Trading volume on related tokens surges to $905 million, signaling a recovery in the metaverse market in anticipation of Apple’s release.
The virtual reality (VR) sector of cryptocurrency has grown by more than 7.9% in the last 24 hours, according to data from CryptoSlate. This is because buyers are waiting for Apple (AAPL) to show off its big VR headset.
Apple’s new iPhone was hailed as the company’s first big product in 10 years. In the last two weeks, the tech giant’s share price has increased by 7.4%, the same trend that has happened with virtual reality and metaverse crypto tokens today.
According to CoinGecko, Decentraland (MANA), which has a market cap of just under $1 billion, is the biggest VR-related token. Its value has increased 5.4% over the past 24 hours, even though the overall crypto market has lost 1.5% of its value over the same time frame.
Five-dimensional metaverse project Wilder World (WILD) is the sector’s top gainer for the day. Its price has increased by 18.8% in the last 24 hours and 119% in the last 30 days.
In a study report from last year, Goldman Sachs said that Apple is one of two companies ahead of the curve in virtual and augmented reality.
A recent Morgan Stanley investment note says that the tech giant will likely sell a mixed-reality headset to the public in the fourth quarter of this year.
During the crypto winter, many assets fell more than 80% from their all-time highs, which hurt the metaverse as a whole. But the current rise in prices shows that things may be changing.
Over the past 24 hours, $905 million of metaverse tokens have been traded. According to CoinGecko, this has increased the group’s market cap to $8.65 billion.