Total crypto market cap drops by 6.7%, but futures data finds a silver lining

Total crypto market cap drops by 6.7%, but futures data finds a silver lining


Looking at the past 7-days of winners and losers might give one the impression that cryptocurrency markets are net positive. Still, total market capitalization actually fell by 6.7% to $2.72 trillion as Bitcoin’s (BTC) price retraced 8.3% to $58,425.

Top winners and losers from the sector’s top 80 coins. Source: Nomics

The only connection between this week’s top gainers seems to be the Metaverse and gaming sector, which has been on a bull run since Facebook rebranded to Meta on Oct. 28, signaling its new focus on that segment. Further bullish news backing the current surge in Metaverse-related tokens is Gemini exchange raising $400 million on Nov. 19 to build a decentralized Metaverse.

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Top performers had specific reasons for the pumping

Gala (GALA) pumped after its Coinbase and Huobi

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