The metaverse space continues to gain adoption, and Cardano has become the latest blockchain to host a metaverse-focused project.
Pavia Becomes the First Metaverse Project on Cardano
The cryptocurrency market has slightly retreated over the past few hours after the positive performance during the weekend. Bitcoin has dropped below the $43k level while Ether has been unable to surge past the $3,300 resistance level.
ADA, the native token of the Cardano ecosystem, has been rallying over the past 24 hours. Cardano is the fifth-largest cryptocurrency by market cap, behind Bitcoin, Ether, Binance Coin (BNB) and Tether (USDT).
At press time, ADA is trading at $1.52 per coin. The major catalyst behind the rally is the launch of the first metaverse project on the Cardano blockchain. Pavia.io announced a few hours ago that it had become the first metaverse project to launch on the Cardano network.
The Pavia team said it has some 100,000 Land parcels, each being minted as a unique nonfungible token (NFT) with coordinates. The metaverse is a key component of the crypto space that gained traction in the past few months.
ADA Breaks Past its 50-Day EMA
ADA has added more than 10% to its value in the last 24 hours, outperforming the other major cryptocurrencies during that period. The ADA/USD daily chart is bullish, and the coin could rally higher in the coming hours if the momentum is maintained.
ADA is trading at $1.539, above its 50-day moving average price of $1.3343. The MACD line has just crossed the neutral zone for the first time this year. Meanwhile, the RSI of 63 shows that ADA is out of its oversold region and could soon become overbought if the momentum is maintained.
If the rally continues, ADA could surpass its first major resistance level at $1.74 over the next few hours. An extended bullish performance would allow ADA to reach the $2.0 mark for the first time since November 16.
Leading cryptocurrency exchange Crypto.com partnered with some sporting institutions, and it has continued this tradition in 2022.
Crypto.com Partners with the AFL
The Australian Football League has announced that it has signed a five-year partnership with Crypto.com. The crypto exchange will serve as a partner of both the Toyota AFL Premiership Season and NAB AFLW competitions.
According to the press release shared with FXEMPIRE, Crypto.com will become the Official Cryptocurrency Exchange and Official Cryptocurrency Trading Platform of AFL and AFLW. The crypto exchange will also feature as the exclusive naming rights partner of the ‘Crypto.com AFL Score Review’ for all Toyota AFL Premiership Season and Final Series matches.
The agreement sees the AFL become the first Australian sports league Crypto.com has partnered with, while AFLW will become the first elite women’s sports competition Crypto.com has sponsored worldwide.
AFL chief executive Gillon McLachlan said the partnership marked an exciting new chapter for Australian Football. “Cryptocurrency and blockchain technology is a dynamic and emerging industry, and the AFL is delighted to partner with Crypto.com to be at the forefront of the industry’s growth in Australia,” he added.
Crypto.com Co-Founder and CEO Kris Marszalek said the new partnership was a great opportunity to expand cryptocurrency in an already strong market.
“We are committed to investing in Australia, a key market and leader in cryptocurrency adoption, contributing to our rapid growth of over 10 million users globally. The AFL and AFLW are perfect platforms to associate ourselves with Australian sports and culture. It is by far the most popular spectator sport in the country that has been played for over 150 years, a rich history that uniquely brings Australians together in a way that we are truly inspired by,” the Crypto.com CEO added.
Crypto.com Continues to Partner with Sporting Institutions
Crypto.com partnered with sporting institutions such as Formula 1, UFC, Paris Saint-Germain Football Club, and the Philadelphia 76ers (NBA) in recent months. The others include Montreal Canadiens (NHL), esports team Fnatic, Lega Serie A, Twitch Rivals, and most recently renaming the AEG-owned and operated Staples Center to Crypto.com Arena.
CRO, the native token of the Crypto.com platform, is down by 3% in the last 24 hours and currently trading at $0.4552.
The broader cryptocurrency market has performed well over the weekend, with Bitcoin now trading above the $43k mark while Ether could breach $3,400 soon.
What are Altcoins?
Altcoins is short for alternative coins. This is a term used to describe all cryptocurrencies other than Bitcoin. The term was derived from the fact that the coins are alternatives to Bitcoin, the world’s leading cryptocurrency.
Altcoins are an important component of the cryptocurrency market. There are several types of altcoins, including meme coins, stablecoins and more.
Lesser-Know Altcoins that are Trending
Twitter is perhaps the number one social media platform for cryptocurrency projects and their followers. The crypto community regularly talks about cryptocurrency projects on Twitter more than other major social media platforms.
These lesser-known altcoins are currently trending on Twitter.
Marlin (POND) is an open protocol designed to provide a high-performance programmable network infrastructure for Web3 and the decentralized finance (DeFi) space. The project aims to ensure that applications secured via the blockchain don’t differ in terms of performance from the apps on Web 2.0.
POND, the native token of the Marlin Network, is used for operating validator nodes via staking, voting on governance proposals and several other functions.
