Metaverse (ETP) continues to make gains, even as the rest of the market sinks deeper into bear territory. While there are many possible reasons driving up the value of Metaverse, the most likely one is that is mostly traded in fiat. Most of the trading volumes for Metaverse (ETP) are on Bitfinex and TOPBTC. In both exchanges, most of the trading for ETP is done in fiat, mainly the USD and the Chinese Yuan. This goes to show that without ties to bitcoin (BTC), most altcoins have what it takes to make huge gains in the market.
The altcoins market today is pretty much at the mercy of bitcoin (BTC). It has reached a point where it no longer matters whether a coin has strong fundamentals or not. If bitcoin (BTC) drops, then all coins, both the good and the bad follow. Metaverse (ETP) proves that in the long-run; for altcoins to thrive, they have to be traded independently of bitcoin (BTC). Metaverse today is valued at its true value, and it has gained by hundreds of percentages since June. There are many coins whose fundamentals and use-cases are way bigger than that of Metaverse (ETP). If such coins were to be traded independently of bitcoin (BTC) on major exchanges, they would be worth 1000s of percentages of what they are worth today.
But the need for more fiat pairings goes beyond super-normal returns for speculators. It is also necessary for the real-world adoption of cryptocurrencies. Part of the reason why there is very little adoption of cryptocurrencies is because they are extremely volatile. It is difficult for business to adopt cryptocurrencies, when they have wild price fluctuations of up to 20% in a day.
It’s just too much exposure to potential losses. At its current trajectory, Metaverse (ETP) for the last 4 month has a chart that would actually encourage adoption were it aimed for the currency market. Its value growth has been steady, and even its price corrections are not drastic. Similarly, all other cryptocurrencies that have a strong use case would already be adopted were they to trade in a similar manner.
As such, the crypto community needs to push for more fiat gateways. Exchanges are demand driven and if the market consistently demands for fiat gateways, they will respond. But it’s not all doom and gloom for altcoins, as more exchanges are now offering fiat pairings.
It may not be as quick as investors would wish, but it is happening. In a few years, almost every crypto will be paired with fiat, and their true valuations will be revealed. In essence, it’s still early days for cryptos. The market may be bearish, but the potential for an upside push are quite high. Metaverse (ETP) has already proven that sustained growth in crypto is possible, when each crypto is valued based on its own merits as opposed to a valuation that is pegged on an asset as volatile as bitcoin (BTC).