Metaverse Tokens Sink Right After Holiday Crypto Rally

Metaverse tokens sink right after the Holiday crypto rally and most of the crypto market is drowned in red as well with $523 million in futures liquidations in the process so let’s read more in today’s altcoin latest news.

The crypto market is down 7% over the past 24 hours and Bitcoin, ETH and Solana all lost value along with the metaverse tokens. The crypto market went through a slight rally at the end of the week and was in the green over the weekend as BTC neared a return to $52,000 at the total market cap which went back to $2.5 trillion. This week it was a different story. Most of the market deepened its losses with the leading coins like Ethereum and Bitcoin being down by more than 6% in the past 24 hours but also the Metaverse tokens sink along.

Bitcoin sits at $47,950 and it is still up 1.5% over the past week but down by more than 12% over a 30-day timeframe. With $50,000 seen as the main resistance level, it is not surprising to see BTC drop back below this level after hitting a new milestone over the weekend. It could also be because of the post-Christmas profit-taking ahead of the new year. The crashing market led to some major liquidations of leveraged positions according to the data from CoinGlass which will further lead to more losses in the process. The site shows that about $523 million worth of futures contract liquidations over the past day came from more than 165,000 traders and $167 million in BTC positions alone.

In any case, it is not just BTC that is suffering in the markets. The total crypto market cap is down by 7% and ETH is also down by 6% at a current price of $3827 while Binance Coin is down by 6%. Solana experienced a huge drop as well of about 10% over the past 24 hours down to a price of $181 with ADA being down by 9% and Polkadot dropping 12% over the past day. Some crypto gaming coins and metaverse tokens all saw volatile swings lately amidst the huge gains which are also double-digit down today. Gala Games is down by 13% with Decentraland MANA and Enjin Coin losing about 12% of their value over the past 24 hours. SAND in the meantime is down by 8%.