Marlin is currently trending following the conclusion of the Flashbots event last week. Supragya Raj from Marlin gave a good speech during the event regarding Maximal Extractable Value (MEV).
POND has been performing excellently over the past few hours. At press time, POND is trading at $0.07296, up by more than 10% in the last 24 hours. The RSI of 61 shows that POND is currently heading into the oversold region if the rally is sustained. POND is also trading above its 50-day moving average of 0.05646.
SpookySwap is an automated market-making (AMM) decentralized exchange (DEX) that is hosted on the Fantom network. The team said it focuses on building a strong foundation via its BOOK token as a governance token. It is also working on having a built-in bridge, built-in limit orders and user-centered service.
SpookySwap is one of the top trending altcoins at the moment, thanks to its latest milestone. Earlier today, the total value locked (TVL) on the SpookySwap ecosystem topped $1.8 billion for the first time ever.
As a result of this latest milestone, BOO has been rallying over the past few hours. BOO is currently trading at $36.50 per token, up by more than 17% over the past 24 hours, making it one of the top performers in the market.
BOO’s technical indicators show that the coin is currently recovering from a recent slump. BOO is trading below its 50-day moving average of $37. The RSI of 45 shows that BOO is getting out of its oversold region and could rally higher soon.
Metis is building Metis Rollup, an easy-to-use, highly scalable, low-cost, and fully functional Layer 2 framework. The L2 framework is designed to support the application and business migration from Web2 to Web3.
It is a scalable protocol that currently supports numerous use cases, including DeFi platforms, nonfungible token (NFT) marketplaces, open-source developer communities, freelancer communities, crowdfunding, yield farming, and more.
METIS has been trending over the past few hours, thanks to the latest milestone achieved by the team. The Metis Token team announced that it had reached a TVL of $500 million, roughly eight weeks after launching its Andromeda Layer 2 network.
gm CT!$METIS hit $500M in TVL, just over 8 weeks after launch of our Andromeda Layer 2 network.
$1M Hackathon winners coming Jan 20 Flurry of killer DeFi DApps coming Gaming/Metaverse/NFT DApps coming Native & other stablecoins coming
METIS is trading at $300, up by 7% in the last 24 hours. The METIS/USD daily chart shows that the cryptocurrency is currently bullish. METIS’s RSI of 61 shows that it could soon reach the overbought region. METIS is trading above its 50-day moving average of $215, indicating a bullish trend.
The cryptocurrency market experienced massive growth last year, with the total market cap reaching the $3 trillion mark for the first time in November.
70% of US Crypto Investors Started Investing in 2021
A new report recently published by cryptocurrency exchange Huobi reveals that 70% of US crypto investors began investing last year. The Decentralized finance revealed some interesting data about crypto investors in the United States.
The current Bull Cycle, which began in 2020, attracted US citizens to the crypto market. While 70% of the respondents said they started investing in cryptocurrencies in 2021, 21% said they began the year before. Only 9% of the respondents have been in the crypto space for four years or more.
46% of the respondents said they currently hold $1,000 or less in crypto, while another 25% said they hold between $1,000 and $10,000. The interest came as Bitcoin and other leading cryptocurrencies rallied to new all-time highs during the course of the year.
DeFi and NFTs Convinced People to Enter the Crypto Space
The Decentralized finance (DeFi) and Decentralized finance (NFT) sectors recorded huge growth last year. The survey said the interest in those sectors was crucial to the growth experienced by the broader cryptocurrency market last year.
Jeff Mei, Director of Global Strategy at Huobi Group, said, “We still have a long way to go before mainstream adoption will happen. Once more people take the time to understand the industry, and there’s more clarity on global regulations, we can expect to see a spike in participation.”
Despite the increasing interest in cryptocurrencies, there are still concerns regarding cryptocurrencies. The report said, “42% of respondents felt it was too risky, and 34% were concerned about the lack of market regulations. 25% of survey respondents said flat out that they didn’t have enough capital to invest in crypto.”
A CNBC survey published last month showed that about 48% of millennial millionaires plan to add to their holdings this year, while 39% plan to maintain their current crypto levels.
Spain is making a case to become a cryptocurrency hub in Europe, and the latest developments show that it is possible.
Spain to Install 100 Bitcoin ATMs this Year
Bitnovo, a leading Spanish bitcoin payment platform, has partnered with Eurocoin, Europe’s leading supplier of electronic components. The partnership will lead to the installation of 100 cryptocurrency ATMs in the country before the end of the year.
Spain is the leading country in Europe in terms of Bitcoin ATMs, with 199 currently available in the country. The installation of 100 more Bitcoin ATMs in 2022 will take its total to nearly 300. Spain will be behind the United States and Canada in terms of the total Bitcoin ATMs available in a country.
The CEO of Eurocoin, Fernando Dumont, believes the partnership with Bitnovo is a strategic move into the cryptocurrency space. He pointed out that he believes cryptocurrencies will exist alongside the traditional mode of payments.
