In the last 30 days, the prices of the GameFi metaverse tokens Decentraland (MANA) and The Sandbox (SAND) have posted notable gains after the slump in November–December 2022.
At the time of writing, MANA was trading at $0.73 after rising to a local high of $0.80. Over 30 days, the token rose 143%, according to CoinGecko. The coin’s market cap stands at $1.34 billion.
Over 30 days, the SAND token rose 83.9% — from $0.30 at the start of January to $0.70 as of February 1. The asset’s market cap stands at $1.14 billion.
Growth in GameFi metaverse tokens is part of a broader January rally in the crypto market. In the first half of the month, Bitcoin surpassed $18,000, and by the end neared $24,000. As of writing, the leading cryptocurrency was trading above $23,000.
Analyst Stephen Zheng of The Block Research noted that lately the market had been very optimistic due to the revival in Bitcoin and Ethereum.
“Typically, when [leading assets by market capitalization] lead for a long period, traders begin looking for new trading opportunities,” he explained.
Earlier, analysts at Glassnode noted that Bitcoin recovered from the consequences of the FTX collapse.
In turn, LookIntoBitcoin experts suggested that Bitcoin could enter the early stage of a bull market.
As reported in Blofin Academy they linked the pullback of digital gold near $24,000 to a decline in risk appetite ahead of the Fed meeting ФРС.