But what is “Metaverse”? Well, Metaverse is the hypothesized next iteration of the internet, supporting decentralized, persistent online 3D virtual environments. It is a virtual world that is accessible via a virtual-reality headset, augmented-reality glasses, smartphones, PCs, and game consoles.
Along with Facebook, established tech giant Microsoft has also indicated an interest in the metaverse space. This has added a lot of fundamental value to all the projects working on the Metaverse vision in the crypto space. These include Sandbox & Decentraland.
Bitcoin had the biggest upgrade in 4 years. It is referred to as the Taproot upgrade and it has gone live. The update would bring further transaction transparency and privacy and can bring smart contracts to the table.
Ethereum EIP-1559 went live on the 5th of August. It has burned off more than 4.5 billion dollars worth of Ethereum and brought down the issuance by 68 per cent (Statistics from Watchtheburn.com)
Cardano also had an excellent development in November. Cardano’s very own decentralized exchange (DEX) Sundaeswap had announced December 5th as the date of the testnet launch.
The Indian crypto bill which was postponed in the budget session was added to the winter session. When the listing occurred there was massive panic as the bill in the budget session was aimed at banning cryptocurrencies in India.
The INR/USDT trading pair plunged as every investor tried to exit the space. However, it made an excellent recovery as the government has indicated that there won’t be a ban but rather regulations aimed to reduce misleading advertisements.
With the recent market correction, the risk-reward ratios look excellent as the prices are trading at a discount while the top cryptocurrencies fundamentals are getting stronger. Michael Saylor and the country of El Salvador have the same idea as they have bought the dip.
Top gainers for the week
- Terra (LUNA): 28.27 per cent
- Unus Sed Leo (LEO): 10.86 per cent
- Helium (HNT): 8.78 per cent
- Enjin Coin (ENJ): 8.73 per cent
- Celsius (CEL): 8.49 per cent
Top losers for the week
- EOS (EOS): 14.13 per cent
- Theta (THETA): 12.15 per cent
- Internet Computer (ICP): 12.05 per cent
- Dash (DASH): 11.77 per cent
- Decred (DCR): 11.46 per cent
(Source: coinmarketcap.com, data as of 12.15 hours, IST on December 05. The analysis includes the top 100 cryptocurrencies only)
(The author, Siddharth Menon is COO of WazirX. Views are his own)