GameFi market cap outperforms combined crypto sector in past 24 hours
The GameFi market cap has outperformed the rest of the cryptocurrency sector in the past 24 hours.
GameFi tokens rally
In the past 24 hours, GameFi tokens such as Gala have rallied by over 3%, according to The Block's Prices Page . Gala acts as a medium of exchange for in-game purchases and voting rights within the Gala Games community.
However, when we pull back to the monthly view, the rally in web3 gaming becomes more pronounced. In the past 30 days, Gala has increased by 228%, The Sandbox's Sand token has gained 91%, and Axie Infinity's AXS has spiked 71%.
Gala token prices have increased by over 3% in the past 24 hours. Image: The Block.
According to Nansen analyst Edward Wilson, the out-performance indicates that significant investor activity is moving out along the risk curve. "As the market begins to heat up, investors seek higher yields beyond major cryptocurrencies such as bitcoin and ether," Wilson told The Block.
AI-related crypto tokens rally
Major tokens associated with the AI-related cryptocurrency sub-sector have also posted substantial gains in the past week. RNDR, the native token of Render, a platform that helps artists access computing power for rendering generative AI artwork, has gained over 64% in the past week and is now trading at $11.99.
Joining the recent rally of AI-related tokens is GRT, the native token of The Graph protocol. Its price has gained 42% in the past week to now trade at $0.44. GRT's price has increased by 164% in the past month.
The GM 30 Index , representing a selection of the top 30 cryptocurrencies, has increased by 2.76% to 156.67 in the past 24 hours.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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