London, Thursday, 02 June 2022
In the crypto market, the downward trend continues. Bitcoin and Ethereum have been losing value for the whole week, however they appear to have recovered some of that value in the recent 24 hours. Other digital assets have declined in lockstep with the two major cryptocurrencies. In the previous seven days, the majority of play-to-earn coins have lost value.
We tend to concur with the majority of experts who believe that the US Federal Reserve's rate hike has triggered a long-term negative wave. Furthermore, digital assets have a strong link to the stock market, which is now volatile. However, because the cryptocurrency market is known to be influenced by almost anything, there are a slew of additional causes that could have triggered the sell-off. Even traditional currencies have been shifting due to the stressful political atmosphere, let alone digital assets.
Volatility for Crypto-Giants
Last Monday, when Bitcoin's price crossed $30k, it appeared to be a bullish omen for bulls. However, BTC's value later dropped to $28,000. Bitcoin has risen 3.91 percent in the last 24 hours, returning to $30,000. Overall, the currency has maintained its position from a week ago, gaining 0.30 percent in that time. BTC is now trading at $30,407.43 at the time of writing.
Ethereum, like Bitcoin, rose beyond $2k on Monday but fell down dramatically in the second half of the week. Despite the fact that the currency's price increased by 3.50 percent in the last 24 hours, it fell by 9.65 percent over the week. ETH is now priced at $1,877.25.
Top play-to-earn tokens under pressure
During the recent market downturn, play-to-earn cryptocurrencies have not been spared. Most of these tokens have recently retreated, similar to BTC, ETH, and other assets. Let's take a look at the performance of three of the most popular play-to-earn coins during the last week.
Decentraland is a virtual reality platform that allows users to buy, explore, and sell virtual land plots. Since its public launch in 2020, the platform has grown to become the market leader in play-to-earn tokens. MANA, the company's native token, is based on the Ethereum blockchain.
The currency has had a particularly difficult week. Its price has risen 7.32 percent in the last 24 hours after falling 7.12 percent in the previous seven days. After recovering from the May 12 crash, MANA appears to be stabilising. The token is currently trading at $1.03.
(Source: FX Street // Edited by: The Decision Maker - Finance editors)