Since November 2021, most cryptocurrencies have dropped by almost 60%. While Bitcoin (BTC) and Ethereum (ETH) are stagnating, some altcoins have managed to record a massive price increase over the past week, thanks to new partnerships and projects, as well as burn and whale accumulation.
One of the top performing cryptocurrencies of the past week has been Sandbox (SAND). While Bitcoin (BTC) struggles to stay above $20,000, SAND has gained 57.1% in the last 7 days. The Sandbox said it has partnered with TIME Magazine's NFT initiative, TIMEPIeces. Since the second half of 2021, the projects that have left their mark on the crypto money industry have been metaverse projects. The Sandbox, the project that attracted the most attention after Decentraland, has become the focus of investors. While the metaverse sector is moving forward with firm steps, metaverse-based projects are expected to reach new heights in the long run. SAND has become the largest metaverse project in the cryptocurrency industry with its recent projects, updates and partnerships.
Another cryptocurrency that challenged the bear market was Polygon (MATIC). Polygon is an Ethereum network scalability solution. The Ethereum blockchain was the first project to implement smart contracts. This has resulted in Ethereum becoming a leader in decentralized applications. Yet as the number of smart contracts increased, Ethereum sought to make transactions fast and efficient. The polygon mesh was born in this process. MATIC is up 70.9% in the last 7 days. Coinbase has announced the Polygon integration, which brings MATIC to a larger investor base. Coinbase has announced that they will support trading of ETH, USDC, and MATIC on Polygon. In the announcement, Nemin Dalal, director of product management at Coinbase, cited the rapidly increasing gas fees in Ethereum as the main reason for this decision. FTX, one of the leading cryptocurrency exchanges, also recently announced the availability of USDC exchanges on the Polygon network. Another reason for the rise of MATIC is that it has achieved its long-term goal of carbon neutrality. Bentley Motors announced its partnership with Polygon and announced that it has stepped into the NFT caravan.
While the cryptocurrency market was sluggish, another altcoin that made investors smile was STEPN (GMT). The project is a Solana-based play-to-win platform. Here, users can earn tokens by walking or running. Users should first purchase shoes suitable for their chosen physical exercise. This game functions as a desirable web3 platform to promote healthy lifestyle. It achieves this by rewarding people who exercise. According to its official website, STEPN blends Game-Fi and Social-Fi elements.
In the last 7 days, the GMT price has increased by almost 78.1%. Another altcoin that gained momentum last week was Celsius (CEL). The project is a DeFi platform for decentralized lending based on Ethereum. Users can both give and receive loans. Altcoin has increased by 83.5% in the last 7 days. The last altcoin on our list is Synthetix (SNX). In the last 7 days, the SNX price has increased by almost 86%.