Spain is planning to become the leading cryptocurrency country in Europe. Following the internet shutdown in Kazakhstan earlier this year that affected Bitcoin’s mining hash rate, Deputy for the Spanish Ciudadanos political party María Muñoz proposed a bill to make Spain a crypto mining hub.
Finalmente, y dada la importancia de Kazajistán para el mercado de las criptomonedas a nivel global, también hemos dirigido una pregunta más específica al Gobierno sobre este asunto. 6/6 https://t.co/GmF6EhW6hN
However, there has been no discussion of the bill in the Spanish parliament since then.
Europe Lags North America in Terms of Total Bitcoin ATMs
North America leads the way in terms of Bitcoin ATMs in the world. At the moment, there are over 36,000 Bitcoin ATMs globally. However, North America accounts for 94.9% of the total number of Bitcoin ATMs globally (the United States has 30,835 and Canada has 2,266).
Europe accounts for 4% while the rest of the world shares the remaining 1%. In Europe, Spain leads the way, with 199 Bitcoin ATMs, followed by Switzerland with 142. Asia, Africa, and South America are far behind the other continents.
The cryptocurrency market has retreated over the past few hours, with the prices of most coins down by more than 2% during that period.
Gala Loses 8% of its Value in 24 Hours
GALA, the native token of the Gala Games platform, has lost more than 8% of its value in the last 24 hours. This latest development comes as the broader cryptocurrency market undergoes a correction.
Gala is a gaming and nonfungible token (NFT) platform that intends to build an ecosystem of blockchain games. Gala operates on both Ethereum and Binance Smart Chain. The platform offers a wide range of features, including a platform for NFT games (Gala Games) and an NFT marketplace (Gala Store). The users can play games, trade NFTs, and participate in network governance and consensus.
The crypto market began to recover from last week’s slump earlier this week, with Bitcoin reaching the $43k mark once again. However, the market recovery didn’t last long as the bears are now in control again.
Bitcoin is struggling to stay above $42k after losing more than 3% of its value in the last 24 hours. Ether risks dropping to the $3,100 zone after dipping by 4% so far today. GALA is one of the top underperformers in the market at the moment. GALA is trading at $0.3202 at press time.
GALA Could Slip Below the $0.30 Psychological Point
The GALA/USD daily chart is looking bearish at the moment. The technical indicators show that GALA is underperforming and could dip lower soon.
GALA is trading below its 50-day moving average price of $0.4757. The MACD line has been below the neutral zone since the start of the year, indicating a deep bearish trend. The RSI of 37 shows that GALA is currently in the oversold region.
If the bearish trend continues, GALA could drop below the $0.30 mark and lose the first major support level at $0.2354. Unless the poor run continues, the support level at $0.2084 should cap any further downward movement.
The Secret Network team said it has concluded the Duplex Finance pilot and is now considering the best path forward.
Secret Network Works with Key Tango to Conclude Duplex Finance Pilot
The Secret Network team announced a few hours ago that it had concluded the pilot of its Duplex Finance project. The team said it worked with Key Tango to conclude this pilot and termed it as successful.
The teams are now considering the best path forward in terms of potential modifications and implementations.
Secret Network is an interoperable blockchain infrastructure designed to enable computational privacy for general-purpose smart contracts. The blockchain is powered by the SCRT token, which is used for staking, delegation, governance, and all computational and transactional fees.
Since the announcement yesterday, SCRT’s value has increased by more than 19%. At press time, SCRT is trading at $7.8 per coin. SCRT has been one of the best-performing cryptocurrencies since the start of the year.
On January 2, SCRT rallied past the $6 mark to reach a market cap of $900 million. The rally was enough to propel the coin into the top 100 list of the most valuable cryptocurrencies. SCRT continued its rally in the first week of the year despite the broader market underperforming during that period.
The SCRT/USD daily chart is very bullish at the moment, thanks to its latest performance. At press time, SCRT is trading at $7.8, above its 50-day moving average price of $5.40.
The MACD line has been in the positive zone since the start of the year. Meanwhile, the RSI of 65 shows that SCRT could enter the overbought region if the market rally continues.
SCRT could break past the first major resistance level at $8.5 in the coming hours if the bullish momentum is sustained. However, it would need the support of the broader market to surpass its current all-time high price of $10.
The IOTA Foundation has gained the support of the European Commission. This will allow it to work on research for adapting and improving its protocol to be used in the many possible EBSI use cases.
IOTA Foundation Selected for Phase 2 of the EU Blockchain Pre-Commercial Procurement
The IOTA Foundation announced earlier today that it had been selected as one of five contractors for the second phase 2A of the pre-commercial procurement.
This latest development means that IOTA will be developing and testing prototypes that could bring the most exciting improvements to future versions of the European Blockchain Services Infrastructure (EBSI).
In its blog post, the IOTA Foundation said, “We have been awarded funding to research, develop and test the use of IOTA technology in key areas including interoperability, scalability, energy efficiency, security, consensus, identity, and governance.”
