We have the “next millionaire maker” in the cryptocurrency house — metaverse tokens. Investors, take a note.
- Metaverse coin index displayed a staggering growth of 37000% in 2021. Bitcoin prices rallied at 100%
- Analysts and experts predict the new player in cryptocurrency world as the “next millionaire maker”.
- Bitcoin prices plunged badly after a stressful week at the Wall Street paired with Biden’s Infrastructure Bill.
- Ethereum too plummeted by 13% in on Saturday morning.
There is a parallel virtual universe in making whose coins are beating the gains of this world’s cryptocurrency. While the world was obsessing with the $100,000 market prediction of Bitcoin price, Metaverse coins gave an unbelievable blow to the non-believers. The U.K. based research firm Macro Hive revealed that Metaverse tokens jumped eye-watering 37,000% in 2021 while Bitcoin only depicted 100% growth.
“The clear outperformer this year has been the metaverse,” Macro Hive’s team including Dalvir Mandara and CEO Bilal Hafeez said in a newsletter published Thursday.
Metaverse coins have depicted 20% growth in the last seven days when Bitcoin suffered a dip in the same period.
Metaverse coins rally at record pace- DeFi faces a massive blow
In order to compare and conclude the trend in 2021, Macro Hive divided the cryptocurrency industry into four major indices- Bitcoin, smart contracts, metaverse, and decentralized finance (DeFi). Among these four indices, Bitcoin was the only individual entity whereas, other three indices tracked the performance of five coins each.
The five coins that appeared on the Meta index- Axie Infinity, Decentraland, Sandbox, Enjin Coin and GALA. Smart Contracts included programmable blockchain tokens- Ethereum, Solana, Cardano, Avalanche, and Polkadot. For DeFi index, the selected tokens were Aave, Maker, Compound, Uniswap and PancakeSwap.
So what drove the remarkable spur in growth of Metaverse tokens? The answer is Facebook’s rebranding move to Meta. Mark Zuckerberg not just certified the metaverse revolution, but also garnered the world’s trust in the virtual simulation of life.
According to Macro Hive, “returns appeared to be turbocharged by Facebook’s decision to rebrand to Meta.”
What are metaverse tokens?
To put simply, it is the currency that is used to make purchases in the metaverse. Since Facebook’s rebranding move, these coins have gained a massive popularity among cryptocurrency investors and are largely being dubbed as “ethereum killers”.
As the world increasingly progress towards a full-blown metaverse that would be mainstream to common people, analysts believe that these coins are the “next millionaire makers” in the world of cryptocurrency.
According to Katharine Wooller, UK managing director at crypto wealth platform, “any global cryptocurrency promoted as ‘the next big thing’ by tech giants like Facebook will be hard to stop.
“But initially, they are more likely to make tech millionaires into tech billionaires than turn DIY investors into millionaires.”
Bitcoin suffers worse plunge in days
While Metaverse tokens narrated a utopian success story, Bitcoin, on the other hand, had a bad, bad weak. Saturday recorded a sharp drop in the prices of Bitcoin and other cryptocurrencies. The reason is the distrust of investors as Wall Street suffered a massive stock market selloff ahead of Black Thursday crash.
World’s largest cryptocurrency was trading at $59,000 on Wednesday before it suddenly plummeted to around $47,000 on Friday. Saturday morning recorded the most bleak figures, trading at $42,000. A multitude of reasons are responsible for this plunge- unrest on the Wall Street, signing of Infrastructure Bill that provisions to tax crypto investors and the fast-spreading Omicron variant.
However, Bitcoin was not the only cryptocurrency that suffered the plunge. Ethereum, the second largest cryptocurrency, was also down by 13% on Saturday morning.