Bitcoin and GameFi Tokens Surge
GameFi tokens, particularly gaming tokens, performed exceptionally well on Sunday as Bitcoin reclaimed the crucial resistance level at $60,000 for the first time since August 14. This recovery by Bitcoin stimulated gains across the cryptocurrency industry, leading to a 0.8% increase in the total market capitalization of all coins to $2.2 trillion.
Top Gainers in the GameFi Sector
Among the top gainers, gaming tokens stood out on August 18th. Mines of Dalarnia (DAR) token experienced a significant surge, reaching a high of $0.218, which was a remarkable 115% above its lowest point earlier in the month. This surge propelled its market capitalization to over $120 million, with a substantial increase in trading volume, especially on platforms like Bitrue and Binance. Alien Worlds (TLM) and Gala (GALA) tokens also saw notable gains during this period.
Challenges Faced by GameFi Tokens
Despite the recent surge in values, many gaming tokens have seen a sharp decline from their all-time highs as interest in the sector diminishes. Tokens like Axie Infinity, Decentraland, Sandbox, and Gala have witnessed significant drops in their valuations. The volatility of reward tokens, such as Smooth Love Potion (SLP), used in games like Axie Infinity, has also raised concerns among users. Additionally, the emergence of tap-to-earn Telegram mini applications is disrupting the traditional gaming and cryptocurrency industries.
