As fears of a recession subside, metaverse and NFT-related currencies, like Decentraland’s MANA, have shown gains.
The crypto markets turned positive after an optimistic CPI report showed the worst of inflation for the U.S. economy may be over.
According to data from Coingecko, the crypto market capitalization increased 2.7% to $945 billion over the past 24 hours.
Along with the market as a whole, Metaverse- and NFT-related cryptocurrencies have seen huge increases today.
Data from Coingecko, MANA, the token that powers the metaverse game Decentraland, is up 11.6% over the previous 24 hours and the fourth highest gainer among the top 100 cryptocurrencies by market value.
MANA trades for approximately $0.44 at press time and is the 55th largest cryptocurrency by market capitalization.
Despite today’s huge advances, MANA is still a long way from its all-time high of $5.85 in November 2021, despite today’s gains.
SAND, the token underlying The Sandbox, a competitor to Decentraland, is also up 8.6% in the last 24 hours. Coingecko data shows that the current price of SAND is approximately $0.56 as of press time.
On a weekly basis, SAND is up a whopping 31.6%, reversing its 30-day decline.
Bullrun across the metaverse
If you look beyond digital real estate tokens like MANA and SAND, projects like Flow (FLOW) and ImmutableX (IMX), which focus on NFTs, have also done well.
FLOW, the native token of Flow Blockchain, has gained 9.2% in the past twenty-four hours and reached a new two-week high of $0.92 at press time, as per data from CoinGecko.
Per the data from Cryptoslam, Flow-based NFT trade volumes decreased by 27.49% to $213,734 within the same period, contrasting the bullish price movement of FLOW.
IMX, the native token powering ImmutableX, a layer-2 scaling solution for Ethereum-based NFTs, is up 7.1% over the past 24 hours, trading at approximately $0.53 after retreating from its new monthly high of $0.54 earlier today.
Despite a considerable price increase, daily trading volumes on the IMX decreased 22.81 percent to approximately $20 million.
Per statistics from CoinGecko, IMX is down 94.4% from its all-time high of $9.52 reached in November 2021.
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