Gaming Tokens Rebound as Bitcoin, Ethereum Continue to Rally

When Bitcoin’s price quickly crashed after setting a new all-time high price on Tuesday, many cryptocurrencies followed suit—including most of the prominent gaming tokens. But with Bitcoin rising back to $68,000 and Ethereum edging closer to $4,000, gaming coins are hot again.

Tokens tied to crypto games and gaming networks are broadly in the green today, according to data from CoinGecko, led by Immutable (IMX)—the top gaming token by market cap.

The Ethereum scaling platform, which spans the Immutable X and Immutable zkEVM networks, has seen its IMX token rise 9% over the past day to a current price of $3.30. While down from its recent high above $3.50, the token is up 48% over the last 30 days and has a current market cap of more than $4.5 billion.

Other networks’ coins are also up today, with Beam (BEAM) rising more than 4% to a price above $0.04, while the Ronin network (RON)—an Ethereum scaler behind games like Pixels and Axie Infinity—has marked an 11% jump to $3.15, its highest price in two weeks.

The XAI token of Arbitrum’s layer-3 Xai gaming network popped 8% over the last day to a current price of $1.43, meanwhile, and the MAGIC token of Treasure—a different Arbitrum gaming network for various games—is up 6% today to $1.31. And the GALA token of the Gala Games ecosystem is up 7% to a price above $0.044.

In terms of prominent tokens tied to individual games, the SAND token of metaverse game The Sandbox is up 5% today to $0.70, Axie’s AXS governance token is up nearly 7% to $10.80, and the PRIME token of NFT card game Parallel has climbed about 8% to $15.72.

Bitcoin touched just above $68,000 again on Thursday, but has dipped slightly since to a current price of $67,355. The leading cryptocurrency set a new all-time high price of $69,324 on Tuesday per data from Coinbase, and then proceeded to plunge to about $61,000.

Meanwhile, Ethereum continues to creep upward, aside from the brief dip Tuesday in parallel with Bitcoin’s own collapse. Ethereum popped as high as $3,933 earlier Thursday, the highest price it’s been since 2021. Even with the $4,000 benchmark in sight, however, ETH remains about 20% away from its 2021 all-time high price of $4,878.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Edited by Ryan Ozawa.

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