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Bitcoin‘s rise to a price tag of $64,000 has resulted in significant increases and gains in other altcoin categories. This situation has particularly led to a notable momentum in specific altcoins like gaming coins. Gaming assets such as GALA, SAND, ENJ, BEAM, and APE continued to rise despite Bitcoin‘s retreat to $61,000 levels today. This development can be seen as a sign of an exciting period in the world of cryptocurrency.
Significant Increases in Gaming Coins
Today, in particular, many gaming coins have experienced significant price increases. These increases are primarily due to the general growth trend in the cryptocurrency market and the value gain of Bitcoin. On Wednesday, it became expected that Bitcoin holders would take profits, which would then be directed into alternative sectors like gaming coins.
The rise in gaming coins such as GALA, SAND, ENJ, BEAM, and APE followed the profit increase in Bitcoin. However, these increases cannot be explained solely by the capital flow from Bitcoin to gaming coins. At this point, it would not be wrong to say that general market confidence and expectations also play an effective role. The expectation is that the upward trend will continue.
Especially among gaming coins, price increases ranging from 2% to 9% were observed today. According to Santiment data, on Wednesday, BTC investors made the biggest profit in history, which caused overall activity in the crypto market.
Whale Activities Attract Attention
An important factor in this rise is the activity of large whales. In particular, according to data from Lookonchain, a large wallet address has moved from PEPE to Shiba Inu (SHIB), Decentraland (MANA), The Sandbox (SAND), and GALA.
This wallet sold meme coin PEPE assets for a profit of $3.49 million. It then purchased 75.9 billion SHIB worth $893,000, 1.6 million MANA worth $1.07 million, 2.43 million SAND worth $1.48 million, and 36.88 million GALA worth $1.46 million. Continuous buying pressure from large wallet addresses could lead to further gains in gaming coins.
At this point, the volatility in the price of Bitcoin, the flagship of cryptocurrencies, affects the general dynamics of the crypto market and we see significant increases in certain altcoin categories, especially gaming coins.
