Are Traders Liquidating Their Crypto Holdings For NFTs?

The post Are Traders Liquidating Their Crypto Holdings For NFTs? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

The crypto space has been brawling against the current dump, while several digital assets continue to fall prey to corrections. The market cap of the crypto street is currently down by 4.9% at $2,614,236,018,603. While the volumes for the past 24-hours are at $180,556,494,672. The dominance of the star crypto is also down to 40.7%.

Netizens have been eagerly waiting for a rebound from current levels, as several traders have bought the dip. Consecutively, several NFT tokens and platforms catering to the metaverse are experiencing steep inclines in price movements. While prominent DeFi tokens and cryptocurrencies show red signals, which has been alerting traders.

Is Cash Flowing From Prominent Coins Towards NFTs?

Enthusiasts from the crypto industry are curious about the astounding rise of NFTs, and the metaverse. While sections are contemplating cash flowing from the premiere digital assets, such as cryptocurrencies and De-Fi tokens to NFTs and metaverse. As top-tier coins have been suffering like Bitcoin which is down about 6.3%, and Ethereum by 4.8%.

De-Fi tokens are also sailing the rough tide, for instance, Terra, Chainlink, and Uniswap at press time are down by 3.9%, 5.6%, and 6.0% respectively. On the other hand, the trading volume of the NFT space is up by 51.48% at $26,223,250,252. While the market cap is around $64,264,972,192. 

NFTs have been growing at a steady pace, ever since major institutions are exploring Metaverse. Facebooks announcement of its transit to Meta has accompanied immense growth to NFTs, and to the projects catering to virtual reality. 

Will Metaverse Uplift NFTs?

Decentraland’s MANA and The Sandbox’s SAND token are among other NFTs, which are at a rise. MANA at press time is trading at $3.90, with profit-making gains of 7.96%. While the market cap is hovering around $7,204,127,505. Trade volumes for the past 24-hours are at about $7,202,458,104.  

SAND at press time is trading at $4.06 gaining 3.22%. The market cap is up at about $3,611,538,366. The trade volumes around the clock are up by 34.78% at $5,049,183,975. 

Collectively, traders are keen on bagging NFTs in their portfolio, as the evolving sector is witnessing a steady trek uphill. The growing tech is also fueling the blockchain they are based on. As the NFTs are transacted in the native tokens of the blockchain. Metaverse holds immense potential to uplift NFTs leaps and bounds ahead of current levels.