Metaverse Up, Memecoins Down: Bitcoin Consolidation Continues (Market Watch)

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After another volatile 24 hours in which BTC went from $56,000 to above $58,000, the cryptocurrency has stalled again around $57,500. Most larger-cap altcoins are slightly in the red, while gaming tokens, such as MANA and SAND, have produced significant gains.

Bitcoin Fails at $58K

It was just a few days ago, during the weekend, when the price of the primary cryptocurrency took a swing at $60,000 but to no avail.

The subsequent rejection drove it south hard. In a few hours, BTC saw itself trading below $56,000 for the second time in less than a week. This came after several highly volatile moves.

The bulls tried to step up and pushed bitcoin upwards, which culminated in a daily high of $58,400 (on Bitstamp) charted yesterday.

However, BTC failed to stand above that level and has lost roughly one grand since then. It trades around $57,500 now, and its market capitalization is down below $1.1 trillion once again.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Metaverse Tokens Go Up: Meme Coins Down

CryptoPotato reported yesterday on the rapidly changing trends in the cryptocurrency space. Memecoins, such as Dogecoin and Shiba Inu, were the most significant and engaging tokens in the past few months. Now, though, they are on a downfall in terms of price and user demand.

In the past 24 hours, DOGE has lost 4% of value and is close to breaking below $0.2, while SHIB is beneath $0.00004. Moreover, the latter is more than 50% down since its peak less than a month ago.

In contrast, a new mania seems to be emerging – metaverse coins. As reported earlier, representatives, such as Decentraland and the Sandbox, have skyrocketed lately, with new all-time highs charted frequently. MANA is up by 25% in the past 24 hours, while SAND is up by 14%.

From the larger-cap alts, Binance Coin has increased by roughly 4% to above $610. Avalanche and CRO have also marked minor gains.

In contrast, Ethereum, Cardano, Ripple, Polkadot, and Terra are in the red, while Solana has dumped by 7% to just over $200.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.