MPost Markets: Bitcoin price stagnates

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Metaverse Markets' Review

Prices of major cryptocurrencies are stagnant, but there are more significant ups in prices.

The price of bitcoin is up by 1.36%, trading at $20,598.03. Ethereum’s ether is up by 3.22%, Binance’s BNB is up by 5.91%, Cardano’s ADA by 1.16%, and XRP by 2.50%. The price of Solana SOL has seen a rise of 5.79%. However, some cryptocurrencies have experienced much larger increases. Polygon’s MATIC is up by 25.22%, THORChain’s RUNE has risen by 13.58%, and Enjin Coin ENJ is up by 12.55%.

Meanwhile, top metaverse coins are doing much better. Decentraland’s MANA has seen a rise in the price of more than 10%, while Flow is up by 8.48%. ApeCoin APE is also on the rise, up by 6.96%, while the price of Theta Network THETA is up by 4.51 and Tezos’s—4.44%. The Sandbox has seen an impressive price increase of 13.14%, but it’s SuperRare’s RARE and Unisocks SOCKS that have seen the largest improvements in price—of 29.36% and 22.94%, respectively.

With the prices of NFT-related cryptocurrencies, the Metaverse Index price is also seeing an improvement. Up by 9.07%, MVI is now trading at $38.87.

Both Deutsche Bank and Citi see a 50% chance of recession, as Deutsche Bank AG’s chief executive officer warns the public, Bloomberg wrote.

“At least I would say we have 50% likelihood of a recession globally,” the Deutsche Bank CEO said. In the US and Europe, “the likelihood of a recession coming in the second half of 2023, while at the same time the interest rates go up, is obviously up versus the forecasts we had before the war [in Ukraine] broke out.”

The cryptocurrency market may not stabilize before the fear of recession subsides, meaning there still might be a long wait ahead of us before we see bitcoin prices reach the all-time highs again.

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Any data, text, or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results.

Karolina Gaszcz

Karolina is a writer and journalist with a background in literary studies. She loves exciting tech solutions and art, and NFTs are often a perfect amalgamation of the two. Outside of work, she’s a plant mom, a vintage fashion enthusiast, and a gamer.

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