This latest development comes after Phase 1, where the foundation and six other projects were chosen from over 35 applicants. Phase 2 is set to last for six months, and the IOTA Foundation will be testing innovations that could benefit the EBSI infrastructure.
Some of the use cases the IOTA Foundation will be focused on are related to digital product passports for digital waste recycling and the international management of IP rights.
The IOTA team said they are “excited to work with the European Commission on the EU blockchain pre-commercial procurement over the next six months, as well as with our subcontracted partner Software AG and other industry partners on use cases.”
MIOTA Dips by More Than 5% Today
The broader cryptocurrency market has been performing well lately. However, MIOTA, the native token of the IOTA protocol, is currently underperforming. MIOTA is trading at $1.12 at press time, down by 5% in the last 24 hours.
MIOTA is trading below its 50-day moving average price of $1.25. The MACD line has dropped below the neutral zone following this latest bearish performance. Meanwhile, the RSI of 41 means that MIOTA could soon enter the oversold region if the market conditions remain unchanged.
Central banks in various parts of the world are either developing their CBDCs or working on the best method to do so. However, a Digital Pound Sterling has not gained widespread acceptance in the United Kingdom.
House of Lords Committee Believes There are Challenges Related to a CBDC
The House of Lord Committee has concluded that there is no convincing use case for a central bank digital currency (CBDC) at the moment. This latest development could dent the development of a CBDC by the Bank of England (BoE).
The committee said, “While a CBDC may provide some advantages, it could present significant challenges for financial stability and the protection of privacy.”
The Economic Affairs Committee of the House of Lords initiated an inquiry in September 2021. The inquiry was to explore how a central bank digital currency might affect the role of the Bank of England, its monetary policies, and the broader financial sector.
However, the report is not in favor of the development of a CBDC in the United Kingdom at the moment. The committee said the availability of a CBDC will ultimately see consumers transfer money from their bank accounts into CBDC wallets.
The committee added that there need to be limitations on the amount of CBDC individuals could hold.
BoE to Hold a CBDC Consultation Session This Year
The Bank of England and Britain’s finance ministry announced on November 9, 2021, that they would hold a formal consultation next year on whether to move forward on a possible CBDC this year. However, no formal date for the consultation has been announced.
In November, BoE governor Andrew Bailey commented that a fifth of commercial bank deposits could disappear if the apex bank develops a CBDC.
At the time, deputy governor for financial stability Jon Cunliffe said, “Banks would need to adapt. They would lose a revenue stream from payments.”
Central banks are developing their CBDCs as the use of Bitcoin, and other cryptocurrencies continue to increase. The emergence and increasing adoption of stablecoins is also a concern for financial institutions.
Mike Tyson asked his followers a few months ago to choose between Solana and Ethereum, and it is clear he has now gone with the latter.
Tyson is all in on Solana
Former heavyweight champion boxer Mike Tyson tweeted a few hours ago that he is all in on Solana at the moment. He attached a Catalina Whale non-fungible token (NFT) issued on top of the Solana blockchain to his tweet.
This latest development indicates his preference for Solana over Ethereum. On September 9, Tyson asked his Twitter followers to choose between Solana and Ethereum. The tweet unleashed a battle among the answers to his post over which one is the better smart contract-enabled blockchain platform.
Tyson sparked a similar battle regarding Bitcoin and Ethereum in July last year. At the time, he asked his followers if they preferred Bitcoin or Ethereum. As always, there were varying responses from the cryptocurrency community regarding which is the better cryptocurrency.
In addition to his Solana tweet, Tyson started promoting Dream (DREAM), an ERC-20 token, a few hours ago. According to Tyson, DREAM could revolutionize the NFT space and help the mental health of the crypto community.
Ever since I got into NFTs I have been looking for crypto partnerships and $DREAM really stood out. It’s the first of its kind that can only be traded during US stock market hours. Could revolutionize the space and help the mental health of the crypto community
Solana, like most cryptocurrencies, has been rallying over the past few days. The SOL/USD daily chart is currently bullish, thanks to the coin’s performance over the past 24 hours. At press time, SOL is trading at $157 per coin, up by 6.5% over the last few hours.
SOL is closing in on its 50-day moving average price of $178. It could surpass its 50-day EMA in the coming hours if the current market condition is sustained. The MACD line is still below the neutral zone but is slowly moving higher thanks to the recent rally.
The 14-day RSI of 50 shows that SOL is out of the oversold territory. If the bulls remain in control, SOL could move past the first major resistance level at $180 before the end of the day. Unless there is an extended bullish performance, the $213 resistance level should cap further upward movement in the short term.
Harmony is a fast and secure blockchain for decentralized applications (dApps). The protocol’s main focus is to achieve scalability by dividing the network nodes. ONE, the native coin of the Harmony blockchain, has been rallying over the past 24 hours.
At press time, ONE is trading at $0.35 per coin, up by 13.8% in the last 24 hours. The rally comes as the broader cryptocurrency market slowly recovers from its recent slump. The total cryptocurrency market cap dropped below the $2 trillion mark earlier this week but is now moving towards $2.1 trillion.
