The recent drop in the price of bitcoin has affected most cryptocurrencies and the global market has already lost about US$ 200 billion in the last 24 hours, considering this Thursday afternoon (27) and Coinmarketcap data. However, this shrinkage of the market after significant increases is normal, especially from the largest crypto in the market.
Exactly a week ago, bticoin reached its record price, hitting US$ 66,800, and the performance also rocked the price of several assets. However, when yours arrives, the event takes the altcoins with it. See which cryptocurrencies in the top 100 of the global market have crashed the most in the last 24 hours.
Celo (CELO), which about a month ago hit its high history, reaching US$ 7.80, sees a fall in its surroundings at every 15% on this Thursday afternoon. Earlier, however, the ‘loss’ had been greater, when at dawn it dropped to $6.10. At the time of writing, altcoin is trading at $6.44.
LUNA has been packaged since mid-July this year, when it reached its highest levels since its launch just over two years ago, and on the 3rd, it broke its price record when it was traded at US$46.72. At the time of writing, LUNA is down 12.5% on the 24-hour chart and remains stable at around $40.
Internet Computer (ICP)
The ICP, altcoin that surprised overall when launched at the beginning of the year, is also facing a drop that hits around 15%. Internet Computer is traded this Thursday afternoon in the range of US$40. This price, however, is far from its historic high in May this year, when it reached an impressive US$700, reaching the top 10 of the global market.
In the same 15% drop range is Tezos (XTZ), which is also among the cryptos that have devalued the most from yesterday to today. At the time of writing, the XTZ token, one of the oldest on the market, is trading at $6, just over a dollar below Wednesday’s price (26). With the exception of May 2018, when altcoin nearly hit rock bottom when it dropped to $0.34, Tezos is only 40% below its all-time high in 2017 of $10.56.
VeChain, another longstanding cryptocurrency on the market, is down 13% in the last 24 hours and at the time of text is trading at $0.12. Its all-time record was reached in April of this year, when it hit US$ 0.25. For VET holders who bought the crypto in 2018 and kept them, the gain is quite indicative, since at the time the coin was worth only US$0.007.
Nascent Crypto Sector Is the Biggest Outperformer After Skyrocketing 37,000% This Year, According to Market Research Firm
A prominent market intelligence firm has identified one crypto sector that is exponentially outpacing all others in terms of growth.
UK-based market research firm MacroHive created four indices which the company believes capture the popular use cases of cryptocurrencies.
Each index, except for Bitcoin, consists of five tokens that represent the market value of a particular theme or sector.
One index that’s a cut above the rest is the metaverse sector, according to MacroHive.
“The clear outperformer this year has been the metaverse. It is up a whopping 37,000% this year and has gained 20% over the past seven days alone”
MacroHive says that the metaverse index is made up of play-to-earn game Axie Infinity (AXS), Ethereum-based virtual world The Sandbox (SAND), virtual reality platform Decentraland (MANA), blockchain gaming platform Enjin Coin and player-controlled blockchain gaming platform Gala.
The next top-performing index is the smart contract sphere consisting of Ethereum, Solana (SOL), Cardano (ADA), Avalanche (AVAX) and Polkadot (DOT). The smart contract index is up 2,355% this year, according to MacroHive.
Third on the list is the decentralized finance (DeFi) index. For the DeFi index, which is up 584% this year, MacroHive selected lending and borrowing protocol Aave, stablecoin governance token Maker (MKR), smart contract DeFi platform Compound (COMP), decentralized exchange Uniswap (UNI) and automated market maker PancakeSwap (CAKE).
Metaverse currencies outperform Bitcoin in appreciation
That’s what the UK research firm’s cryptocurrency indexes show. macro hive, with currencies related to metaverse reaching up to 37,000% this year, against the almost 100% of Bitcoin.
They also show the growing performance gap between BTC and Altcoins, which is still growing.
“The best performance this year was the metaverse,” said Macro Hive staff, including Dalvir Mandara and CEO Bilal Hafeez, in a newsletter published on Thursday.
“Returns appeared to be boosted by Facebook’s decision to change the brand to Meta.”
Macro Hive has divided the world of cryptocurrency into four main trends and created indexes to:
Bitcoin, Smart Contracts, Metaverse, and Decentralized Finance (DEFI), comparing popularity by measuring the performance of tokens that support these trends. In addition to the Bitcoin Index (BTC), which only tracks the value of a single digital asset, each index is made up of five currencies.
The meta-index is composed of tokens representing the “Play-to-Earn” gaming platform – Axie Infinity (AXIE), decentralized 3D virtual reality platform selling digital land parcels – Decentraland (MANA) , in addition to Sandbox (SAND), Enjin Coin (ENJ) and Gala (GALA).
The DeFi index is represented by Aave (AAVE), Maker (MKR), Compound (COMP), Uniswap (UNI) and PancakeSwap (CAKE).
And smart contracts are represented by programmable blockchain tokens: Ethereum (ETH), Solana (SOL), Cardano (ADA), Avalanche (AVAX), and Polkadot (DOT).
Target demonstrates momentum, gaining 20% in the past seven days, compared to Bitcoin, Smart Contracts and DeFi, which fell modestly over the same period.
Indian Crypto Bill in Anvil, Govt. to Weigh Pros & Cons of Crypto
The latest update in the controversial Indian Crypto Bill saw the Finance Minister, Nirmala Sitharaman consider the underlying technological boon that comes with the industry’s banes. While speaking at the ‘Agenda Aaj Tak‘ event in Delhi yesterday, Sitharaman noted that the crypto bill is in anvil and will soon be sent for approval to the cabinet.
Furthermore, she highlighted the juxtaposition given the government’s concerns about the decentralised industry accompanied by their plan to fully avail the financial benefits of the blockchain technology. Following this mindset, she ascertained that the “Cryptocurrency bill will take into account the underlying technology”.
Ambani’s Two-Cents on Crypto
The Indian government appears to be on the right track, financially, given that even the richest man in all of Asia, Mukesh Ambani swears by the same technological advancement with the blockchain.
He spoke yesterday, at a forum organised by India’s International Financial Services Centres Authority together with Bloomberg, where he argued the potential of blockchain technology. Ambani said, “Blockchain is the technology I believe in and it is different from crypto”. Ambani claimed that India will see an evolution in its “fintech, education technology, health technology, and industry” through digital services.
Furthermore, he compared the power of data to that of former days’ oil, asserting the only difference being, data’s easy accessibility.
“Digital technology, I believe, is a great leveler, a great democratizer…The new oil, i.e. data, can be generated and consumed everywhere and by everybody. It has the potential to create value equitably across sectors, geographies, and economic classes.”, said Ambani.
Despite understanding the pros, like innovation and technological advancements, the Indian government is determined to regulate the decentralised industry in lieu of its dangerously fast-evolving nature. According to CoinGape’s exclusive coverage on Nirmala Sitharaman’s stance towards upcoming crypto regulations, she noted that mere national level monitoring will never be enough when it comes to the decentralised industry. Sitharaman called upon global regulators to come together to centralise a borderless body like crypto.
“All of us also recognise technology respects no physical border. Technology has the power to sweep through borders. It means global action is the only way in which you can regulate it effectively”, said Sitharaman.