Metaverse Mania
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Chart of the Day
After the large options expiry last Friday, BTC has remained in the red for the past three days, and is likely to extend its decline after breaching the key bullish trendline at the $61.5k level. However, not all is doom and gloom. The prevailing narrative in the market is that of rotation, with large volumes of near-term ETH options being bought over in the past few days, and many altcoins seeing parabolic run-ups in the wake of recent bullish news. MANA, the token powering the Ethereum-based metaverse game Decentraland, soared as much as more than 150% after Meta (once Facebook) officially announced its foray into the metaverse space. Many other metaverse tokens saw similar gains, leading the Metaverse Index token, a tokenized index fund that tracks the prices of top metaverse tokens, to jump by 20% overnight.