Bitcoin, the world’s largest cryptocurrency, traded little changed between $60,000 and $63,000 Friday before the U.S. jobs report. The price is also little changed over the week, while altcoins and gaming tokens have seen significant gains.

Solana’s SOL token has rallied 21% this week, breaking through its all-time high on Thursday. Ether (ETH) also climbed to a record, hitting $4,628 on Nov. 3. It is up 2.4% on the week.

“Alternative coins to ETH are still in favor,” said Daniel Kukan, a trader at Crypto Finance AG.

The bitcoin dominance chart, which shows the extent of the cryptocurrency’s dominance over the rest of the market, is signaling a bias toward altcoin exposure, according to Matthew Dibb, COO of Stack Funds.

“This trend will likely persist for the short term,” he said.

fxsoriginal

The chart shows bitcoin dominance declining as altcoins take a larger share.

“We have seen consistent bids for Layer 1 tokens throughout any market weakness,” said Dibb.

Avalanche’s AVAX token touched an all-time high $80.29 on Friday and is up 20% on the week. Polkadot’s DOT has also made significant gains this week and is up 20%.

Coins related to virtual worlds, or so-called metaverses, were also in the spotlight after Facebook said it will change its name to Meta and enter the arena.

“The recent rebranding from Facebook to Meta is making the crypto market reassess the future value of these metaverse competitors, which until last week, many of them were fairly undervalued” said Juan Pellicer, a research analyst at IntoTheBlock.

Decentraland (MANA), a virtual world on the Ethereum blockchain that allows users to monetize content and applications, is up 88% on the week. Sandbox (SAND), also a virtual world where players can build, own and monetize their gaming experiences using non-fungible tokens, has gained 132%.

Play-to-earn tokens have also experienced an uptick. Axie Infinity’s AXS token is up 5% on the week and Enjin Coin (ENJ), which is a gaming community platform and virtual goods marketplace with a market cap of $2.6 billion, is up 28%.

Enjin announced Thursday that it has formed a $100 million fund to support projects in its ecosystem geared toward developing a decentralized metaverse. The fund will focus on cross-chain NFT assets, digital collectible applications, gaming that harnesses mixed reality, virtual events and building multichain infrastructure.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Scam Alert: How to avoid trouble on Terra’s LUNA 2.0 airdrop

Scam Alert: How to avoid trouble on Terra’s LUNA 2.0 airdrop

The LUNA hard fork is set to occur on May 28, followed by the subsequent airdrop of LUNA 2.0 tokens to eligible holders. Ahead of the real LUNA 2.0 airdrop, some scammers have tried to lure LUNA and UST holders to send their assets in lieu of receiving the new tokens. 

More Terra News

Bitcoin Weekly Forecast: On-chain metrics support multiplying downside threats

Bitcoin Weekly Forecast: On-chain metrics support multiplying downside threats

Bitcoin price consolidates above a weekly support level after the LUNA-induced crash on May 12. This coiling price action could cause BTC to trigger a move to the downside, further deepening the woes of investors.

More Bitcoin News

This Web3 move by Crypto.com could be a good bet for patient investors

This Web3 move by Crypto.com could be a good bet for patient investors

Crypto.com price stabilization on a high time frame chart indicates that a bottom formation could be taking place. This pattern combined with a bullish signal from a momentum indicator adds credence to the possibility of a reversal and a recovery rally for CRO.

More Crypto.com News

Why Elon Musk’s tweet failed to move Dogecoin price

Why Elon Musk’s tweet failed to move Dogecoin price

Dogecoin price slipped up as Bitcoin price triggered a sudden crash on May 26. This downswing, while serving as a great opportunity to accumulate DOGE, failed to recover alongside BTC.

More Dogecoin News

Bitcoin: On-chain metrics support multiplying downside threats

Bitcoin: On-chain metrics support multiplying downside threats

Bitcoin price consolidates above a weekly support level after the LUNA-induced crash on May 12. This coiling price action could cause BTC to trigger a move to the downside, further deepening the woes of investors.

Read full analysis

BTC

ETH

XRP