Bitcoin, Ether and the other major cryptocurrencies are also recovering from their recent slump thanks to the market rally.
The ONE/USD daily chart is one of the most bullish in the cryptocurrency space at the moment. The technical indicators show that ONE is performing excellently. If the rally continues, it could soon top the $0.40 psychological level.
ONE is trading above its 50-day moving average of $0.246. The MACD line has been above the neutral zone since December 26, while the RSI of 72 shows that ONE could soon enter the oversold region.
The cryptocurrency market has put on an impressive performance so far this week, with most coins now up by more than 2% in the last 24 hours.
1inch Network Rallies by 10% in 24 Hours
The broader cryptocurrency market underperformed earlier this month, with Bitcoin temporarily dropping below the $40k level. However, since the start of the week, the market’s performance has improved.
Bitcoin is now trading above $43k after adding 2% to its value in the last 24 hours. Ether is targeting the $3,500 psychological level thanks to its rally over the past few hours. However, one of the top performers at the moment is 1INCH, the native token of the 1inch Network.
1INCH is currently trading above $2.3 per coin, up by more than 10% over the past 24 hours. There is no catalyst behind this move except the cryptocurrency market recovery. The market rally has seen numerous coins and tokens recover some of their lost values over the past few days.
Earlier this week, the total cryptocurrency market dropped below $2 trillion. However, it is now back above that level and could soon reach $2.1 trillion if the rally is sustained over the coming hours and days.
1INCH Could Touch $3 Soon
1INCH’s technical indicators show that the cryptocurrency is recovering from its recent bearish trend. If the current rally is sustained, 1INCH’s technical indicators will enter the positive zone soon.
The MACD line is below the neutral zone but could soon enter the positive territory. Meanwhile, the RSI of 50 shows that 1INCH is no longer oversold. If the bulls remain in control, 1INCH could soon face more buying pressure from the market.
At press time, 1INCH is still trading below its 50-day moving average of $2.67. However, it could break past the 50-day EMA point soon if the market conditions remain the same.
In the event of an extended rally, 1INCH could reach the second major resistance level at $3.23 before the end of the day.
Gap Inc. has entered the nonfungible token (NFT) space. The brand is introducing a gamified digital experience celebrating creatives within the NFT sector.
Gap Partners with Brandon Sines to Launch its NFT Collection
Gap Inc. announced earlier today that it has partnered with Brandon Sines, the artist behind Frank Ape. The partnership saw Gap Inc. launch its first NFT collection.
The company, in its blog post, said it is introducing a gamified digital experience celebrating creatives. The launch will give customers the unique opportunity to own a limited edition, collectible Gap hoodie.
Chris Goble, Chief Product Officer and General Manager of GAP North America, said the company’s entry into the NFT space is due to its interest in music, art, and culture.
Sines commented that “With this partnership with Gap, the creative cycle has come full circle as it allows me to express the beautiful messages of Frank Ape while collaborating with one of the most classic brands in history. I cannot wait to share the physical and digital pieces we’ve been working on with Gap and Frank fans worldwide.”
Gap’s NFTs will Launch on the Tezos Blockchain
Gap revealed that it has chosen to launch its NFT collection on the Tezos blockchain. The company chose Tezos in a bid to create an excellent customer experience. Gap added that Tezos uses a more energy-efficient approach to secure its network, allowing the blockchain to operate with minimal energy consumption and a low carbon footprint.
The Gap NFTs will be available for users to buy exclusively via the company’s official website starting tomorrow, January 13. “Gap’s digital collectibles will feature four levels: Common, Rare, Epic and One of a Kind,” the company added.
The American news wire agency Associated Press (AP) announced the launch of its NFT marketplace earlier this week. AP said it would sell award-winning photographs, including Pulitzer Prize-winning images, via the marketplace.
Data from market tracker DappRadar shows revealed that sales of NFTs reached some $25 billion last year. The NFT market could grow even bigger this year as more entities enter the space.
The case between the United States Securities and Exchange Commission (SEC) and blockchain company Ripple is expected to be pushed back for a month. However, XRP has added more than 7% to its value in the last 24 hours.
Ripple v. SEC Case Could be Delayed
Fox Business journalist Eleanor Terrett has revealed that the case between the US SEC and Ripple will be pushed back a month. The delay is due to the rapid spread of the Omicron variant. A source close to the matter told Terrett that the motion would be filed in court tomorrow, January 13.
SCOOP: The expert discovery deadline in the Ripple vs. SEC case will be pushed back a month due to the rapid spread of the Omicron variant. A source close to the case tells @FoxBusiness a letter outlining this new motion will be filed in court as early as tomorrow. #XRP
The SEC vs. Ripple case has been going on since 2020 when the regulatory agency charged Ripple with launching and issuing unregistered securities as XRP tokens. The SEC also accused the company of illegally selling $1.3 billion worth of XRP tokens.
