GALA, ALI, Illuvium, and FET pumped on Wednesday as the NFT market showed signs of recovery
GALA is leading the NFT rally among the big names on Wednesday despite an 11% loss in the past 24 hours. On the 7-day chart, the token has made a remarkable 105% gain, the biggest gainer among tokens in the NFT space. The NFT market has seen a resurgence since the first week of 2023, with many of the assets making double digits gains.
Big gainer among top NFTs
It seems crypto markets may be recovering from the long bear market. Data available at CoinMarketCap shows the NFT market capitalization at $13.2 billion, down by 1.76% on Wednesday, January 11. Trading volume is also down by 41% to $1.93 billion. It is not yet certain if the upswing the NFT market witnessed at the beginning of the year is slowing or correctly for another rally.
Nevertheless, the general NFT market has shown some remarkable performance following the rally since the beginning of the year. GALA has made the most gain among the most capitalized projects, hands at 4 cents at the time of reporting. The token’s 24-hour trading volume is $510k, while its market cap was $255 million. Despite the recent gains, GALA is still trading at 95.20% lower than its all-time high of $0.824 on November 27, 2021.
With the recent rally, GALA is currently ranked 102 according to its market cap behind Enjin Coin (ENJ) at 93, Stacks (STX) ranked 88, ImmutableX (IMX) at 80, PancakeSwap at 65, Decentraland (MANA) at 55, and Axie Infinity (AXS) ranked 53.
The most capitalized metaverse tokens are Apecoin (APE), FLOW (46), THETA (47), Chiliz (49), Tezos, and Sandbox (SAND).
Notable gainers on Wednesday
Even though most tokens were in red on Wednesday, those that made notable gains are Fetch (FET) which gained 11% in 24 hours, bringing its 7-day gain to 65%. FET is currently trading at $0.1774. With a market cap of $145 million and a 24-hour trading volume of $150 million, FET is ranked at number 145.
Illuvium gained 8.24% on the daily chart, bringing its market price to $46.28. On the weekly chart, the token has gained 17.25%. Its market cap of $91 million places it at number 187 on the CoinMarketCap table.
ALI gained 127% in a week
Artificial Liquid Intelligence (ALI) gained 62.38% over the past 24 hours, bringing its market price to $0.0212. On the 7-day chart, the token gained 126.8%, making it the biggest gainer among the top 100 most capitalized NFT-related tokens.
ALI has a market cap of $34 million and a 24-hour trading volume of $3.14 million. The performance of ALI and a couple of other metaverse tokens might be an indication that many investors are still upbeat about the potential of the NFT market, especially within the new year.
Meanwhile, data from Coingecko shows that Apecoin (APE) is trading at $4.93, having made a modest gain of 1.2% in the past 24 hours, bringing its 7-day gain to 23.1%. Among the top 10 capitalized NFT tokens, only APE and Pancake (CAKE) have been in green in the past 24 hours. The latter gained 0.22% on Wednesday, bringing its 7-day gain to 3.3% and its market price to $3.41.
SOUL and COVAL are also in the green
Two other notable gainers among the top 100 NFT tokens are Phantasma (SOUL) and Circuit of Value (COVAL). SOUL gained 10.77% in 24 hours, bringing its market price to $0.167. On the weekly chart, SOUL is up by 7.58%. COVAL which is currently trading at $0.0095 gained 13.46% in 24 hours. On the 7-day chart, the NFT token is up by 21%.
With the few gainers, it is possible that the tempo of gains witnessed at the beginning of the year is sustainable, representing a glimmer of hope for the future. Or it could also be a flash in the pan. We’ll have to wait and see.