Bitcoin and Ethereum Have a Meh Monday as Gaming Tokens Mark Gains

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Bitcoin and the rest of the cryptocurrency market are in the red. The largest digital asset by market capitalization was down 2% in 24 hours as of 9 a.m. PT, according to CoinGecko, trading for $26,690.

This is a drop of 4.3% over seven days. The coin struggled to rebound after hitting a 10-month high of $30,000 in April and then nosediving in May.

Ethereum, the second largest digital asset, also took a beating and was down 2% over the past day.

And major altcoins like Dogecoin, Polygon, and Cardano all suffered 24-hour losses of between 1% and 2%.

The crypto industry seems to have broken away from its usual pattern of following US stocks. US stocks got off to a strong start for the week: the S&P 500 rose 0.1% after posting impressive gains last week, and the tech-heavy Nasdaq rose 0.2%.

Tech investors have put crypto on the back burner and are largely eyeing the world of artificial intelligence, which has been a hot topic since the November launch of chatbot ChatGPT.

Crypto VC funding fell 82% in the first quarter of 2023 compared to the same period last year.

But a number of digital assets are up today: Gaming tokens such as Axie Infinity (AXS) and The Sandbox (SAND) are roaring, up 3.1% and 5.4% respectively.

The reason? Apple is set to launch its highly anticipated mixed reality headset today in what some say will bring the Metaverse to the mainstream.

Elsewhere, Terra Luna Classic is up significantly: the token was trading up 3.2% over the past day, at the time of writing. At one point Monday morning ET, it was up more than 7%. The original token of the failed Terra blockchain, which trades as LUNC, jumped on the news that its creator Do Kwon will be released from detention in Montenegro.

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