SAND - Why Metaverse Cryptocurrencies Jumped This Week
Dreams of the metaverse are alive again (for now) as the values of top metaverse-related cryptocurrencies jumped this week. Those gains were driven in part by macro news, but also due to bullishness about the metaverse.
According to data provided by S&P Global Market Intelligence , as of 11:30 a.m. ET on Friday, Axie Infinity (CRYPTO: AXS) was up 22% over the past week, Decentraland (CRYPTO: MANA) was up 39.4%, The Sandbox (CRYPTO: SAND) had jumped 35.5%, and ApeCoin (CRYPTO: APE) had popped by 20.5%.
The latest Consumer Price Index report, released on Thursday, showed prices declining slightly month over month in December, with year-over-year inflation continuing its decline to 6.5%. That led investors to speculate that interest rate increases will slow and potentially reverse in 2023, which caused them to bid growth stocks higher. And since most cryptocurrencies trade in correlation with high-growth assets, they rose as well.
For further details see:
Why Metaverse Cryptocurrencies Jumped This Week