Looking at the past seven 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.
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 the Nov. 19 raise of $400 million by the Gemini crypto exchange to build a decentralized metaverse.
Top performers had specific reasons for the pumping
Gala (GALA) pumped after its Coinbase and Huobi listing on Nov. 16. The utility token powers a decentralized gaming ecosystem that gives players a voice in the funding and development phases.
Crypto.com (CRO) also had news of its own on Nov. 18 to justify the rally. The marketing department behind the Singapore-based exchange decided to splurge $700 million to purchase the naming rights to the stadium where the NBA’s Los Angeles Lakers play.
On Nov. 19, Elrond (EGLD) also announced a $1.29 billion incentive program to help attract users and liquidity to its decentralized finance ecosystem. The project uses sharding technology to achieve up to 15,000 transactions per second (TPS).
Decentralized exchanges tokens take a hit
Among the worst performers were