Ripple, the CEO and co-founder of the company, Brad Garlinghouse, and Chris Larsen are the defendants in this case. In November, Garlinghouse said he believes the SEC will be concluded this year as Ripple is making good progress.
At the time, he said, “We’re seeing pretty good progress despite a slow-moving judicial process.”
Earlier this week, Ripple opposed the SEC’s fair notice defense. Ripple’s lawyers filed a motion to strike the fair notice defense after the US SEC cited the out-of-circuit decision in the case against Fife.
Ripple’s lawyers argued against the use of the term “investment contract,” adding that the Fife case is not relevant to the SEC’s allegations against it.
XRP has been rallying over the past 24 hours and is currently up by more than 7% during that period. At press time, XRP is trading at $0.795 per coin. The technical indicators are bearish at the moment but are improving, thanks to XRP’s ongoing rally.
The MACD line is below the neutral zone but is slowly moving into the positive territory. The RSI of 46 shows that XRP is now out of the oversold region. If the rally continues, XRP could break past its 50-day moving average price of $0.8620 soon.
One of the hottest trends in the cryptocurrency space last year was the metaverse. Numerous projects focusing on the metaverse emerged last year and grabbed the attention of investors.
However, 2022 will see more metaverse projects grab the headlines, thanks to the developments they have in store.
This post explores the top five metaverse coins below $1 to watch this year. We will look at what the projects are developing and why you should keep an eye on them.
What is the Metaverse?
The metaverse can best be described as a persistent, online, 3D universe comprising multiple virtual spaces. It is considered by many as a future iteration of the internet as it will allow users to meet, work, game, and socialize in 3D spaces.
The metaverse is driven by augmented reality, with the user controlling a character or an avatar. With the metaverse, you can conduct your work meetings virtually and feel like you were physically present.
You can also do a wide range of things, including playing blockchain-based games and many more. Cryptocurrencies have become very important to the metaverse space. Cryptos serve as utility tokens in the metaverse, while the nonfungible tokens (NFTs) are the virtual collectibles.
Top Five Metaverse Coins Below $1
The metaverse is still in its early days, but numerous cryptocurrency projects are now focusing their attention on this space. Decentraland, The Sandbox, and Axie Infinity are some of the leading names in the metaverse space. However, we have some projects that are relatively unknown but have huge potential. Here are the top five metaverse coins that are currently trading below $1.
Bloktopia is a decentralized metaverse built and backed by Polygon, one of the leading blockchains in the world. Bloktopia aims to provide an unprecedented VR experience for the crypto community, bringing users together all in one immersive and engaging environment.
It is one of the must-watch metaverse projects in 2022 because of its strong backing. Bloktopia has attracted investors such as Animoca Brands. Leading crypto companies including KuCoin, CoinMarketCap, and Coingecko already have their virtual offices within Bloktopia.
Similar to other leading metaverse projects, Bloktopia offers a marketplace that allows users to buy BLOK real estate using an NFT mechanism.
BLOK is currently trading at $0.04265299, down by more than 74% from the all-time high of $0.178281 it achieved on October 31, 2021. Despite its recent decline, BLOK is still up by more than 450% from its all-time low of $0.00757922. BLOK has a market cap of $353 million.
Meta Hero (HERO)
Meta Hero describes itself as the gateway to the metaverse. The project intends to use Ultra-HD photogrammetric scanning technology to bring on the next 10 million new users to cryptocurrency.
Meta Hero partnered with Wolf Studio, a leader in the 3D scanning world, to work on its project. The team’s introduction of meta scanners in the metaverse creates numerous use cases like 3D printing, scanning network, and in-game character creation.
The Meta Hero team has already launched its 4K HD scanners but is currently working on upgrading to 16K Ultra-HD. HERO is currently trading at $0.111673, down by 55% from the all-time high of $0.252021 it achieved on December 2, 2021.
Despite its recent bearish performance, HERO is up by more than 1,900% from the all-time low price of $0.00537031. HERO has a market cap of $572 million.
Epik Prime (EPIK)
EPIK Prime is an NFT platform working with AAA gaming companies and giant entertainment IP and brands to create in-game NFT goods and marketplaces. Epik differs from the other projects on this list because it helps businesses license and produces NFTs and immersive blockchain-powered in-game experiences.
The EPIK Prime team is considered one of the industry leaders in terms of empowering early-stage blockchain games. It helps these projects gain mainstream adoption.
EPIK is currently trading at $0.282311, down by 67% from its all-time high of $0.865706, which was attained on November 17, 2021. However, EPIK is up by more than 230% from its all-time low price of $0.085736. EPIK’s current market cap is around $66 million.
Star Atlas (Atlas)
Star Atlas is regarded as one of the gems in the metaverse space. It is a Solana-powered metaverse game with a dual token economy.
The team seeks to combine blockchain, real-time graphics, multiplayer video games, and decentralized financial technologies to ensure that its game is one of the best in the cryptocurrency space.
