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Virtual Reality Tokens Surge 8% as Traders Await Apple's VR Headset Release
The metaverse market is bouncing back ahead of Apple's release as trading volume on related tokens spikes to $905 million.
Updated Jun 5, 2023, 3:12 p.m. Published Jun 5, 2023, 3:12 p.m.
Cryptocurrency's virtual reality (VR) sector has surged by more than 7.9% over the past 24 hours according to CryptoSlate data, as investors anticipate Apple's (AAPL) big VR headset reveal on Monday.
Hailed as Apple's first major product release in a decade, the tech giant's share price has risen by 7.4% in the past two weeks, a trend that has been matched by virtual reality and metaverse crypto tokens today.
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is considered the largest VR-related token with a market cap just shy of $1 billion, and is up by 5.4% over the past 24 hours despite the wider crypto market shedding 1.5% of its value over the same time period, according to CoinGecko.
Five-dimensional metaverse project is the sector's top gainer for the day, soaring by 18.8% over the past 24 hours to cap a 119% gain over the past 30 days.
Goldman Sachs noted in a research report last year Apple is one of two companies leading the way in virtual and augmented reality.
The tech giant is expected to mass release a mixed reality headset in Q4 of this year, according to a recent Morgan Stanley investor note.
The wider metaverse sector has suffered during the crypto winter, with several assets falling more than 80% from their all-time highs. However, the recent bounce indicates that the tide may be shifting.
A total of $905 million in trading volume has been exercised on metaverse tokens over the past 24 hours, with the group's overall market cap rising to $8.65 billion, according to CoinGecko.
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