Gaming Tokens Show Signs of Recovery Ahead of Halving

Gaming tokens have been on a slump in the recent weeks after following Bitcoin’s trend, but they are now showing signs of recovery as the Bitcoin halving nears.

The Bitcoin halving event, which will see miner rewards slashed by half, is slated to happen in less than a day. The cryptocurrency market is already reacting to this event that happens every four years.

The global cryptocurrency market capitalization is up by nearly 5% in the last 24 hours to $2.4 trillion. Some of the most popular gaming tokens are leading the crypto market rally after posting double digit gains.

Gaming Tokens Recover Ahead Of Halving

The total market capitalization for GameFi tokens stands at $20 billion after gaining by 6.8% in the last 24 hours according to CoinGecko. Trading volumes for these tokens also stand at $1.6 billion.

The largest gaming token by market capitalization is Immutable, and in the last 24 hours, its price has appreciated by 8.9%. IMX was trading at $2.07 at 05:53 EST on April 19. Despite these gains, IMX remains down by 19% in the last seven days.

GALA has outperformed IMX, with a gain of nearly 10% in the last 24 hours. GALA was one of the worst losers in the last week, with its weekly decline standing at 23%. BEAM is the biggest gainer among the top 10 largest GameFi tokens, with its price gaining by 11% in the last 24 hours.

ApeCoin has performed poorly this week, having dropped by over 20%. The token’s decline comes after Yuga Labs announced it had sold rights to two games as it seeks to shift its attention towards the Otherside metaverse. APE has gained by only 1.5% in the last 24 hours.

Some longtime gaming cryptos are also struggling to record substantial gains and ride on the impact that the BTC halving has on the crypto market. Axie Infinity (AXS) has gained by only 2.8% in the last 24 hours. The Sandbox (SAND) is also up by 4.6%.

The other outstanding GameFi token gainers in the last 24 hours are Pixels and Heroes of Mavia. The two are some of the new entrants in the Web3 gaming industry by they are already outperforming, having gained by 7.8% and 10% respectively in the last 24 hours.

With the Bitcoin halving set to happen on April19/20, gaming tokens will likely continue their gains. These tokens have been following Bitcoin’s downtrend in the recent weeks, and a similar trend is poised to happen if BTC gains post-halving.