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Gaming Crypto Market Facing Volatility
As the value of Bitcoin fluctuates, causing ripple effects throughout the market, gaming-related tokens are experiencing notable volatility. This is primarily due to the emerging nature of the gaming industry and the efforts of projects to establish themselves within this sector.
Bitcoin’s Influence on Gaming Tokens
On a particular Thursday, Bitcoin saw a 2% decrease, settling at $63,600. This drop has contributed to the overall 10% decrease in Bitcoin’s value over the past 30 days. In tandem with this, several major gaming tokens, predominantly built on the Ethereum network, have experienced significant declines of over 10% within a 24-hour period.
One of the leading gaming tokens, IMX, associated with the Ethereum gaming network Immutable, witnessed a nearly 9% decline, reaching $2.09. This marks a substantial 32% decrease in its value over the preceding 30 days, according to CoinGecko data.
Similarly, PRIME, which is linked to the Ethereum NFT card game Parallel, saw a decline of 13% over the last 24 hours, dropping to just under $17. This represents a 24% decrease in its value compared to the previous month when it achieved an all-time high price of $28 in mid-March.
Other notable gaming tokens experiencing double-digit percentage decreases include Yield Guild Games (YGG), Portal (PORTAL), and GuildFi (GF). These tokens have depreciated by 8%, 7%, and 10%, respectively, in the past day.
Diverse Performance in Gaming Tokens Market
While some gaming tokens have faced substantial declines, others have exhibited more resilience. For instance, Gala Games (GALA) has only dropped by 2%, while Axie Infinity (AXS) and The Sandbox (SAND) have experienced decreases of 6% and 4.4%, respectively.
These fluctuations come following a positive first quarter for gaming tokens, during which they saw considerable gains in conjunction with Bitcoin’s upward trajectory. However, as the crypto market cools down, older gaming tokens are relinquishing some of their earlier gains, counterbalancing the premiere of newer tokens like Pixels (PIXEL), Saga (SAGA), and Portal.
Despite the recent price corrections, the gaming crypto market remains a volatile yet promising sector within the broader cryptocurrency landscape, subject to various market forces that influence token values.
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