2021 was a year of rapid growth for the digital asset industry. January 2022, however, saw a market sell-off and disappointing performance, with DeFi tokens ending the month down between -4% and -79%. Despite market weakness earlier this year, the NFT and GameFi industries have gained momentum in January with unlikely gamers entering the space.
The latest Kraken Intelligence report, Back to Developmenttake a closer look at the events that shaped the crypto space in January.
Falling prices, rising interest
After hitting an all-time high price in November 2021, Bitcoin entered the new year at $47,560, before falling below the $40,000 mark towards the end of the month. Despite the poor price performance, the BTC hashrate reached its highest level just after New Year’s Day. It was not all doom and gloom for Ethereum, as CME’s Micro Ether futures product, launched in December 2021, surpassed 500,000 contracts on January 24.
NFTs continue to thrive
In January 2022, Big Tech fueled innovation in the NFT space when Twitter launched an NFT avatar feature and Apple expressed interest in investing in the metaverse during its earnings call. And in an unexpected move, Walmart applied to sell virtual goods in the metaverse and create its own token. While January was a slow month for cryptocurrency holders, the space continues to evolve as an increasing number of mainstream participants join the world of NFTs.
Do you want to learn more about what happened and what is to come? Download the Kraken Intelligence report Back to Development to understand what is moving the market and where prices may go.
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