Since the beginning of this year, the cryptocurrency market has been at its volatile worst. Of course this is baring the few months in the middle that the entire cryptocurrency market made gains, however now those gains are also on a downward slope. The last week alone, almost all altcoins in the market saw a loss of almost 90% of their values.
This massive hit that the cryptocurrency market took over the past week is being attributed to a technical correction that the market was undergoing. Irrespective of which, the losses incurred were massive and investors lost a of money. Throughout this crisis, however, Bitcoin has remained relatively stable, but has incurred losses too. It is currently back down to $6,000 USD price range and shows no signs of moving up at the moment.
Interestingly, in this blitzkrieg of red that the market went through for the past week, many altcoins that would have otherwise not have been noticed were. They got the attention of investors because as all the altcoins fell in value, they managed to remain steady while some went ahead to make gains.
Among these altcoins is ETP, Metaverse’s native coin. This coin in the past one year has seen growth of almost 400% and looks like it is on the verge of making more. The coin is currently valued at $3.28 USD.
The highest value the coin has ever held is $5.098 USD wayback in the start. And the current rise to $3.28 USD seems very deliberate, so the possibility of this being a pump and dump drive can be eliminated.
A lot of people in the community are attributing this rise in the value of the coin to the fact that there is a small number of total tokens. While most newly issued tokens run into billions, the team at Metaverse limited the coins total supply to 56 million. And it is noticed that coins with a small total supply have higher chances of growing as and when the demand for the token goes up.
Metaverse: the New Reality
Metaverse was founded in 2016. The company deals with digital asset creation and digital identity creation, authentication and security. The main aim of the company is to return the control of information available on the internet about people to the people.
On social media and networking sites, the authority of whether or not to allow a particular person on the website is reserved by the owner/founder. But the information and data that is on the profile is someone else’s. To stop this unnecessary handover of control of your data to someone else, Metaverse creates digital identities that belong to the user and user alone.
Another interesting thing that the platform does is allow artists on the ecosystem to digitally register their work on the platform in order to make sure that their work is not plagiarized or used by a third party to make profits.
Most Read Factors affecting the growth of Cryptocurrency Economy
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