He notes that, at the time, Greece’s debt crisis and subsequent bailout spurred many wealthy investors to buy digital coins as a hedge of last resort. “The big names we know as ‘ whales’ today got into bitcoin just before the 2013 bubble,” Boonen says.
CRYPTO TOKENS SERIES
He notes that the coin has been through a series of bubbles, with each top higher than the previous one. The shortlived run in the price put bitcoin on the map, according to Max Boonen, the founder of B2C2, one of the largest trading companies in crypto today. The launch of trading platforms triggered the first bubble in bitcoin’s price, when the exchange rate ballooned to $32 before collapsing to around $2 in 2011. They allowed early adopters to mine their own coins as well as trade them. These early exchanges - for example, Mt.Gox - were based in Asia, catering to retail investors in the region who had developed an appetite for the asset from their gaming background. Others, such as billionaire investor Michael Novogratz, were attracted to bitcoin because of its scarcity, with the 21m unit cap.īy 2011, bitcoin had become sufficiently popular for trading platforms to gain traction. But, against this shaky macroeconomic backdrop, interest in bitcoin was starting to pick up.įirst came libertarians and computer geeks, followed by currency traders and the wider financial trading community, some of whom were intrigued by the fact that the technology made it impossible to change or erase past transactions. Interest rates had plummeted in the wake of the global financial crisis and central banks had launched massive bond-buying programmes to shore up their economies. To say this made a splash would be an exaggeration. In May 2010, a man in Florida paid 10,000 bitcoin (the equivalent of more than $600m at today’s prices) for two pizzas, the first purchase with the digital coins. Nakamoto then mined the first bitcoin in January 2009, marking the date the blockchain network and digital coin went live.
It would be the basis for a digital currency called bitcoin, which can be “mined” by deploying computers to solve puzzles. Pierce was an early adopter of bitcoin, after an unknown author using the pseudonym Satoshi Nakamoto published a paper in October 2008 outlining proposals for a new technology called blockchain, which would rely on the agreement of users to operate, rather than work as a centralised entity. The Sandbox and Decentraland are Ethereum-based metaverse games where users can acquire virtual land plots-with prices sometimes reaching millions of dollars.īoth tokens, however, are down 86% and 85% since reaching their all-time highs at the end of November last year.Īxie Infinity’s AXS, the native token of the eponymous blockchain gaming platform, is down 4.4% over the day, trading at $14.09, according to CoinMarketCap.Įlsewhere in the market, Bitcoin is down 3.65% over the day, trading around $20,550 by press time.Įthereum, the world’s second-largest cryptocurrency by market cap, is down 3.52% over the same span, currently trading hands at $1,145.“After World of Warcraft gold, the intellectual leap required to recognise the value of bitcoin was very small,” Pierce adds. The price of The Sandbox’s SAND is meanwhile down 5.5% over the past 24 hours, closely followed by Decentraland’s MANA, which lost 5.17% of its value over the same time span. The Sandbox, Decentraland follow the bearish trend The frenzy surrounding the launch of Otherside in April brought the price of APE to an all-time high of $39.40 however, much to investors' dismay, the token has since tumbled a whopping 88% from its record high.
Founded in 2021, Yuga Labs is the entity behind the creation of the mega-popular NFT project Bored Ape Yacht Club. Launched in March this year, APE can be used to purchase plots of virtual land in Yuga Labs Otherside metaverse initiative. Alongside heavyweights in Bitcoin and Ethereum, popular metaverse tokens have taken a beating in the past 24 hours.Įnjin Coin (ENJ)-the native token of the Enjin platform earned through in-game achievements and used to buy virtual goods- is the worst hit among the metaverse projects posting a loss of 7.33% over the day.ĮNJ is still up 2.5% over the past week though, currently trading at $0.50, according to CoinMarketCap.ĪpeCoin (APE)-the governance token within the Bored Ape Yacht Club (BAYC) ecosystem-fell 6.4% in the last day, and is currently changing hands at $4.59, per CoinMarketCap.
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