Market Snapshot: Play-to-Earn Coins Fall After BTC and ETH | Cryptocurrency

The downtrend continues in the cryptocurrency market. Bitcoin and Ethereum have been on a losing streak all week, although they appear to have recovered some value in the past 24 hours. Other digital assets followed the two major cryptocurrencies and also retreated. Most game coins for winning have dropped in price in the last 7 days.

I agree with most pundits who believe the sustained bearish wave is the result of the US Federal Reserve raising rates. Moreover, digital assets have a strong correlation with the stock market which is currently unstable. However, since the cryptocurrency market is known to be influenced by virtually everything, many other factors could have caused the selloff. Due to the tense political situation, even traditional currencies have fluctuated, not to mention digital assets.

The rough wave for the crypto giants continues

When Bitcoin price broke above $30,000 last Monday, it quickly seemed like a good sign for the bulls. However, later, the value of BTC fell back to $28,000. In the past 24 hours, Bitcoin has risen by 3.91% and hit $30,000 again. Overall, the currency has arrived at the same position as a week ago, gaining 0.30% over the past 7 days. At the time of writing, BTC is trading at $30,407.43.

Source: Messari.io

Much like Bitcoin, Ethereum rose above $2,000 last Monday, but pulled back significantly in the second half of the week. Even though the price of the currency has increased by 3.50% in the past 24 hours, it has fallen by 9.65% over the week. At this point, ETH is priced at $1,877.25.

Bitcoin

Source: Messari.io

The best gambling chips to win are losing ground

Play-to-Earn cryptocurrencies were no exception during the market sell-off. Much like BTC, ETH, and other assets, most of these tokens have recently pulled back. Let’s take three biggest game pieces to win and see how they fared over the week.

Decentralized (MANA)

Decentraland is a virtual reality platform where users can purchase, explore and monetize virtual land. Opened to the public in 2020, the platform has now become the biggest player among play-to-earn tokens. Its native MANA token runs on the Ethereum blockchain.

Last week was tough for the currency. Its price fell by 7.12% in the last 7 days but jumped by 7.32% in the last 24 hours. All in all, MANA appears to be stabilizing after recovering from the May 12 crash. Right now, the token is trading at $1.03.

Bitcoin

Source: Messari.io

The sandbox (SAND)

The Sandbox platform is also known for its virtual grounds where users can host all kinds of events, from concerts to sports and games. By playing and hosting these lands, users can monetize their creations. The SAND utility token and NFTs are used extensively throughout the game.

The Sandbox currency has been very volatile this week. Reaching $1.5 on Thursday, it quickly fell back to $1.3 later. Even though over the past 24 hours SAND has gained 4.23%, it has lost 2.88% in value over the week. Right now, the price of the token is $1.36.

Bitcoin

Source: Messari.io

Axie Infinity (AXS)

Axie Infinity is a more classic example of a play-to-earn cryptocurrency platform. The video game revolves around NFT-based digital pets called Axies. Users can buy, breed, fight creatures and earn crypto this way. The crypto game has been around since 2018.

Last week, AXS peaked at $28 on Monday, but fell back by the end of the week. The currency lost 12.22% in the last 7 days but climbed 8.00% in the last 24 hours. At the time of writing, AXS costs $19.77.

Bitcoin

Source: Messari.io

Even though most cryptocurrencies are still losing value, it looks like the worst is already over and the market is slowly stabilizing. However, due to recent political events and instability in the stock market, it is difficult to predict how long it will take for the assets to resume the bullish trend.

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Market Snapshot: Play-to-Earn Coins Fall After BTC and ETH | Cryptocurrency


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