Beam and metaverse cryptocurrencies dominate weekly top market returns to the upside.
During the week of January 24-30, 2022, the cryptocurrency market shows signs of recovery after the previous week's resounding fall. According to Live Coin Watch statistics, about 80% of altcoins are rising, with growth exceeding 40%.
In these seven days, the most appreciated cryptocurrencies are led by the beam (BEAM), whose marketplace has a significant growth in just over a month, and the sandbox (SAND), which announced its partnership with Warner Music Group. It is followed by decentral and (MANA), whose metaverse the Australian Open was played.
The list of cryptocurrencies of the week is completed by an avalanche (AVAX), which is preparing a hackathon for March, and tezos (XTZ), which is launching a project to reward video games fans.
In these seven days, the price of bitcoin (BTC) showed signs of slight recovery after the sharp fall experienced last weekend. The value of the cryptocurrency remained more or less stable these days in a range that oscillated between $33,000 and $39,000. The pioneer cryptocurrency regained its upward momentum at the end of the week. On average, the recovery is 7%.
Market analyst Willy Woo said that the decline suffered by BTC was not based on technical fundamentals of the network, being rather linked to the operation of the market in risk-off mode, a perception of high risk by investors.
Woo's assessment coincided with that of other analysts, such as Spain's Juan Ramón Rallo, who linked the fall to the announcement by the U.S. Federal Reserve (FED) of an increase in interest rates, which would have generated panic among investors who decided to liquidate risky assets such as bitcoin.
The announcement of the new rates was expected on January 26, which took BTC to a short peak of USD 39,000, but the Fed postponed the information to March.
Meanwhile, Ethereum's cryptocurrency, ether (ETH), is also rising in price. Its average rise in seven days was 6.3%, with the price moving between USD 2,177 and USD 2,652.
This week, Vitalik Buterin, co-creator of Ethereum, along with a group of developers, launched a proposal with which he intends to bring irreversible transactions in ETH 2.0 to a period of 12 seconds. The plan with this reduction is to offer a better user experience and strengthen network security and reduce errors within the protocol.
Other relevant cryptocurrencies also recorded increases, albeit with some exceptions. Cardano (ADA) lost 5% of its value, while XRP rose 0.4% and Polkadot (DOT) appreciated by 0.5%. Meanwhile, bitcoin (LTC) is up 2%; and dogecoin (DOGE) gained 1.1%.
Nearly USD 10 million traded on Beam's NFT marketplace
After unveiling its new marketplace for non-fungible tokens (NFT) on December 2, the Beam team presented its roadmap for 2022, highlighting projects related to the BeamX (smart contract) blockchain, where DeFi and NFT services are being built.
In a message published on January 28, the team showed the progress achieved in the marketplace. According to their statistics, 21,399 BEAM in non-fungible tokens have been traded (around USD 9.4 million at the current exchange rate).
Plans for this year include the implementation of another hard fork to support features and performance enhancements, including the implementation of the processes for running a decentralized autonomous organization (DAO).
Meanwhile, the price of BEAM, the native cryptocurrency, gains momentum and achieves a weekly growth of 40%. The rise became evident on Saturday, January 29, leading the cryptocurrency to a high of USD 0.442 this January 30. The market capitalization is USD 46.988 million, and the daily trading volume is 46 million.
The Sandbox and Warner Music Group create music space in the metaverse
This Thursday, January 27, 2022, The Sandbox announced a partnership with Warner Music Group to create a music theme park and concert venue within the game's metaverse.
As explained in a tweet, Warner Music Group's land at The Sandbox will host concerts and live activities with artists and talent represented by WMG. These are immersive social experiences to empower artists, who The Sandbox will allow them to engage with their fans, experiment with virtual entertainment, and generate new revenue streams.
On the same date, the team also announced the launch of a USD 50 million program to accelerate the growth of new companies wishing to invest in the metaverse. Participants in the program will be eligible for USD 250,000. The goal is to promote the creation of unique experiences and add creative and fresh content to its platform.
These two pieces of information seem to have positively impacted the price of this video game's native token, SAND, whose value began to rebound steadily on January 27, reaching a high of USD 4.06 on January 29. As a result, the average weekly advance is estimated at 28%.
At press time, SAND's market capitalization is USD 3,534 million, and daily trading volume is estimated at USD 444 million.
Closes the AO of Australia in real life and Decentraland
The Australian Open (AO), one of the world's most important annual tennis tournaments, closed its 2022 edition this January 30 by giving spectators the chance to participate in the metaverse and non-fungible token (NFT) space through Decentraland.
As reported by CryptoNews earlier this month, the competitor announced a partnership with Decentraland and promised to present a 3D virtual version.
Thus, since January 17, AOmetaverse participants have had the opportunity to interact with other fans, play tennis mini-games and watch real-time replays of the matches. This, in addition to walking around the city of Melbourne to observe its buildings in 3D with superimposed historical anecdotes, among other activities.
MANA, the native cryptocurrency of this metaverse, recorded a steady advance throughout the month, despite the decline recorded during last week's cryptocurrency crash. The cryptocurrency returned to the upside since January 24 and reached a high of USD 2.54 this Sunday.
The seven-day average upside is 22%. The market capitalization is USD 5.362 billion, and the daily trading volume is USD 386 million. The cryptocurrency
Huobi Incubator prepares hackathon on the Avalanche network
Avalanche is preparing to hold a hackathon based on its platform. This is the Avalanche Asia Hackathon, which will take place from February 1 to March 31, 2022, and will be sponsored by Huobi's investment arm.
On its Twitter account, the blockchain team invites developers to participate by creating decentralized applications (dApps) in the Avalanche ecosystem, with Huobi Incubator offering to provide support to the winners, including technical advice and marketing assistance.
According to a statement released by Huobi on January 26, the winning projects and developers that emerge from the competition will have the opportunity to win a total of USD 5 million in cumulative prize money.