GameFi Tokens Lead Gains as Bitcoin Surges Past $60,000

GameFi tokens emerged as standout performers on Sunday as Bitcoin (BTC) reclaimed the critical resistance level of $60,000 for the first time since August 14. Bitcoin’s recovery injected momentum into the broader crypto market, pushing the total market capitalization of all cryptocurrencies up by 0.8% to $2.2 trillion.

A detailed analysis of the top gainers highlighted that gaming tokens were the best-performing assets on August 18. Mines of Dalarnia (DAR) saw a significant rise, forming a “god candle” and soaring to a high of $0.218, which is 115% above its lowest level this month. This surge elevated its market cap to over $120 million.

The rally occurred in a high-volume environment. Data shows that the 24-hour trading volume increased by over 3,740% to surpass $398 million, with most of the volume coming from Bitrue, followed by Binance. Mines of Dalarnia also became one of the most trending tokens on various platforms.

Another notable performer was Alien Worlds (TLM), which climbed by 70% to $0.014, boosting its market cap to over $62 million. The token has risen by over 120% from this month’s low. Additionally, Gala (GALA) continued its upward trend for the second consecutive day, reaching its highest level since August 4. Ronin (RON) also saw a 5% increase to $1.63.

According to recent data, the total 24-hour volume of all GameFi tokens surged to over $2 billion, while the market capitalization jumped to $13 billion.

“Despite the recent gains, challenges remain for the GameFi sector.”

Despite the weekend surge, most gaming tokens have significantly dropped from their all-time highs as demand for the sector has waned. Axie Infinity, which once boasted a market cap of over $9 billion, has seen its valuation plummet to just $715 million. Other tokens like Decentraland, Sandbox, and Gala have also suffered substantial losses in valuation over the past few years.

A primary concern among users is the volatility of reward tokens. For instance, Smooth Love Potion (SLP), used to reward Axie Infinity players, has dropped from $0.3335 in 2021 to $0.029, marking a 99% decline. Meanwhile, tap-to-earn Telegram mini applications such as Hamster Kombat, Notcoin, and TapSwap are accumulating millions of users, further disrupting the industry.

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