Crypto markets turned bullish following an optimistic CPI report which suggested the worst of inflation may be over for the U.S. economy.
The crypto market capitalization is up 2.7% to $945 billion in the last 24 hours, per data from Coingecko.
Metaverse and NFT-related cryptocurrencies have also rallied alongside the broader market and posted hefty gains today.
MANA, the token powering the metaverse game Decentraland, is up 11.6% over the past 24 hours and the fourth largest gainer among the top 100 cryptocurrencies by market capitalization, according to data from Coingecko.
At press time, MANA trades at around $0.44 and is the 55th-largest cryptocurrency by market capitalization.
Despite today’s tremendous gains, MANA is still far from its historical high of $5.85 in November 2021.
SAND, the token behind Decentraland’s competitor, The Sandbox, is also up 8.6% in the last 24 hours. At press time, SAND trades at around $0.56, per data from Coingecko.
On a weekly note, SAND is up a whopping 31.6%, reversing its losses over the past 30 days.
Bullrun across the metaverse
Looking past digital real estate tokens like MANA and SAND, NFT-centric projects, including Flow (FLOW) and ImmutableX (IMX), have also enjoyed notable gains.
FLOW, the native token of Flow Blockchain, has gained 9.2% over the past 24 hours and recorded a new two-week high of $0.92 at press time, per data from CoinGecko.
Contrary to FLOW’s bullish price movement, Flow-based NFT trading volumes slumped 27.49% to $213,734 over the same period, according to data from Cryptoslam.
IMX, the native token powering ImmutableX, a layer-2 scaling solution for -based NFTs, is up 7.1% over the past 24 hours, trading at roughly $0.53, after retreating from its new monthly high of $0.54, recorded earlier today.
Despite a significant price jump, IMX’s daily trading volumes dropped 22.81% to roughly $20 million.
IMX is down 94.4% from its all-time high of $9.52 recorded in November 2021, per data from CoinGecko.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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