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Ethereum Gaming Tokens Take a Hit as Bitcoin Price Falls to $63,000
AS Bitcoin goes, the same is true for most of the market, and video game-focused tokens tend to be particularly volatile, considering the nascent sector of the gaming industry that such projects are trying to establish.
These factors appear to have contributed to some deep declines for major gaming-related crypto tokens early Thursday Bitcoin down 2% on the day at the current price of $63,600. BTC fell below the $63,000 mark this morning and its 30-day losses now stand at 10%.
Some of the largest gaming tokens, most of them minted on Ethereum, have seen their prices drop 10% or more in just the last 24 hours, including the largest of them all: IMX, the gaming token Ethereum gaming network Immutable. Down nearly 9% over the past day, IMX is down to $2.09compounding recent losses with a 32% decline over the past 30 days, according to CoinGecko.
Another big drop on Thursday comes from PRIME, the token of the bustling Ethereum NFTs card game Parallel, which has undergone a correction over the past month after setting a new all-time high price of $28 in mid-March. Now, at just under $17, the token has fallen 13% in the last 24 hours and 24% in the last month.
Other notable gaming tokens with double-digit percentage drops over the past day include Make guild games (YGG), down 8% to $0.92, and Portal (PORTAL), which lost 7% of its value to reach $0.94. And the GuildFi (GF) token has fallen 10% over the past day to $0.37, shedding much of the gains seen earlier this week in the middle of a rebranding announcement.
While these tokens have seen particularly sharp declines over the past day, other gaming tokens within the top 100 tokens by market cap have not been as battered as IMX. Gala Games (GALA), for example, fell 2% on the day, while Axie Infinite (AXS) fell 6%, and The sandbox (SAND) fell 4.4%.
Overall, gaming tokens had a happy first quarter of the year, scoring considerable gains while Bitcoin rose to what was ultimately a new all-time high price in March before halving. At the same time, new large tokens please Pixels (PIXELS), Saga (SAGA) and Portal were airdropped to early supporterseach of which reached a peak market capitalization above $500 million.
But in a cooler market for the largest crypto assets, long-standing gaming tokens are losing some of these gains, while newer ones are nearing all-time low prices.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.