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Gaming Tokens Rebound as Bitcoin and Ethereum Prices Rise
When Bitcoin recently experienced a sharp decline after reaching a new all-time high, many other cryptocurrencies, including popular gaming tokens, followed suit. However, with Bitcoin recovering to $68,000 and Ethereum nearing $4,000, gaming coins are once again in demand.
Tokens associated with crypto games and gaming networks are currently showing positive trends, as indicated by data from CoinGecko. Leading the pack is Immutable (IMX), the top gaming token by market capitalization.
The IMX token, associated with the Ethereum scaling platform that includes Immutable X and Immutable zkEVM networks, has seen a 9% increase in value over the past day, reaching $3.30. Despite a slight decrease from its recent high, the token has surged by 48% in the last 30 days, boasting a market cap exceeding $4.5 billion.
Other gaming networks’ coins have also witnessed gains, with Beam (BEAM) rising by over 4% to surpass $0.04. Similarly, the Ronin network’s token (RON), which powers games like Pixels and Axie Infinity, has soared by 11% to $3.15, marking its highest price in two weeks.
The XAI token of Arbitrum’s Xai gaming network has experienced an 8% increase in the last 24 hours, now priced at $1.43. Additionally, the MAGIC token of Treasure, an Arbitrum gaming network catering to multiple games, has surged by 6% to $1.31. The GALA token of the Gala Games ecosystem has also seen a 7% rise, reaching above $0.044.
Looking at tokens associated with specific games, the SAND token of the metaverse game The Sandbox has increased by 5% to $0.70. Axie’s AXS governance token has surged by nearly 7% to $10.80, while the PRIME token of NFT card game Parallel has climbed by about 8% to $15.72.
Bitcoin briefly touched $68,000 again on Thursday, before experiencing a slight drop to its current price of $67,355. The cryptocurrency achieved a new all-time high of $69,324 on Tuesday, only to plummet to around $61,000 afterwards.
Meanwhile, Ethereum has been steadily rising, apart from a momentary setback on Tuesday alongside Bitcoin’s decline. Ethereum reached as high as $3,933 earlier today, its highest price since 2021. Despite approaching the $4,000 mark, Ethereum still remains approximately 20% below its all-time high of $4,878 in 2021.
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