Decentraland leads Metaverse token rally after upbeat CPI report

Cryptocurrency markets have turned bullish optimistic The CPI report indicates that the worst of inflation may be over for the US economy.

The cryptocurrency market capitalization increased 2.7% to $945 billion in the past 24 hours, according to data from gecko coin.

Metaverse-related cryptocurrencies and NFTs also rose along with the broader market and posted solid gains today.

MANA, the token that powers the Metaverse Decentraland game, is up 11.6% in the past 24 hours and is the fourth biggest gainer among the top 100 cryptocurrencies by market capitalization, according to data from gecko coin.

At the time of publication, MANA is trading at around $0.44 and is the 55th largest by market cap.

Despite today’s huge gains, MANA is still far from its November 2021 all-time high of $5.85.

SAND, the token behind Decentraland’s competitor, The Sandbox, is also up 8.6% in the past 24 hours. At the time of publication, SAND is trading at about $0.56 per data from gecko coin.

On a weekly basis, SAND is up a whopping 31.6%, reversing its losses over the past 30 days.

Hype on Metaverse

Looking at previous digital real estate tokens like MANA and SAND, NFT-focused projects including Flow (FLOW) and ImmutableX (IMX) have also seen notable gains.

FLOW, the native token of the Flow Blockchain, is up 9.2% in the past 24 hours and reached a new two-week high of $0.92 at the time of writing, according to data from Queen Gekko.

In contrast to FLOW’s bullish price action, flow-based NFT trading volumes fell 27.49% to $213,734 over the same period, according to data from crypto slime.

IMX, is the native token that runs ImmutableX, which is a Layer 2 scaling solution for EthereumThe NFT based on it is up 7.1% over the past 24 hours and is trading at around $0.53, after pulling back from a fresh monthly high of $0.54, which it hit earlier today.

Despite the significant price jump, IMX’s daily trading volume fell by 22.81% to around $20 million.

IMX is down 94.4% from its all-time high of $9.52 set in November 2021, according to data from Queen Gekko.

the two big markets, bitcoin (BTC) and Ethereum (ETH) are also up 4% and 0.9% in the past 24 hours, according to data from Queen Gekko.

Warning

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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