While Cardano (ADA) is struggling, the Metaverse tokens are once again on a high. The market update.
Yesterday Cardano received the bad news, soon not for US customers of the online broker eToro to be tradable. At the same time, some metaverse tokens outdo each other with new record values. Meanwhile, there is suspicious silence in the upper ranks of cryptocurrencies.
At the time of writing, the mother of all cryptocurrencies, Bitcoin, is trading at around $ 57.234 and is seeing a shy 1.8 percent year-over-year growth. DeFi top dog Ethereum presents itself similarly on November 25th: With a minimal price increase of 1.4 percent in the last 24 hours, the cryptocurrency is currently trading at around 4.290 US dollars.
While Cardano is struggling hard, it still seems pretty straightforward when it comes to price growth for another division of coins. We are talking about the so-called metaverse tokens. The Ethereum-based coins are currently experiencing a huge hype. Although tokens are still lagging behind the top crypto players in terms of market capitalization, they are recording double-digit growth rates.
For example, The Sandbox (SAND) presents itself with a price increase of 18.6 percent within the last 24 hours, on a weekly basis even almost 120 percent. Decentraland (MANA) shows an overnight increase of around 19 percent. Both tokens hit new all-time highs of $ 8.4 and $ 5.46, respectively.
The impact of crypto adoption by many corporations should not be underestimated. Although it is not easy to make statements about direct connections, some announcements in the last few days should not have been entirely unimportant for the Metaverse course fireworks.
As an example is here Adidas to call. The German sporting goods manufacturer declared war on its main competitor with a few headlines. After this Nike Having quietly forged plans for “virtual goods”, Adidas is announcing one new cooperation after another on Twitter. Accordingly, the company is going into the Metaverse together with the The Sandbox project. Then yesterday the next announcement: Adidas is now cooperating with the crypto exchange Coinbase.
It remains to be seen how the competition between Adidas and Nike in the Metaverse will develop.
Cardano (ADA) smears
While ADA only fell by 0.6 percent in the last 24 hours, the self-proclaimed Ethereum competitor lost almost 12 percent on a weekly basis. This means that the cryptocurrency recorded the steepest price decline in the top 10 list of the largest cryptocurrencies. The coin is currently trading at 1.66 US dollars and has been in the red for a long time. Cardano is currently over 46 percent away from the all-time high it reached just 3 months ago.
The terrible news on yesterday, November 24th, was part of the current mood among Cardano users. Accordingly, the crypto exchange eToro announced that it would stop trading the coin for US customers. Charles Hoskinson is rather negative in the whole fuss Twitter and stated that the cryptocurrency “has not been discontinued” and that ADA will remain “freely tradable for non-US customers”.