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Bitcoin Today 10/28/2024: BTC has new test and GameFi could grow 70% in 2024
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Despite falling 1.46% last week, Bitcoin (BTC) has recovered in the last 24 hours. According to CoinGecko, BTC had a strong increase of 2.5% this Monday morning (28), and its price opened the day at US$68,531.
With this performance, the cryptocurrency increases its monthly appreciation to 7.68% in October, the “uptober”. This result makes 2024 the year with the second least profitable October, second only to the 5.56% profitability in 2022.
The price of Ethereum (ETH) followed the same path as BTC, but suffered much greater losses, losing 8.46% last week. In the last 24 hours, the cryptocurrency has appreciated by 2.8%, reaching US$2,532, while October’s yield is negative at 2.32% at the time of writing.
While Bitcoin struggles to return to US$70,000, another segment has great potential. According to analysts at Nansen, the blockchain gaming sector could reach an annual growth rate of 68% this decade. In terms of gross income, Nansen estimates that the sector can generate more than US$300 billion by 2030.
Expansion of Blockchain Games
The report specifically highlights role-playing games, which involve exploring different worlds. For Nansen, RPGs “are particularly suited to benefit” from the GameFi ecosystem primarily because they leverage decentralized ownership of in-game assets like characters and rare items like NFTs.
This model allows players to own and trade these assets, adding real-world value to their in-game achievements. Furthermore, RPGs create an internal market for players to trade their items, earning extra income from them.
In fact, RPGs already lead Web3 games overall, representing 22% of the market. The top games in this group represent 6% of the industry, compared to 4% for Web2 games on platforms like Steam.
With minimum funding of $25 million and publisher support, AAA games offer “quality and immersion” that analysts suggest have never been seen before in blockchain games.
“This further cements the idea that users gravitate towards high production value games, which implies that AAA titles on GameFi are filling an expected market need,” explains Nansen.
In the Top 100, the biggest appreciation was in tokens that, interestingly, entered the list of the 100 largest cryptocurrencies this week. What drove the returns was RAY, a token from the decentralized exchange Raydium, which appreciated 49% in the last seven days.
Bitcoin Today 10/28/2024: BTC has new test and GameFi could grow 70% in 2024
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Bitcoin Today 10/28/2024: BTC has new test and GameFi could grow 70% in 2024
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Bitcoin Today 10/28/2024: BTC has new test and GameFi could grow 70% in 2024
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Bitcoin Today 10/28/2024: BTC has new test and GameFi could grow 70% in 2024