Star Atlas is still in its early stages, but the community is excited about this project. The roadmap indicates that the team is working on something unique, and the trailer available on their website also gives users something to be excited about.
ATLAS is trading at $0.087497, down by more than 60% from the all-time high price of $0.267549 attained on September 4, 2021. The cryptocurrency is only up by 38% from its all-time low of $0.063366 and has a market cap of around $190 million.
RFOX was developed by RedFox Labs, a tech company that is currently building a virtual space for retail purposes. The team wants RFOX to be the global leader in immersive metaverse experiences focused on retail, media, gaming, and rewards.
The project works on a dual token system, where RFOX tokens are used for buying land and virtual assets, while the VFOX is the reward token of the ecosystem. RFOX is a metaverse project to watch in 2022 because the team is not done building.
The team is currently developing numerous products, including RFOX Finance and RFOX Games. These products are designed to complement the final metaverse.
RFOX is trading at $0.080576, down by 78% from its all-time high of $0.377778. However, it is still up by nearly 600% from the all-time low price of $0.01152142. RFOX has a market cap of $115 million.
The metaverse is a fast-growing area within the cryptocurrency and blockchain sector. There are numerous projects within the metaverse space, but the above-discussed coins are worth watching out for in 2022.
The cryptocurrency market got a breather in the past 24 hours after underperforming since the start of the year. The prices of most coins are up by more than 2% over the past few hours.
Kusama Surpasses the $260 Psychological Level
KSM, the native token of the Kusama ecosystem, has been trading below the $260 level since it reached a high above $300 earlier this month. However, it overcame this psychological level a few hours ago and is now trading above $270 per coin.
Kusama has modified governance parameters that promote faster network upgrades. The community members are given seven days to vote on referendums and eight days to implement any agreed-upon upgrade.
KSM has added nearly 10% to its value over the past 24 hours. There is no apparent catalyst behind this move except the broader cryptocurrency market performing excellently during that period.
The total cryptocurrency market cap is now above the $2 trillion mark again after falling below it earlier this week. Bitcoin is trading above $42k per coin while Ether currently eyes the $3,200 level after adding 4% to its value recently.
KSM Could Target the $300 High Again
KSM’s recent rally could serve as a catalyst for further gains for the cryptocurrency. The technical indicators show that KSM is still bearish as it is still some way from the high it achieved earlier this month.
KSM is trading at $272 per coin, below its 50-day moving average of $294. The MACD line is still in the negative territory but is slowly moving higher. Meanwhile, the 14-day RSI of 50 shows that MACD is out of the oversold region.
If the rally continues, KSM could top the first major resistance level at $287 over the next few hours. In the event of an extended bullish performance, KSM could surpass its 50-day EMA and reach the resistance level at $307 before the end of the day.
EGLD, the native token of the Elrond ecosystem, is trading above the $200 mark again following an exciting partnership with Utrust.
Utrust and Elrond Partner to Explore the Web3 Payments Landscape
The Utrust team announced yesterday that it had partnered with Elrond. The partnership will see the two cryptocurrency companies unite to take over the Web3 payment ecosystem.
Elrond is a high-throughput public blockchain designed to provide security, efficiency, scalability, and interoperability. The blockchain can process over 10,000 transactions per second, with low block times and negligible fees.
Utrust, on the other hand, is a payment integration solution that enables e-commerce businesses to accept digital currencies as a form of payment.
According to Utrust, the partnership with Elrond will enable them to go bigger, faster and better than ever before.
The day has come: Utrust and @ElrondNetwork have united to take over the #Web3 payments landscape.
Today, a new era begins for #crypto payments. We are going bigger, faster, and better than ever before.
The Utrust team said, “Both teams will start working together immediately, and we will present a public comprehensive roadmap shortly. We will be fully committed to execution, so this will be live and updated at all times.”
EGLD Rallies Following Utrust Partnership
EGLD, the native token of the Elrond blockchain, has been performing excellently since the news of the partnership came out. Over the past 24 hours, EGLD has added more than 6% to its value and is now trading above $205 per coin.
EGLD’s technical indicators are still bearish, but they are improving. EGLD is currently trading at $205, below its 50-day moving average price of $274. It would need a massive rally to break past the 50d-day EMA in the short term.
The MACD line remains in the negative zone despite the coin’s current rally. The 14-day RSI of 39 shows that EGLD is slowly moving out of the oversold region.
While EGLD is rallying, UTK, the native token of the Utrust platform, is underperforming. UTK is down by 10% in the last 24 hours and is currently trading at $0.38 per token.
Some cryptocurrency investors believe Bitcoin is a hedge against inflation, but American billionaire Mark Cuban doesn’t think the narrative is true.
Bitcoin Will Never Be a Hedge Against Inflation
The owner of the Dallas Mavericks, Mark Cuban, has come out to air his opinion about Bitcoin’s role as a hedge against inflation. Cuban claims that he doesn’t believe Bitcoin is a hedge against inflation.
