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Total crypto market cap drops by 6.7%, but futures data finds a silver lining

Published 11/22/2021, 03:45 PM
Updated 11/22/2021, 05:20 PM

Looking at the past seven days of winners and losers might give one the impression that cryptocurrency markets are net positive. Still, total market capitalization actually fell by 6.7% to $2.72 trillion as Bitcoin's (BTC) price retraced 8.3% to $58,425.

Top winners and losers from the sector's top 80 coins. Source: Nomics

The only connection between this week's top gainers seems to be the metaverse and gaming sector, which has been on a bull run since Facebook (NASDAQ:FB) rebranded to Meta on Oct. 28, signaling its new focus on that segment. Further bullish news backing the current surge in metaverse-related tokens is the Nov. 19 raise of $400 million by the Gemini crypto exchange to build a decentralized metaverse.

OKEx USDT peer-to-peer premium vs. USD. Source: OKEx
Total crypto aggregated futures open interest. Source: Coinglass.com

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The general crypto market is bleeding but most times I am not affected by the dip in market because I enjoy passive rewards from many platform. One of them is unifarm where I stake one token to farm others.
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