The performance of cryptocurrencies in the past seven days might have seemed slightly unexciting, especially since the total market capitalization increased by "only" 1.8% to reach $ii.7 trillion. Yet, fifty-fifty with the muted price activity, some altcoins managed a decent rally. Bitcoin (BTC), on the other paw, was down half dozen% until Nov. 28, but it still managed to shut the week up 1.v% after a $iii,200 rally that dark.

Winners and losers from the top 80 coins. Source: Nomics

Metaverse tokens are still pushing to new highs

The metaverse sector continued to outperform with Gala (GALA), The Sandbox (SAND) and Decentraland (MANA) amongst the top five gainers. While few play-to-earn and metaverse "environments" are available for true interaction, major news and partnerships are all the same boosting these metaverse-related token valuations.

Every bit reported by Cointelegraph on Nov. 24, Metaverse Grouping purchased virtual country in Decentraland for about $ii.five million. On Nov. 25, a digital land plot in the Axie Infinity game was sold for 550 ETH or roughly $2.5 million.

Moreover, a collaboration between Sony Pictures and AMC Amusement announced on Nov. 28 will offer up to 86,000 Spider-Human being nonfungible tokens (NFTs) to celebrate the opening day of its new feature movie.

Zash (ZEC), a privacy-focused cryptocurrency launched in Oct. 2022, spiked 20% in 24 hours on Nov. 20 as developers appear plans to carelessness traditional mining and migrate to a proof-of-stake network.

Amp (AMP), the native collateral token of the Flexa payment network, likewise rallied on November. 24 after list on Binance. Meanwhile, Terra (LUNA) benefited from a 5.four million token burn in four days, according to Caviar startup founder and crypto investor Jason Wang.

Ethereum-killers limp along

Amidst the worst performers were four smart contract platforms aiming to break Ethereum's authorization: Cardano (ADA), Almost Protocol (Almost), Polkadot (DOT) and Harmony (ONE).

On Nov. 24, Ethereum co-founder Vitalik Buterin issued a proposal for the transaction calldata limit in a cake to "cut costs and to incentivize an ecosystem-wide transition to a rollup-centric Ethereum."

Aave Protocol (AAVE), the collateralized lending and yield platform, continues to trade in a downtrend later on its TVL decreased by 30% in 3 months.

Nuance (DASH) saw its number of addresses with at to the lowest degree ane,000 tokens subtract to 5,210, the everyman level since July 2022.

Tether and derivatives markets are looking flat

The OKEx Tether (USDT) premium, which measures the difference between China-based peer-to-peer (P2P) trades and the official U.S. dollar currency, has improved slightly.

OKEx USDT peer-to-peer premium vs. USD. Source: OKEx

The indicator'southward 99% reading is neutral-to-surly, signaling weak need from cryptocurrency traders to catechumen cash into stablecoins, simply it'due south still a vast improvement from the 5% discount in mid-October.

Furthermore, the cryptocurrency total futures open involvement held steady near $l billion, which is merely 10% below the all-fourth dimension high. It is worth noting that an open interest decrease is not necessarily bearish, only maintaining a certain level is interesting because more than liquidity providers and market place makers enter the market.

Total crypto aggregated futures open interest. Source: Coinglass.com

The futures' open interest provides a salubrious reading, considering the about $2.0 billion worth of liquidations that happened during the week. The ten% total crypto market capitalization dropped to $2.37 trillion on Nov. 25 and was responsible for 44% of the forced futures contracts terminations.

The above information might not audio exciting, but considering that Bitcoin (BTC) and Ether (ETH) are both strong on Nov. 29, the rebound from the previous day might indicate that the two-calendar week correction menstruation could exist over.

The views and opinions expressed here are solely those of the writer and do non necessarily reverberate the views of Cointelegraph. Every investment and trading movement involves adventure. You should conduct your own research when making a decision.