Cuban said, “Now do a 1-year performance comparison. I said Doge was good for spending and better than a lottery ticket. You still think BTC is an inflation hedge? It’s not and never will be. Doge/BTC is flat last 30 days.”
The American billionaire hasn’t always been a fan of Bitcoin. In the past, he noted that it is easier to trade bananas than Bitcoin. However, he later changed his stance and described Bitcoin as a financial region.
Although Cuban doesn’t think Bitcoin is a hedge against inflation, he didn’t compare it with Gold in his latest comment, unlike Peter Schiff.
Schiff recently said that though bitcoin went up by 60% in 2021, most of these gains were achieved during the first five weeks of the year. He insists that most investors that bought BTC in 2021 didn’t gain. His comment suggests that Bitcoin isn’t a better hedge against inflation than Gold.
Cuban Still Prefers DOGE Over BTC
Mark Cuban is a huge fan of Dogecoin and has promoted the cryptocurrency on numerous occasions. He once again stated that he believes DOGE is better suited for payments than Bitcoin.
Cuban said, “We sell thousands and thousands of dollars per month during the off-season, and once the season starts, I expect that to happen per week in Dogecoin – and that’s really because it’s easy to spend, it doesn’t appreciate so much that people want to hold it forever.”
DOGE and BTC have been performing poorly since the start of the year. BTC has lost 10% of its value year-to-date while DOGE is down by 12% during that period.
Digital asset investment products recorded a huge outflow of funds in the first week of the year as the broader cryptocurrency market performed poorly.
Bitcoin Funds Lose Over $100 Million in a Week
CoinShares published the digital asset fund flows report for the first week of 2022 a few hours ago. Digital asset investment products recorded losses last week, in line with the bearish trend in the broader cryptocurrency market.
According to the report, digital asset investment products lost $207 million last week, bringing the 4-week total outflow to $465 million. Bitcoin investment products were the biggest losers, with a total outflow of $107 million.
CoinShares said the losses recorded by Bitcoin investment products could be tied to the FOMC minutes, which revealed the US Federal Reserve’s concerns for rising inflation.
Ethereum products recorded outflows totaling $39m last week, bringing the 5-week run of outflows to $200m. The losses were not limited to Bitcoin and Ether as the multi-asset funds also recorded huge outflows last week.
“The outflows from multi-asset funds totaling US$37m suggested investors were much less discerning in selling positions although Solana and XRP both saw minor inflows,” the report added.
Total Cryptocurrency Market Cap Drops Below $2 Trillion
The outflows recorded by the digital asset funds coincided with the broader cryptocurrency market losing hundreds of billions of dollars last week. At the start of 2022, the total cryptocurrency market cap was around $2.3 trillion.
However, the total cryptocurrency market cap now stands at $1.9 trillion. The market has lost more than $300 billion since the start of 2022. Bitcoin’s value has dropped by more than 10% over the past seven days.
Ether’s losses are even more significant as it is down by 17% during that period. The other leading cryptocurrencies, including Solana, Binance Coin, Cardano, XRP, Terra and Polkadot, have lost more than 10% of their values in the past week.
NEAR reached an all-time high of $17 a week ago and now looks set to surpass that level thanks to its current rally.
NEAR Rallies by More Than 13% in 24 Hours
The broader cryptocurrency market continues to underperform, with Bitcoin still struggling around the $41k mark. However, NEAR has been rallying over the past few days. NEAR has added more than 13% to its value in the last 24 hours and looks set to surge even higher.
NEAR Protocol is a decentralized application blockchain designed to make decentralized apps similarly usable to those on today’s web. The blockchain runs on a Proof-of-Stake (PoS) consensus mechanism known as Nightshade, which is designed to provide dynamic scalability and stable fees.
NEAR’s rally can be attributed to a couple of positive news regarding the project. Forbes recently named Near Protocol the third fastest-growing cryptocurrency ecosystem for developers in 2021.
Another catalyst behind NEAR’s current rally is the increasing demand for non-fungible token (NFTs) projects. The Near Protocol is now home to some leading NFT projects, including Paras HQ, OP Games, Mintbase and DAORecords.
Deep dive into the Top 10 #NFT projects building on @NEARProtocol! 💥#NEAR’s NFT community is using Nightshade’s ultra fast, carbon-neutral sharding speeds to build on.
NEAR has been rallying since the start of the year. On January 4, NEAR reached a new all-time high of $17.60. If it continues with its recent rally, NEAR could set a new all-time high over the coming hours or days.
The technical indicators show that NEAR is performing excellently at the moment. NEAR is currently trading at $16.240, above its 100-day simple moving average of $10.52. The MACD line has been in the positive zone since December 20, indicating a strong bullish trend.
The RSI of 61 shows that NEAR’s rally might not be over as it is still not in the overbought region. If the rally continues, NEAR would break past the $17.60 mark and set a new all-time high in the coming hours. An extended rally would allow NEAR to break the $20 psychological level before the end of the day.