ape Yacht Club ecosystem is not very drunk with good price gains. After all, it has managed nearly 9% in the past 24 hours and is now priced at $9.21.

However, since it was still trading below $6 on Thursday, this jump is also positive and a testament to what is currently happening in the Metaverse gaming token market.

Stefanie Herrnberger works as a freelance speaker and editor. Her many years of professional experience in Industry 4.0, digitalization and blockchain give her an ideal background for reporting distributed ledger technology use cases in global industry and business.

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